The market value of the top 10 institutional investors in power holdings saw a median quarter-over-quarter increase of 1.4% for the third quarter, according to an S&P Global Market Intelligence analysis of quarterly Form 13F filings.
FMR LLC slashed its equity investments in the power sector by 21.1% to $11.79 billion, the only investor on the list to see a decline in holdings during the third quarter. FMR cut its stake in AES Corp. by about 17.2 million shares to 4.56% of shares outstanding and in Exelon Corp. by approximately 7.02 million shares to 3.97% of shares out. In the second quarter, FMR saw the largest increase in power holdings by a wide margin after boosting equity investments by 40.3% to $14.93 billion.
The rest of the investors on the list grew their power investments, with most upping their stake in CenterPoint Energy Inc. and AES.
In September, CenterPoint earned upgrades from Moody's and Fitch Ratings after completing an internal spin of its midstream interests in Enable Midstream Partners and Enable GP LLC from CenterPoint Energy Resources Corp. to the newly established subsidiary CenterPoint Energy Midstream Inc.
At AES, executives in August laid out an ambitious plan to add nearly 12,000 MW of new capacity to the company's portfolio by 2022.
Vanguard Group Inc. and BlackRock Inc. remained the top two investors in the sector for the most recent quarter, with a combined total of about $128.1 billion in power stocks.
Vanguard increased its holdings in CenterPoint by about 5.3 million shares to 10.93% of shares outstanding and in AES by approximately 4.7 million shares to 12.36% of shares out. BlackRock boosted its stake in CenterPoint by about 3.8 million shares to 9.80% of shares outstanding and in AES by about 1.5 million shares to 9.52% of shares out.
Wellington Management Group LLP saw the biggest percentage increase as it scaled up its holdings by 2.0% to $12.85 billion at the end of the third quarter.