Who owns PAA (PAA)
Which tracked institutional funds hold PAA, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See PAA company fundamentals →
Ownership as of the 2026-Q1 13F filings. 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on PAA is one-sided between 2025-Q4 and 2026-Q1: 138 added or opened and 24 trimmed or exited — on balance accumulating.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
PAA’s largest tracked holder by dollar value, ALPS ADVISORS INC, sizes it at 7.7% of its own reported 13F book, while the median holder sizes it at 0.1% of theirs — a 7.6pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in PAA divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q4 and 2026-Q1, across 410 tracked filers holding PAA, 183 increased or opened the position and 127 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in PAA between the 2025-Q4 and 2026-Q1 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 19
- CIBC Bancorp USA Inc.$84M
- MIZUHO MARKETS AMERICAS LLC$17M
- BFSG, LLC$6M
- ANGELES WEALTH MANAGEMENT, LLC$4M
- Aster Capital Management (DIFC) Ltd$4M
- Aptus Capital Advisors, LLC$2M
Full exits 6
- CIBC Private Wealth Group LLC$85M
- Turas Capital Management LP$11M
- NewEdge Advisors, LLC$2M
- Virtu Financial LLC$1M
- Inspire Investing, LLC$1M
- XTX Topco Ltd$678K
Largest adds
- ALPS ADVISORS INC$267M
- Blackstone Inc.$180M
- Invesco Ltd.$140M
- MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.$88M
- MORGAN STANLEY$77M
- BROOKFIELD Corp /ON/$70M
Largest trims
- Pathstone Holdings, LLC$32M
- JPMORGAN CHASE & CO$18M
- EAGLE GLOBAL ADVISORS LLC$15M
- CITIGROUP INC$4M
- Corient Private Wealth LLC$2M
- Nuveen, LLC$2M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| ALPS ADVISORS INC trimmed | 73,107,070 | $1.6B | 25.7% | 2026-Q1 |
| Invesco Ltd. trimmed | 33,227,512 | $742M | 11.7% | 2026-Q1 |
| Blackstone Inc. added | 18,740,802 | $418M | 6.6% | 2026-Q1 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. added | 17,051,582 | $381M | 6.0% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC trimmed | 16,540,807 | $369M | 5.8% | 2026-Q1 |
| MORGAN STANLEY added | 11,401,038 | $255M | 4.0% | 2026-Q1 |
| TORTOISE CAPITAL ADVISORS, L.L.C. added | 10,792,532 | $241M | 3.8% | 2026-Q1 |
| UBS Group AG added | 8,768,404 | $196M | 3.1% | 2026-Q1 |
| KAYNE ANDERSON CAPITAL ADVISORS LP added | 6,200,636 | $138M | 2.2% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ trimmed | 4,902,155 | $109M | 1.7% | 2026-Q1 |
| JPMORGAN CHASE & CO trimmed | 3,906,322 | $88M | 1.4% | 2026-Q1 |
| CIBC Bancorp USA Inc. new | 3,761,989 | $84M | 1.3% | 2026-Q1 |
| BROOKFIELD Corp /ON/ added | 3,691,435 | $82M | 1.3% | 2026-Q1 |
| Fractal Investments LLC | 3,625,784 | $81M | 1.3% | 2026-Q1 |
| BNP PARIBAS FINANCIAL MARKETS added | 3,335,125 | $74M | 1.2% | 2026-Q1 |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC added | 3,089,992 | $69M | 1.1% | 2026-Q1 |
| MILLER HOWARD INVESTMENTS INC /NY trimmed | 2,801,601 | $63M | 1.0% | 2026-Q1 |
| CITADEL ADVISORS LLC added | 2,782,400 | $62M | 1.0% | 2026-Q1 |
| BERKLEY W R CORP | 2,684,307 | $60M | 0.9% | 2026-Q1 |
| Clearbridge Investments, LLC | 2,670,671 | $60M | 0.9% | 2026-Q1 |
| CHICKASAW CAPITAL MANAGEMENT LLC trimmed | 2,653,685 | $59M | 0.9% | 2026-Q1 |
| BARCLAYS PLC trimmed | 2,332,960 | $52M | 0.8% | 2026-Q1 |
| EAGLE GLOBAL ADVISORS LLC trimmed | 2,265,985 | $51M | 0.8% | 2026-Q1 |
| HRT FINANCIAL LP added | 2,251,634 | $50M | 0.8% | 2026-Q1 |
| COHEN & STEERS, INC. trimmed | 1,979,254 | $44M | 0.7% | 2026-Q1 |
| DEUTSCHE BANK AG\ | 1,883,597 | $42M | 0.7% | 2026-Q1 |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO trimmed | 1,776,900 | $40M | 0.6% | 2026-Q1 |
| Fayez Sarofim & Co | 1,657,477 | $37M | 0.6% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN added | 1,565,609 | $35M | 0.5% | 2026-Q1 |
| WESTWOOD HOLDINGS GROUP INC added | 1,538,227 | $34M | 0.5% | 2026-Q1 |
| Energy Income Partners, LLC trimmed | 1,323,892 | $30M | 0.5% | 2026-Q1 |
| LONGFELLOW INVESTMENT MANAGEMENT CO LLC trimmed | 1,230,349 | $27M | 0.4% | 2026-Q1 |
| Bollard Group LLC added | 1,215,856 | $27M | 0.4% | 2026-Q1 |
| Mariner, LLC added | 1,016,435 | $23M | 0.4% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC added | 839,797 | $19M | 0.3% | 2026-Q1 |
| Adams Asset Advisors, LLC trimmed | 823,061 | $18M | 0.3% | 2026-Q1 |
| STATE OF WISCONSIN INVESTMENT BOARD added | 785,079 | $18M | 0.3% | 2026-Q1 |
| LPL Financial LLC added | 759,279 | $17M | 0.3% | 2026-Q1 |
| MIZUHO MARKETS AMERICAS LLC new | 753,200 | $17M | 0.3% | 2026-Q1 |
| Texas Yale Capital Corp. added | 665,863 | $15M | 0.2% | 2026-Q1 |
| Focus Partners Wealth trimmed | 654,266 | $15M | 0.2% | 2026-Q1 |
| Waverly Advisors, LLC trimmed | 622,795 | $14M | 0.2% | 2026-Q1 |
| ROYAL BANK OF CANADA added | 617,070 | $14M | 0.2% | 2026-Q1 |
| WALNUT PRIVATE EQUITY PARTNERS, LLC added | 602,300 | $13M | 0.2% | 2026-Q1 |
| Americana Partners, LLC added | 579,048 | $13M | 0.2% | 2026-Q1 |
| NEOS Investment Management LLC added | 575,617 | $13M | 0.2% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC added | 574,607 | $13M | 0.2% | 2026-Q1 |
| Sovereign Investment Advisors, LLC added | 528,931 | $12M | 0.2% | 2026-Q1 |
| EXCHANGE TRADED CONCEPTS, LLC trimmed | 525,612 | $12M | 0.2% | 2026-Q1 |
| OpenArc Corporate Advisory, LLC | 500,040 | $11M | 0.2% | 2026-Q1 |
| CITIGROUP INC trimmed | 464,012 | $10M | 0.2% | 2026-Q1 |
| Advisors Asset Management, Inc. added | 436,629 | $10M | 0.2% | 2026-Q1 |
| HighTower Advisors, LLC added | 433,814 | $10M | 0.2% | 2026-Q1 |
| FMR LLC trimmed | 423,608 | $9M | 0.1% | 2026-Q1 |
| Maryland State Retirement & Pension System trimmed | 418,862 | $9M | 0.1% | 2026-Q1 |
| AMERICAN FINANCIAL GROUP INC | 412,500 | $9M | 0.1% | 2026-Q1 |
| HENNESSY ADVISORS INC trimmed | 403,256 | $9M | 0.1% | 2026-Q1 |
| U.S. Capital Wealth Advisors, LLC added | 379,437 | $8M | 0.1% | 2026-Q1 |
| VICTORY CAPITAL MANAGEMENT INC | 364,794 | $8M | 0.1% | 2026-Q1 |
| ENVESTNET ASSET MANAGEMENT INC added | 363,237 | $8M | 0.1% | 2026-Q1 |
| Jump Financial, LLC trimmed | 327,163 | $7M | 0.1% | 2026-Q1 |
| Pathstone Holdings, LLC trimmed | 302,443 | $7M | 0.1% | 2026-Q1 |
| BRIDGES INVESTMENT MANAGEMENT INC added | 256,241 | $6M | 0.1% | 2026-Q1 |
| BFSG, LLC new | 254,153 | $6M | 0.1% | 2026-Q1 |
| Cetera Investment Advisers added | 235,820 | $5M | 0.1% | 2026-Q1 |
| STIFEL FINANCIAL CORP added | 233,372 | $5M | 0.1% | 2026-Q1 |
| GLENMEDE TRUST CO NA | 230,823 | $5M | 0.1% | 2026-Q1 |
| BlackRock, Inc. trimmed | 220,018 | $5M | 0.1% | 2026-Q1 |
| CWA Asset Management Group, LLC trimmed | 214,427 | $5M | 0.1% | 2026-Q1 |
| Rockefeller Capital Management L.P. added | 210,240 | $5M | 0.1% | 2026-Q1 |
| Corient Private Wealth LLC added | 407,180 | $5M | 0.1% | 2026-Q1 |
| VAN ECK ASSOCIATES CORP added | 209,095 | $5M | 0.1% | 2026-Q1 |
| NORTHERN TRUST CORP added | 205,460 | $5M | 0.1% | 2026-Q1 |
| MANNING & NAPIER ADVISORS LLC added | 200,000 | $4M | 0.1% | 2026-Q1 |
| Callodine Capital Management, LP added | 200,000 | $4M | 0.1% | 2026-Q1 |
| Nuveen, LLC trimmed | 198,059 | $4M | 0.1% | 2026-Q1 |
| Chicago Partners Investment Group LLC added | 205,223 | $4M | 0.1% | 2026-Q1 |
| ANGELES WEALTH MANAGEMENT, LLC new | 192,807 | $4M | 0.1% | 2026-Q1 |
| SPIRIT OF AMERICA MANAGEMENT CORP/NY trimmed | 182,300 | $4M | 0.1% | 2026-Q1 |
| Gilman Hill Asset Management, LLC added | 181,615 | $4M | 0.1% | 2026-Q1 |
| Cresset Asset Management, LLC added | 175,819 | $4M | 0.1% | 2026-Q1 |
| Private Advisor Group, LLC added | 171,281 | $4M | 0.1% | 2026-Q1 |
| FIRST TRUST ADVISORS LP trimmed | 167,905 | $4M | 0.1% | 2026-Q1 |
| ELCO Management Co., LLC added | 159,567 | $4M | 0.1% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 158,298 | $4M | 0.1% | 2026-Q1 |
| Aster Capital Management (DIFC) Ltd new | 175,260 | $4M | 0.1% | 2026-Q1 |
| PNC FINANCIAL SERVICES GROUP, INC. trimmed | 156,079 | $3M | 0.1% | 2026-Q1 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC added | 155,082 | $3M | 0.1% | 2026-Q1 |
| US BANCORP \DE\ trimmed | 150,041 | $3M | 0.1% | 2026-Q1 |
| NEUBERGER BERMAN GROUP LLC added | 144,952 | $3M | 0.1% | 2026-Q1 |
| Bank of New York Mellon Corp trimmed | 143,584 | $3M | 0.1% | 2026-Q1 |
| CIBC Private Wealth Group LLC trimmed | 4,713,673 | $85M | 1.3% | 2025-Q4 stale |
| NBW CAPITAL LLC trimmed | 624,089 | $11M | 0.2% | 2025-Q2 stale |
| Turas Capital Management LP new | 598,100 | $11M | 0.2% | 2025-Q4 stale |
| Kovitz Investment Group Partners, LLC trimmed | 606,403 | $10M | 0.2% | 2025-Q3 stale |
| Allianz Asset Management GmbH trimmed | 450,030 | $9M | 0.1% | 2025-Q1 stale |
| ING GROEP NV trimmed | 414,400 | $7M | 0.1% | 2025-Q3 stale |
| CIBC WORLD MARKET INC. added | 211,400 | $4M | 0.1% | 2025-Q1 stale |
| Glenmede Investment Management, LP added | 221,887 | $4M | 0.1% | 2025-Q3 stale |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC trimmed | 202,073 | $4M | 0.1% | 2025-Q2 stale |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.