Pembina Pipeline
393 hedge funds and large institutions have $12.1B invested in Pembina Pipeline in 2025 Q4 according to their latest regulatory filings, with 45 funds opening new positions, 138 increasing their positions, 127 reducing their positions, and 45 closing their positions.
9% more repeat investments, than reductions
Existing positions increased: 138 | Existing positions reduced: 127
0% more first-time investments, than exits
New positions opened: 45 | Existing positions closed: 45
1.33% less ownership
Funds ownership: 55.4% → 54.07% (-1.3%)
2% less funds holding
Funds holding: 401 → 393 (-8)
7% less capital invested
Capital invested by funds: $13B → $12.1B (-$941M)
11% less funds holding in top 10
Funds holding in top 10: 9 → 8 (-1)
51% less call options, than puts
Call options by funds: $165M | Put options by funds: $333M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
1832 Asset Management
Toronto,
Ontario, Canada
|
+$387M |
| 2 |
Fidelity Investments
Boston,
Massachusetts
|
+$89.2M |
| 3 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$75.9M |
| 4 |
National Bank of Canada
Montreal,
Quebec, Canada
|
+$72.5M |
| 5 |
Morgan Stanley
New York
|
+$56.7M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$519M |
| 2 |
Deutsche Bank
Frankfurt Am Main Ge,
Germany
|
-$161M |
| 3 |
HSBC Holdings
London,
United Kingdom
|
-$95.4M |
| 4 |
Goldman Sachs
New York
|
-$87.7M |
| 5 |
Connor, Clark & Lunn Investment Management (CC&L)
Vancouver,
British Columbia, Canada
|
-$56.3M |
PBA Hedge Fund Activity: Q4 2025 in Review
393 of the 8,235 institutional investors tracked by Wall St. Rank reported a position in Pembina Pipeline (PBA) for Q4 2025, worth a combined $12.1B — down 7.2% from $13B a quarter earlier.
Fund positioning in PBA was balanced in Q4 2025: 45 funds opened new positions, 45 closed out, 138 added to existing stakes and 127 trimmed.
The largest buyer was 1832 Asset Management, adding an estimated $387M. The largest seller was Royal Bank of Canada, cutting an estimated $519M.
- 393 institutional investors held Pembina Pipeline (PBA) as of Q4 2025, down from 401 in Q3 2025.
- Funds reported $12.1B of Pembina Pipeline stock for Q4 2025, down 7.2% quarter-over-quarter.
- 45 funds opened new Pembina Pipeline positions in Q4 2025 and 45 closed out, a net change of 0 holders.
- The largest Pembina Pipeline buyer in Q4 2025 was 1832 Asset Management, an estimated $387M added.
- The largest Pembina Pipeline seller in Q4 2025 was Royal Bank of Canada, an estimated $519M sold.
Based on aggregated 13F filings for Q4 2025.