Hedge Fund Adds 1.9 Million Shares of Utility Stock, According to Latest SEC Filing
Key Points
12 West Capital Management LP initiated a new stake in Hawaiian Electric Industries, adding 1,850,000 shares; estimated trade value is $22.75 million based on quarterly average pricing.
Quarter-end position value increased by $22.75 million, reflecting both share purchases and stock price movement.
The transaction represented a 2.71% change in 13F reportable assets under management.
After the trade, the fund held 1,850,000 shares, valued at $22.75 million as of December 31, 2025.
The new position makes up 2.71% of fund AUM, placing it outside the fund’s top five holdings.
On February 17, 2026, 12 West Capital Management LP disclosed a new position in Hawaiian Electric Industries(NYSE:HE), acquiring 1,850,000 shares in a transaction estimated at $22.75 million based on quarterly average pricing.
What happened
According to a SEC filing dated February 17, 2026, 12 West Capital Management LP established a new position in Hawaiian Electric Industries, acquiring 1,850,000 shares. The estimated transaction value is $22.75 million, based on the average price during the fourth quarter of 2025. The stake's quarter-end value also totaled $22.75 million, reflecting both the trade and market pricing as of December 31, 2025.
What else to know
This was a new position for the fund and represents 2.71% of 13F reportable assets under management.
Top holdings after the filing:
- NYSE:SHAK: $159.39 million (19.0% of AUM)
- NASDAQ:GDS: $149.50 million (17.8% of AUM)
- NASDAQ:RBLX: $85.08 million (10.1% of AUM)
- NYSE:TBBB: $78.89 million (9.4% of AUM)
- NYSE:TOST: $65.62 million (7.8% of AUM)
As of March 19, 2026, shares of Hawaiian Electric Industries were priced at $14.28, up 29.9% over the past year.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.087 billion |
| Net income (TTM) | $126.28 million |
| Price (as of market close February 13, 2026) | $14.25 |
| One-year price change | 29.9% |
Company snapshot
- Provides electric utility services across multiple Hawaiian islands, operates a community bank, and invests in renewable energy and sustainable infrastructure.
- Generates revenue primarily through regulated electricity sales, banking services including loans and deposits, and investments in non-regulated renewable energy projects.
- Serves residential, commercial, and governmental customers, including suburban communities, resorts, U.S. military installations, and agricultural operations in Hawaii.
Hawaiian Electric Industries, Inc. is a diversified utility holding company with operations spanning electric utilities, banking, and renewable energy investments in Hawaii. The company operates in both regulated markets (electric utilities, banking) and non-regulated renewable energy and sustainable infrastructure investments in Hawaii. Its integrated approach to energy and financial services positions it as a key player in supporting Hawaii's infrastructure and economic development.
What this transaction means for investors
12 West Capital Management, a New York-based hedge fund, recently disclosed the purchase of 1.85 million shares of Hawaiian Electric Industries, a utility stock, valued at approximately $22.75 million, during the fourth quarter (the three months ending on Dec. 31, 2025). Here are some key takeaways for investors.
First, Hawaiian Electric, like many U.S.-based utility stocks, has enjoyed an impressive run over the last year. Shares have advanced based on the growth of the artificial intelligence (AI) industry, and the subsequent spike in demand for electricity to power the massive data centers required to operate the most recent and powerful AI applications.
So, it’s no surprise to see a hedge fund like 12 West piling into Hawaiian Electric. That said, shares have experienced a pullback recently, as opposition to data center development continues to grow in many communities due to concerns over environmental impact, energy usage, and the cost to average consumers.
Jake Lerch has positions in Roblox and Toast and has the following options: long June 2026 $80 puts on Roblox. The Motley Fool has positions in and recommends BBB Foods, Roblox, and Toast. The Motley Fool has a disclosure policy.