Xcel Energy Inc.

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 1,248 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

• Holdings search: the FY2025 10-K and Q2 2026 10-Q were searched for 'equity method', 'joint venture', 'unconsolidated', 'equity investments', 'variable interest entity' and 'primary beneficiary'. The only clearly named minority equity-method investment found is WYCO Development, LLC (50% joint venture with Colorado Interstate Gas for natural gas pipeline/storage). A second VIE, TUCO Inc., was also found but is a coal-supply CONTRACTUAL relationship (SPS reimburses TUCO's fuel procurement costs) with no equity investment described; SPS is not TUCO's primary beneficiary and TUCO is not accounted for as an equity-method investment, so it is excluded from holdings.
• Excluded per the brief: Xcel Energy's four wholly-owned utility subsidiaries (NSP-Minnesota, NSP-Wisconsin, PSCo, SPS) and the wholly-owned transmission/pipeline subsidiary WGI. Also excluded: Xcel Energy's undivided co-ownership interest, alongside Tri-State Generation and Transmission Association and other co-owners, in Unit 1 at the Craig Station coal plant in Craig, Colorado (FY2025 10-K, DOE emergency order disclosure) -- this is an undivided interest in a generating plant, not an equity stake in a company, per the brief. Nuclear decommissioning fund assets and rabbi trust assets (both disclosed alongside equity method investments in the same balance-sheet line item, 'nuclear decommissioning fund and other investments') are trusts, not holdings, and are excluded. Eloigne's and NSP-Wisconsin's low-income-housing tax-credit limited partnerships are CONSOLIDATED (Eloigne/NSP-Wisconsin are the primary beneficiaries), not equity-method holdings, and are excluded.
• Combined, unsized equity-method figure NOT assigned to any single investee per the brief's rule: 'Non-segment equity method investments of $252 million and $204 million as of June 30, 2026 and Dec. 31, 2025, respectively, relate to investments in energy technology funds' (Q2 2026 10-Q segment note). No individual fund is named or sized, so no holdings row was created for this figure; it is recorded here and in unknowns instead. Combined with the $69 million WYCO-related natural gas utility segment balance, total company-wide equity method investments were $321 million at June 30, 2026 and $285 million at Dec 31, 2025 (matches the 'nuclear decommissioning fund and other investments' balance-sheet footnote, which reports the same $321m/$285m figures alongside rabbi trust assets).
• Register reconciliation: the 2026 proxy's Largest Shareholders table cites older Schedule 13G figures (Vanguard 71,989,761 shares / 11.53%, BlackRock 49,987,090 shares / 8.01%, State Street 37,150,945 shares / 5.95%, all as a percent of the 624,162,193 shares outstanding on March 23, 2026). These are materially lower than the Q2 2026 13F-HR figures used above for Vanguard and BlackRock (State Street is close). The fresher Q2 2026 13F-HR data is used per the brief's instruction to prefer Q2 2026 (period 2026-06-30) 13F filings; both figures are recorded here for transparency. EDGAR shows no 2026-dated Schedule 13D or 13G/A filed for Xcel Energy as of this research (most recent: SC 13G/A filed 2024-10-16).
• Self-gate check (computed per the chart's algorithm, from this file): summing the 15 non-aggregate/non-rolled-up register rows (Vanguard 76,380,708 + BlackRock 60,898,333 + State Street 38,896,012 + Bank of America 29,933,748 + Capital Group 29,301,965 + JPMorgan 21,741,661 + Geode 18,042,089 + MFS 16,269,553 + FMR 11,152,597 + Morgan Stanley 7,894,693 + Franklin 7,869,605 + T. Rowe Price 7,034,477 + Northern Trust 5,242,023 + Schwab 4,175,031 + Wells Fargo 1,464,676 = 336,297,171 shares), plus Bob Frenzel in full (512,597 shares), plus the aggregate officer/director group reduced by Frenzel's share (837,127 - 512,597 = 324,530 shares), gives a grand total of 337,134,298 shares against 624,405,747 shares outstanding, or 53.98%. This is within the brief's 15 to 55 percent tolerance band, toward the upper end (above the 25-45% typical range) because 15 institutional holders were checked (more than the required top 8-12) and all had confirmed positions; no double-counting was found on cross-check.
• Wellington Management Group LLP and Capital World Investors / Capital International Investors (2 of the 3 Capital Group entities) were checked and confirmed to hold NO XEL common stock position in their Q2 2026 13F-HR information tables (no row for CUSIP 98389B100); they are not included in the register.
• Xcel Energy issues equity regularly through ATM (at-the-market) programs; the Q2 2026 10-Q also discloses forward sale agreements for 42.5 million additional shares entered during H1 2026 (minimum expected proceeds $3.2 billion), not yet settled/issued as of June 30, 2026, so not included in the 624,405,747 shares outstanding figure used throughout.