AIR PRODS & CHEMS INC

Air Products & Chemicals Inc (ticker APD) is a rare pure-play industrial gas company classified within the Healthcare sector for 13F reporting purposes — a classification worth noting because APD's business model (atmospheric gases, process gases, hydrogen, and related equipment leasing) more naturally belongs to Industrials, yet it carries a Healthcare label in the institutional data. As of Q2 2026, ten institutions reported $70.86M in APD holdings, a reasonably broad base for an industrial gas company with approximately a $50B+ market capitalization at current share prices. The quarter's defining trade was Confluence Investment Management's reduction of its dominant position from 217,487 shares to 202,897 shares — a 6.7% cut producing a $3.69M decline in reported value. Confluence remains the largest holder at $59.49M, but the direction of travel is clearly booking some gains or rotating toward other names in the industrials belt. Against that reduction, MassMutual Private Wealth & Trust added 9,620 shares and $2.85M in value, more than doubling its APD stake in a single quarter. Eastern Bank trimmed a small position by 409 shares. Versant Capital, First County Bank, and Trust Co of the South all added. The net position for the quarter is a $762K reduction from Confluence offset by approximately $2.87M of additions from MassMutual alone — a modest net positive for accumulation within a holder set that otherwise saw Confluence book some green.