PINNACLE WEST CAP CORP

Assenagon Asset Management held 996,153 shares of Pinnacle West Capital at the start of the quarter — a stake worth roughly $100 million, by far the largest position in the stock at the time. By the end of the quarter, it had sold 813,931 of those shares, an 82% cut that left it holding 182,222 shares worth $19.5 million, roughly $87.1 million in real selling. Assenagon is a fund 13F Insight classifies as quasi-passive, which points to an index mandate change behind the sale rather than a view on the utility specifically. The exit reshuffled the stock's entire ownership picture: Perpetual Ltd, which added modestly this quarter, is now clearly the largest holder at 34.4% of the $189.4 million in institutional value 13F Insight can see, and Arbejdsmarkedets Tillaegspension — a Danish pension fund with no prior stake — opened a brand-new $22.9 million position that instantly ranks second, larger than what Assenagon has left. Commonwealth of Pennsylvania Public School Employees' Retirement System, the third-largest holder, trimmed modestly (down 8.8%). Beyond the reshuffling at the top, buying was broad: CWA Asset Management, Wealth Enhancement Advisory Services, Sequoia Financial Advisors and half a dozen smaller shops all added shares.