BLACK HILLS CORP /SD/ (BKH) — Institutional Holders, Q2 2026

476 institutional investment managers reported a BKH position on SEC Form 13F-HR for the quarter ended June 30, 2026, with a combined reported value of $5.8B. Every filer is listed below, ranked by position value, 100 per page; this page shows ranks 1 to 100. Put and call option positions are excluded, and a firm filing several lots or share classes is shown once with its total.

← BKH stock profile

BKH in Q2 2026: what funds did

Funds that filed a 13F for both Q1 2026 and Q2 2026, by what they did with the common stock. Share counts are adjusted for any split between the two quarters; dollar figures are the change in shares at this quarter’s price.

New positions

Added to

202

Trimmed

132

Sold out

Biggest buyers

AQR CAPITAL MANAGEMENTAdded · +636,408 sh+$47.3M
Merewether Investment ManagementNew · +455,327 sh+$33.9M
FRANKLIN RESOURCESAdded · +386,820 sh+$28.8M
Engineers Gate ManagerAdded · +379,211 sh+$28.2M
CITADEL ADVISORSAdded · +356,679 sh+$26.5M

Biggest sellers

ADAGE CAPITAL PARTNERS GP, L.L.C.Trimmed · -884,803 sh-$65.8M
TWO SIGMA INVESTMENTSTrimmed · -552,825 sh-$41.1M
Zimmer PartnersTrimmed · -547,500 sh-$40.7M
Capital Research Global InvestorsTrimmed · -449,961 sh-$33.5M
BANK OF AMERICATrimmed · -327,205 sh-$24.3M

BKH 13F holders ranked 1–100 of 476

Institutional investors reporting a position in BLACK HILLS CORP /SD/ on SEC Form 13F-HR for Q2 2026, ranked by reported value.
#	Institution	Shares	Value	% of portfolio	QoQShares vs Q1 2026
1	BlackRock#1 · 12,482,189 sh	12,482,189	$928.7M	0.01%	+2.9%
2	VANGUARD PORTFOLIO MANAGEMENT#2 · 5,141,103 sh	5,141,103	$382.5M	0.02%	+2.0%
3	STATE STREET#3 · 3,819,510 sh	3,819,510	$284.2M	<0.01%	+5.5%
4	VANGUARD CAPITAL MANAGEMENT#4 · 3,428,442 sh	3,428,442	$255.1M	<0.01%	+1.7%
5	NOMURA ASSET MANAGEMENT INTERNATIONAL#5 · 2,496,967 sh	2,496,967	$185.8M	0.28%	-6.8%
6	AQR CAPITAL MANAGEMENT#6 · 2,232,003 sh	2,232,003	$166.1M	0.06%	+39.9%
7	Point72 Asset Management, L.P.#7 · 2,161,197 sh	2,161,197	$160.8M	0.18%	+11.2%
8	GEODE CAPITAL MANAGEMENT#8 · 2,131,386 sh	2,131,386	$158.6M	<0.01%	+6.8%
9	FRANKLIN RESOURCES#9 · 1,963,191 sh	1,963,191	$146.1M	0.03%	+24.5%
10	Capital Research Global Investors#10 · 1,825,961 sh	1,825,961	$135.9M	0.02%	-19.8%
11	TWO SIGMA INVESTMENTS#11 · 1,663,178 sh	1,663,178	$123.7M	0.09%	-24.9%
12	COHEN & STEERS#12 · 1,607,981 sh	1,607,981	$119.6M	0.19%	+26.8%
13	Covalis Capital LLP#13 · 1,481,404 sh	1,481,404	$110.2M	6.22%	-15.5%
14	Engineers Gate Manager#14 · 1,442,064 sh	1,442,064	$107.3M	1.39%	+35.7%
15	GOLDMAN SACHS GROUP#15 · 1,431,217 sh	1,431,217	$106.5M	<0.01%	-9.7%
16	CITADEL ADVISORS#16 · 1,259,693 sh	1,259,693	$93.7M	0.01%	+39.5%
17	CHARLES SCHWAB INVESTMENT MANAGEMENT#17 · 1,213,841 sh	1,213,841	$90.3M	0.01%	-0.2%
18	ADAGE CAPITAL PARTNERS GP, L.L.C.#18 · 1,185,024 sh	1,185,024	$88.2M	0.12%	-42.7%
19	DIMENSIONAL FUND ADVISORS#19 · 1,171,138 sh	1,171,138	$87.1M	0.02%	+2.6%
20	Invesco Ltd.#20 · 1,170,367 sh	1,170,367	$87.1M	<0.01%	+10.3%
21	MORGAN STANLEY#21 · 1,127,193 sh	1,127,193	$83.9M	<0.01%	+37.3%
22	Nuveen#22 · 979,186 sh	979,186	$72.9M	0.02%	+0.6%
23	VICTORY CAPITAL MANAGEMENT#23 · 939,239 sh	939,239	$69.9M	0.04%	+37.1%
24	NORTHERN#24 · 924,786 sh	924,786	$68.8M	<0.01%	-2.1%
25	Pictet Asset Management Holding SA#25 · 835,252 sh	835,252	$62.1M	0.06%	+40.7%
26	Bank of New York Mellon#26 · 763,990 sh	763,990	$56.8M	<0.01%	-2.6%
27	FULLER & THALER ASSET MANAGEMENT#27 · 747,808 sh	747,808	$55.6M	0.15%	-2.7%
28	FIRST ADVISORS#28 · 676,867 sh	676,867	$50.4M	0.03%	-4.0%
29	BANK OF AMERICA#29 · 572,758 sh	572,758	$42.6M	<0.01%	-36.4%
30	GABELLI FUNDS#30 · 518,975 sh	518,975	$38.6M	0.25%	-2.1%
31	CRAWFORD INVESTMENT COUNSEL#31 · 516,589 sh	516,589	$38.4M	0.64%	0.0%
32	VANGUARD FIDUCIARY#32 · 504,768 sh	504,768	$37.6M	<0.01%	+3.0%
33	ProShare Advisors#33 · 464,173 sh	464,173	$34.5M	0.05%	+3.7%
34	DUFF & PHELPS INVESTMENT MANAGEMENT#34 · 459,540 sh	459,540	$34.2M	0.32%	0.0%
35	Yaupon Capital Management#35 · 458,430 sh	458,430	$34.1M	0.67%	+85.9%
36	Merewether Investment Management#36 · 455,327 sh	455,327	$33.9M	0.64%	New
37	JPMORGAN CHASE#37 · 421,165 sh	421,165	$32.0M	<0.01%	+2.6%
38	UBS Group AG#38 · 421,574 sh	421,574	$31.4M	<0.01%	+5.6%
39	OLD REPUBLIC INTERNATIONAL#39 · 416,000 sh	416,000	$31.0M	—	0.0%
40	MANUFACTURERS LIFE INSURANCE COMPANY, THE#40 · 395,331 sh	395,331	$29.4M	0.02%	+0.1%
41	HighTower Advisors#41 · 394,572 sh	394,572	$29.4M	0.03%	+18.0%
42	HOTCHKIS & WILEY CAPITAL MANAGEMENT#42 · 354,743 sh	354,743	$26.4M	0.08%	+0.6%
43	PRINCIPAL FINANCIAL GROUP#43 · 340,645 sh	340,645	$25.3M	0.01%	+6.1%
44	Connor, Clark & Lunn Investment Management Ltd.#44 · 337,335 sh	337,335	$25.1M	0.05%	+19.9%
45	D. E. Shaw#45 · 335,535 sh	335,535	$25.0M	0.01%	-3.5%
46	Legal & General Group Plc#46 · 321,911 sh	321,911	$24.0M	<0.01%	+2.6%
47	Jupiter Topco#47 · 316,064 sh	316,064	$23.5M	<0.01%	—
48	Freestone Grove Partners#48 · 302,329 sh	302,329	$22.5M	0.14%	-23.0%
49	Resolution Capital Ltd#49 · 257,983 sh	257,983	$19.2M	0.35%	+50.2%
50	RENAISSANCE TECHNOLOGIES#50 · 247,800 sh	247,800	$18.4M	0.03%	+212.9%
51	RHUMBLINE ADVISERS#51 · 241,914 sh	241,914	$18.0M	0.01%	+4.8%
52	EVENTIDE ASSET MANAGEMENT#52 · 230,351 sh	230,351	$17.2M	0.23%	New
53	CONGRESS ASSET MANAGEMENT#53 · 219,718 sh	219,718	$16.3M	—	+96.6%
54	Paradiem#54 · 219,405 sh	219,405	$16.3M	3.52%	-2.4%
55	BW Gestao de Investimentos Ltda.#55 · 215,401 sh	215,401	$16.0M	0.32%	+64.8%
56	GAMCO INVESTORS, ET AL#56 · 206,488 sh	206,488	$15.4M	0.14%	-0.4%
57	Zimmer Partners#57 · 193,534 sh	193,534	$14.4M	0.33%	-73.9%
58	Squarepoint Ops#58 · 190,598 sh	190,598	$14.2M	0.02%	-29.2%
59	Verbena Value#59 · 178,800 sh	178,800	$13.3M	2.20%	New
60	First Eagle Investment Management#60 · 177,990 sh	177,990	$13.2M	0.02%	+38.2%
61	GLENMEDE NA#61 · 167,215 sh	167,215	$12.4M	0.05%	-4.3%
62	Russell Investments Group, Ltd.#62 · 160,433 sh	160,433	$11.9M	0.01%	+30.3%
63	Swiss National Bank#63 · 152,579 sh	152,579	$11.4M	<0.01%	+2.2%
64	CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM#64 · 148,807 sh	148,807	$11.1M	<0.01%	-17.6%
65	ALLIANCEBERNSTEIN L.P.#65 · 155,711 sh	155,711	$10.8M	<0.01%	+5.6%
66	Hunter Perkins Capital Management#66 · 140,213 sh	140,213	$10.4M	2.34%	-0.4%
67	Leeward Investments, - MA#67 · 135,390 sh	135,390	$10.1M	—	-1.7%
68	Ceredex Value Advisors#68 · 135,300 sh	135,300	$10.1M	0.28%	New
69	AMERIPRISE FINANCIAL#69 · 134,718 sh	134,718	$10.0M	<0.01%	+0.5%
70	ROYAL BANK OF CANADA#70 · 132,406 sh	132,406	$9.8M	<0.01%	+28.4%
71	Lighthouse Investment Partners#71 · 129,097 sh	129,097	$9.6M	0.26%	+98.2%
72	Martin Capital Partners#72 · 123,104 sh	123,104	$9.2M	—	-0.2%
73	VOYA INVESTMENT MANAGEMENT#73 · 122,778 sh	122,778	$9.1M	<0.01%	-5.6%
74	STIFEL FINANCIAL#74 · 117,181 sh	117,181	$8.7M	<0.01%	+0.4%
75	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME#75 · 115,661 sh	115,661	$8.6M	<0.01%	+0.3%
76	MUTUAL OF AMERICA CAPITAL MANAGEMENT#76 · 114,791 sh	114,791	$8.5M	—	-5.4%
77	Phocas Financial#77 · 113,884 sh	113,884	$8.5M	1.18%	-5.0%
78	Cerity Partners#78 · 112,794 sh	112,794	$8.4M	0.01%	+37.9%
79	HITE Hedge Asset Management#79 · 108,500 sh	108,500	$8.1M	0.44%	0.0%
80	Verition Fund Management#80 · 105,000 sh	105,000	$7.8M	0.01%	+5.8%
81	COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS#81 · 104,756 sh	104,756	$7.8M	0.04%	-10.9%
82	PRICE T ROWE ASSOCIATES#82 · 103,696 sh	103,696	$7.7M	<0.01%	+17.6%
83	SEI INVESTMENTS#83 · 98,513 sh	98,513	$7.3M	<0.01%	-6.5%
84	MAIRS & POWER#84 · 98,285 sh	98,285	$7.3M	0.07%	0.0%
85	THRIVENT FINANCIAL FOR LUTHERANS#85 · 96,182 sh	96,182	$7.2M	0.01%	+3.4%
86	TUDOR INVESTMENT ET AL#86 · 95,184 sh	95,184	$7.1M	<0.01%	+7.9%
87	IEQ CAPITAL#87 · 92,351 sh	92,351	$6.9M	0.03%	+40.3%
88	WELLS FARGO & COMPANY#88 · 91,625 sh	91,625	$6.8M	<0.01%	+61.2%
89	VOLORIDGE INVESTMENT MANAGEMENT#89 · 88,457 sh	88,457	$6.6M	0.03%	-22.5%
90	Magellan Asset Management Ltd#90 · 85,307 sh	85,307	$6.3M	0.14%	+15.0%
91	Hudson Bay Capital Management#91 · 85,101 sh	85,101	$6.3M	0.02%	+15.2%
92	SG Americas Securities#92 · 85,084 sh	85,084	$6.3M	<0.01%	+191.2%
93	Mariner#93 · 84,814 sh	84,814	$6.3M	<0.01%	+85.7%
94	MetLife Investment Management#94 · 80,633 sh	80,633	$6.0M	0.03%	+4.6%
95	Retirement Systems of Alabama#95 · 78,739 sh	78,739	$5.9M	0.02%	-14.9%
96	DEUTSCHE BANK AG\#96 · 78,413 sh	78,413	$5.8M	<0.01%	+24.5%
97	Sagefield Capital#97 · 77,093 sh	77,093	$5.7M	0.43%	New
98	CITIGROUP#98 · 76,354 sh	76,354	$5.7M	<0.01%	+149.3%
99	ALTA CAPITAL MANAGEMENT#99 · 74,336 sh	74,336	$5.5M	—	-1.0%
100	BARCLAYS PLC#100 · 74,013 sh	74,013	$5.5M	<0.01%	+43.4%

Funds that sold out of BKH in Q2 2026 (52)

Held BKH at the end of Q1 2026 and filed a Q2 2026 13F without it. Not in the list above, because they no longer hold it. Largest prior position first.

Institutions that held BKH in Q1 2026 and reported no position in Q2 2026.
Institution	Shares sold	Value in Q1 2026
Think Investments237,500 sh	237,500	$16.5M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP81,807 sh	81,807	$5.7M
Edgestream Partners, L.P.81,492 sh	81,492	$5.7M
ONTARIO TEACHERS PENSION PLAN BOARD50,703 sh	50,703	$3.5M
Blackstone48,233 sh	48,233	$3.3M
Allianz Asset Management GmbH45,173 sh	45,173	$3.1M
BANQUE PICTET & CIE SA32,452 sh	32,452	$2.3M
Dynamic Technology Lab Private Ltd32,250 sh	32,250	$2.2M
GSA CAPITAL PARTNERS LLP31,051 sh	31,051	$2.2M
DARK FOREST CAPITAL MANAGEMENT29,798 sh	29,798	$2.1M
Elo Mutual Pension Insurance26,958 sh	26,958	$1.9M
CAPITAL FUND MANAGEMENT S.A.22,466 sh	22,466	$1.6M
GROUP ONE TRADING, L.P.17,689 sh	17,689	$1.2M
ALLSTATE16,213 sh	16,213	$1.1M
GREAT LAKES ADVISORS15,808 sh	15,808	$1.1M
AXQ CAPITAL12,485 sh	12,485	$866.6K
Entropy Technologies12,473 sh	12,473	$865.8K
ALGERT GLOBAL10,754 sh	10,754	$746.0K
EP Wealth Advisors8,491 sh	8,491	$589.4K
LANDSCAPE CAPITAL MANAGEMENT, L.L.C.8,266 sh	8,266	$573.7K
Summit Global Investments7,670 sh	7,670	$532.0K
IMC-Chicago7,233 sh	7,233	$502.0K
Aster Capital Management (DIFC) Ltd8,190 sh	8,190	$496.7K
Vise Technologies6,883 sh	6,883	$477.8K
FORA Capital4,876 sh	4,876	$338.5K
BIP Wealth4,600 sh	4,600	$319.3K
BOOTHBAY FUND MANAGEMENT4,373 sh	4,373	$303.5K
Richmond Investment Services3,328 sh	3,328	$231.0K
Financiere des Professionnels - Fonds d,investissement3,225 sh	3,225	$223.8K
111 Capital3,193 sh	3,193	$221.6K
DRW Securities3,051 sh	3,051	$211.8K
Gaddis Premier Wealth Advisors3,029 sh	3,029	$210.2K
RMB Capital Management2,972 sh	2,972	$206.3K
SCHMIDT P J INVESTMENT MANAGEMENT2,950 sh	2,950	$204.8K
Bridgefront Capital2,917 sh	2,917	$202.5K
State of Wyoming2,847 sh	2,847	$197.6K
Scarborough Advisors2,591 sh	2,591	$179.8K
Advisory Services Network724 sh	724	$50.3K
Innovative Asset Advisors Group450 sh	450	$31.2K
Clarity Asset Management433 sh	433	$30.0K
Destiny Wealth Partners255 sh	255	$17.7K
Root Financial Partners233 sh	233	$16.2K
Steward Partners Investment Advisory107 sh	107	$7.4K
Signature Resources Capital Management102 sh	102	$7.1K
TWIN PEAKS WEALTH ADVISORS77 sh	77	$5.3K
Sound Income Strategies52 sh	52	$3.6K
Trust Co25 sh	25	$1.8K
Cornerstone Financial Management22 sh	22	$1.5K
Wall Street Financial Group17 sh	17	$1.2K
Rossby Financial, LCC5 sh	5	$349.00
Vermillion Wealth Management4 sh	4	$278.00
CURIO WEALTH1 sh	1	$69.00

Source: Form 13F-HR filings on SEC EDGAR, Q2 2026. Values are as reported by each manager at quarter end. “% of portfolio” is the position’s share of the manager’s total reported 13F value for the same quarter. “New” means the manager filed a 13F for Q1 2026 without this position; a dash means no comparison is available. Where a manager’s own filing is internally inconsistent its value is withheld and it is listed last. 13F data shows reported holdings, not recommendations.