The AES Corporation

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 732 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Fluence Energy, Inc. (NASDAQ: FLNC) is the dominant holding and a genuine units-versus-shares trap, handled per this project's guidance: AES's interest is denominated in Fluence Energy, LLC common units paired with non-economic Class B-1 shares (an Up-C structure with Siemens as co-founder), not in the listed Class A. shares is recorded as null with the exact 41,432,781 Class B-1 unit count in method_note. AES sold down from 28% to 22% via a May 2026 unit redemption and public Class A share sale (net proceeds $207 million, pre-tax gain $186 million); this is NOT a completed exit, so a row is retained rather than converted to a note.
• AES Andes S.A. (formerly AES Gener, Chile) is EXCLUDED from holdings, not because it is a listed cross-holding like Loews/CNA, but because AES Andes completed a formal delisting from the Bolsa de Santiago on 17 April 2024 (per AES Andes' own press release, cited by CMF Chile records found via web search) and became a closed corporation (sociedad anonima cerrada) with AES holding 99.5% of shares at that date. AES Andes does not file with the SEC and no more current ownership percentage than 99.5% (17 Apr 2024) could be sourced within this task's scope; given both the near-total ownership and the loss of separately-listed public-float status, this is treated as effectively wholly owned rather than a holding, consistent with the brief's exclusion of wholly owned subsidiaries. This should be revisited if a more current, filed AES Andes ownership figure becomes available.
• AES Brasil was fully divested: AES's FY2025 10-K explicitly references 'the sale of AES Brasil in the prior year' (2024), with net proceeds of $412 million disclosed in the cash flow discussion. This is a completed, dated exit and is recorded here as a note with NO row, per this project's convention.
• Cochrane (Chile, held through AES Andes): AES Andes acquired the remaining preferred shares in February 2026 for $29 million, increasing AES' effective ownership to 100% (per both the Q2 2026 10-Q and FY2025 10-K). Not a holding: fully consolidated, effectively wholly owned as of Feb 2026.
• Bosforo and Cuscatlan (El Salvador): previously equity-method investments; in April 2026 AES acquired the remaining 50% ownership interests for a total of $44 million and both are now fully consolidated by AES. Not a holding as of the Q2 2026 10-Q; excluded as effectively wholly owned.
• AES Indiana (wholly owned by IPALCO Enterprises, Inc., itself an AES subsidiary) and AES Ohio (The Dayton Power & Light Company) are correctly EXCLUDED as operating subsidiaries, but neither is fully AES-owned at the parent level: per the Q2 2026 10-Q's own glossary, 'Beginning in April 2025, CDPQ owns an aggregate indirect equity interest in AES Ohio of approximately 30%' and 'CDPQ owns direct and indirect interests in IPALCO of approximately 30%.' This is a NONCONTROLLING INTEREST running the OTHER way (a third party, Caisse de depot et placement du Quebec, owns a minority stake in AES's own subsidiary) and is explicitly NOT recorded as an AES holding, per this project's guidance not to turn an NCI into a holding.
• Uplight, Inc.: AES agreed in March 2026 to sell its 25% ownership interest and convertible note for up to $40 million (H2 2026 expected close); as of the Q2 2026 10-Q the sale had NOT closed, so a row is retained (value_usd null: equity method was suspended in Q4 2025 and the FY2025 10-K shows the carrying value at $0 as of 31 Dec 2025). This should become a note with no row once the sale closes.
• 'Other affiliates' in AES's FY2025 10-K itemized equity-method table is a genuinely COMBINED balance ($46 million at 2025, $37 million at 2024) covering an unspecified number of smaller, unnamed equity-method investees. Per this project's rule against assigning a combined balance to any one investee, none of these are recorded as individual holdings; the combined figure is noted here and in unknowns rather than modelled onto any named entity.
• AES's 10-Q disclosures also carry a genuinely COMBINED 'Investments in and advances to affiliates' balance sheet total ($885 million at 30 Jun 2026, $1,004 million at 31 Dec 2025) covering ALL equity-method affiliates together; this combined figure is not used to size any individual holding above. The itemized FY2025 10-K table (used for sPower, Grupo Energia Gas Panama, Mesa La Paz, Energia Natural Dominicana Enadom, and Dominican Republic Renewables) sums to $1,004 million at 31 Dec 2025, exactly matching the Dec 2025 combined balance sheet figure, corroborating that the itemized table is complete for that date.
• Register self-gate, computed from this final file exactly as the chart computes it: 10 register rows, none with rolls_up_into (the officers/directors aggregate has no separately listed members, so it counts at its full stated 5,422,504 shares). Total: 248,660,186 shares against shares_outstanding 713,438,630 = 34.85% of the company, within the brief's expected 25% to 45% band.
• Implied per-share price cross-check across institutional Q2 2026 13F rows: Vanguard family approximately $14.66/sh, BlackRock $14.66/sh, State Street $14.66/sh, Geode $14.64/sh, Invesco $14.66/sh, Northern Trust $14.66/sh, Ameriprise $14.66/sh, Capital Group $14.66/sh, T. Rowe Price $14.66/sh (after correcting for its thousands-scaled value field). All nine cluster tightly at $14.64 to $14.66/sh, confirming no unit, share-class, or thousands-scaling error survived on any row.
• No Schedule 13D has ever been filed against AES (CIK 0000874761); all Schedule 13G/13G/A filings found are passive index-manager filings, the most recent dated 13 Nov 2024, roughly stale relative to the Q2 2026 13F data used throughout. No sovereign, strategic, or activist holder was found.
• Morgan Stanley was not included as a register row: this project's own data/registers/AES.json Q1 2026 snapshot lists a 'Morgan Stanley' position of approximately 24.3 million shares, but the two Morgan Stanley-affiliated 13F filers checked directly for Q2 2026 (Morgan Stanley & Co International plc CIK 0000924186, which filed a 13F-NT with no holdings, and Morgan Stanley Institutional Investment Advisors LLC CIK 0002026079, which reported only 5 total positions and none in AES) do not account for it; the specific filing entity carrying Morgan Stanley's larger position could not be identified within this task's scope and is left as an unknown rather than guessed.