SCHEDULE: ALPS Advisors, Alerian MLP ETF Disclose Hess Midstream LP Stakes

ALPS Advisors, Inc. and Alerian MLP ETF have filed an amended Schedule 13G, disclosing significant beneficial ownership in Hess Midstream LP common units as of September 30, 2025.

Summary

• ALPS Advisors, Inc. beneficially owns 29,295,245 common units of Hess Midstream LP, representing 12.75% of the class.
• Alerian MLP ETF beneficially owns 28,950,810 common units of Hess Midstream LP, representing 12.6% of the class.
• ALPS Advisors, Inc. acts as an investment adviser to investment companies, including Alerian MLP ETF, and disclaims beneficial ownership of the securities, stating they are owned by the Funds.
• Both ALPS Advisors, Inc. and Alerian MLP ETF report shared voting and shared dispositive power over their respective holdings.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of significant institutional ownership, which generally indicates a stable investment by the reporting entities. The 'Amendment No. 4' suggests ongoing reporting, not a new, sudden stake. The disclaimer of control also points to a passive investment strategy. The high percentage of ownership by a specialized ETF (Alerian MLP ETF) is a positive signal for the MLP sector and Hess Midstream LP's inclusion within it.

Positives

• Significant institutional ownership by ALPS Advisors, Inc. and Alerian MLP ETF, indicating substantial investment interest in Hess Midstream LP.
• The holdings are reported as being acquired and held in the ordinary course of business, not for the purpose of changing or influencing control, suggesting a stable, passive investment.

Risks

• ALPS Advisors, Inc. disclaims beneficial ownership of the securities, stating that all reported securities are owned by the Funds to which it provides investment advice, which clarifies the nature of its holding but separates direct beneficial ownership.

Future Outlook

Not applicable as this filing is a disclosure of current beneficial ownership, not a forward-looking statement from the issuer.

Industry Context

Schedule 13G filings are routine disclosures by institutional investors who acquire more than 5% of a company's stock, indicating passive investment rather than an intent to control. The significant holdings by an MLP-focused ETF (Alerian MLP ETF) highlight Hess Midstream LP's position within the master limited partnership sector, often valued for income generation and specific tax treatment.

Stakeholder Impact

• Shareholders: The significant institutional ownership by ALPS Advisors and Alerian MLP ETF may provide a degree of stability and liquidity for Hess Midstream LP's common units.
• Investment Community: The filing provides transparency regarding major institutional holders, which can influence investor perception and analysis.

Key Dates

Keywords

Hess Midstream LP, HESM, ALPS Advisors, Alerian MLP ETF, Schedule 13G, Beneficial Ownership, Common Units, Investment Adviser, Investment Company, MLP