US Power & Utilities: What are your neighbors doing? Power & Utilities Edition: May 2026

Research evidence excerpt

US Power & Utilities: What are your neighbors doing? Power & Utilities Edition: May 2026

Accessible version

US Power & Utilities

What are your neighbors doing? Power &

Utilities Edition: May 2026

Industry Overview

Active manager ownership in Power & Regulated Utilities 11 June 2026

We use BofA US Equity & Quant Strategy data (see the latest Active managers’ holdings Equity

update) to examine the depth and breadth of ownership in the Power and Regulated United States

Utility sector relative to the weighting of the individual names within the S&P 500 index. Utilities

3-months: ownership up in LNT/PNW, down in AES/EIX RossResearchFowler,AnalystCFA

We find that over the past three months (through May), active fund manager ownership BofAS+1 646 855 1506

has increased most materially in Alliant Energy (LNT), Pinnacle West (PNW), and Xcel ross.fowler@bofa.com

Energy (XEL). Conversely, AES (AES), Edison International (EIX), and FirstEnergy (FE) F. Paul Cole

have seen the most material decline in active fund manager ownership. Stocks that are ResearchBofAS Analyst

most owned by active fund managers include NextEra Energy (NEE) and Constellation +1 646 743 2122

paul.cole2@bofa.com

Energy (CEG), while the least owned were Pinnacle West (PNW) and AES (AES).

Nicolas Woods

Research Analyst

BofASMost overweight (CNP/CEG); Most underweight (ED/ES)

+1 646 556 4179

Relative to their benchmark weighting in the S&P 500, most overweight holdings in the nicolas.woods_barron@bofa.com

past month have been CenterPoint (CNP) and Constellation Energy (CEG). The most Rinny Singh

underweight holdings have been Consolidated Edison (ED) and Eversource (ES). Over the Research Analyst

BofAS

past three months, the largest relative weighting increases were in Pinnacle West (PNW) +1 646 855 5729