The top 10 institutional investors in power holdings scaled back their positions by a median value of 4.3% during the first quarter of 2018, an analysis by S&P Global Market Intelligence of quarterly Form 13F filings shows.

Several investors on the list sold all of their holdings in Dynegy Inc. during the first quarter of 2018. Dynegy was then in the middle of a $10.57 billion acquisition by Vistra Energy Corp. and on April 9, the companies completed their merger and Vistra deregistered all unsold securities of Dynegy.
Capital Research & Management Co. saw the biggest decline in power equity investments and shed its holdings by 7.0% to $13.72 billion at the end of the first quarter of 2018. According to S&P Global Market Intelligence data, Capital Research and Management lowered its holdings in Exelon Corp. by approximately 2.7 million shares to 3.05% of shares out, and in American Electric Power Co. Inc. by roughly 1.1 million shares to 3.26% of outstanding shares.
Despite lowering their power holdings during the quarter, Vanguard Group Inc. and BlackRock Inc. maintained their positions as the top two holders of public companies, with a combined total ownership of about $125.48 billion in power stocks.
Vanguard sold off nearly 12.4 million shares in Dynegy and pared back its equity investment in Edison International by about 3.2 million shares to 7.44% of shares out. BlackRock sold nearly 8.5 million shares in Dynegy and lowered its holdings in Westar Energy Inc. by approximately 2.5 million shares to 11.60% of shares outstanding.
Among the top 10 institutional investors, only T. Rowe Price Group Inc. saw growth in its power equity investments during the quarter, by 14.1%, to $15.44 billion. The investment firm increased its holdings in Sempra Energy by nearly 11.7 million shares to 9.31% of shares out, and upped its stake in PG&E Corp. by roughly 6.9 million shares to 6.39% of shares outstanding.
