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Pembina Pipeline

401 hedge funds and large institutions have $13B invested in Pembina Pipeline in 2025 Q3 according to their latest regulatory filings, with 33 funds opening new positions, 155 increasing their positions, 133 reducing their positions, and 34 closing their positions.

New
Increased
Maintained
Reduced
Closed

17% more repeat investments, than reductions

Existing positions increased: 155 | Existing positions reduced: 133

2% more capital invested

Capital invested by funds: $12.8B → $13B (+$205M)

3% less first-time investments, than exits

New positions opened: 33 | Existing positions closed: 34

1% less funds holding

Funds holding: 406401 (-5)

3.34% less ownership

Funds ownership: 58.75%55.4% (-3.3%)

10% less funds holding in top 10

Funds holding in top 10: 109 (-1)

57% less call options, than puts

Call options by funds: $147M | Put options by funds: $339M

Holders
401
Holders Change
-5
Holders Change %
-1.23%
% of All Funds
5.26%
Holding in Top 10
9
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-10%
% of All Funds
0.12%
New
33
Increased
155
Reduced
133
Closed
34
Calls
$147M
Puts
$339M
Net Calls
-$193M
Net Calls Change
-$49.4M
Name Holding Trade Value Shares
Change
Change in
Stake
Royal Bank of Canada
1
Royal Bank of Canada
Ontario, Canada
$2.26B +$41.7M +1,104,719 +2%
Vanguard Group
2
Vanguard Group
Pennsylvania
$1.08B +$21.8M +576,845 +2%
Bank of Montreal
3
Bank of Montreal
Ontario, Canada
$955M +$166M +4,402,326 +23%
Fidelity International
4
Fidelity International
Bermuda
$551M -$130M -3,432,450 -20%
Mackenzie Financial
5
Mackenzie Financial
Ontario, Canada
$477M -$37.3M -987,986 -8%
Manulife (Manufacturers Life Insurance)
6
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$394M +$172M +4,564,641 +88%
CIBC World Market
7
CIBC World Market
Ontario, Canada
$383M -$59.1M -1,566,967 -14%
JFL
8
Jarislowsky, Fraser Ltd
Quebec, Canada
$356M +$316M +8,372,612 +1,895%
TD Asset Management
9
TD Asset Management
Ontario, Canada
$307M +$10.7M +283,513 +4%
Bank of America
10
Bank of America
North Carolina
$297M +$47.8M +1,267,667 +21%
CIBC Asset Management
11
CIBC Asset Management
Ontario, Canada
$296M -$8.73M -231,456 -3%
Deutsche Bank
12
Deutsche Bank
Germany
$288M -$149M -3,956,281 -36%
Canada Pension Plan Investment Board
13
Canada Pension Plan Investment Board
Ontario, Canada
$260M +$147M +3,894,452 +153%
SC
14
Scotia Capital
Ontario, Canada
$259M +$27.1M +717,773 +13%
Goldman Sachs
15
Goldman Sachs
New York
$254M -$269M -7,125,010 -53%
Geode Capital Management
16
Geode Capital Management
Massachusetts
$222M +$20.7M +549,800 +11%
Legal & General Group
17
Legal & General Group
United Kingdom
$177M +$2.42M +64,250 +1%
Toronto Dominion Bank
18
Toronto Dominion Bank
Ontario, Canada
$165M +$11.5M +304,035 +8%
TCA
19
Tortoise Capital Advisors
Kansas
$161M +$4.08M +108,014 +3%
Bank of Nova Scotia
20
Bank of Nova Scotia
Ontario, Canada
$140M -$46.4M -1,229,282 -26%
JP Morgan Chase
21
JP Morgan Chase
New York
$136M +$30.8K +817 +0%
National Bank of Canada
22
National Bank of Canada
Quebec, Canada
$132M -$108M -2,853,663 -47%
Morgan Stanley
23
Morgan Stanley
New York
$131M -$36.2M -960,352 -23%
Mirae Asset Global ETFs Holdings
24
Mirae Asset Global ETFs Holdings
Hong Kong
$126M +$687K +18,214 +0.6%
CCMIC
25
Cardinal Capital Management Inc (Canada)
Manitoba, Canada
$120M +$1.48M +39,280 +1%

PBA Hedge Fund Activity: Q3 2025 in Review

401 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Pembina Pipeline (PBA) for Q3 2025, worth a combined $13B — up 1.6% from $12.8B a quarter earlier.

Sellers outnumbered buyers: 34 funds closed out of PBA and 33 opened new positions — a net loss of 1 holder — while 133 trimmed existing stakes and 155 added.

The largest buyer was Jarislowsky, Fraser Ltd, adding an estimated $316M. The largest seller was Goldman Sachs, cutting an estimated $269M.

  • 401 institutional investors held Pembina Pipeline (PBA) as of Q3 2025, down from 406 in Q2 2025.
  • Funds reported $13B of Pembina Pipeline stock for Q3 2025, up 1.6% quarter-over-quarter.
  • 33 funds opened new Pembina Pipeline positions in Q3 2025 and 34 closed out, a net change of -1 holder.
  • The largest Pembina Pipeline buyer in Q3 2025 was Jarislowsky, Fraser Ltd, an estimated $316M added.
  • The largest Pembina Pipeline seller in Q3 2025 was Goldman Sachs, an estimated $269M sold.

Based on aggregated 13F filings for Q3 2025.