[SCHEDULE 13G/A] Hawaiian Electric Industries, Inc. SEC Filing

Rhea-AI Filing Summary

Schedule 13G/A filed by Zimmer Partners and affiliated entities reports beneficial ownership of 3,825,214 shares of Hawaiian Electric Industries, Inc., representing approximately 2.2% of the company's outstanding common stock based on 172,611,853 shares outstanding as of June 30, 2025. The disclosed holdings are reported as shared voting and shared dispositive power, with 0 shares held with sole voting or sole dispositive power.

The filing identifies the reporting persons as Zimmer Partners, LP; Zimmer Financial Services Group LLC; Zimmer Partners GP, LLC; and Stuart J. Zimmer. It includes a certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Insights

Financial Analyst

TL;DR: Zimmer group holds a passive ~2.2% stake (3.83M shares) in HE with shared voting/dispositive power; position appears non-controlling.

The Schedule 13G/A discloses a combined beneficial ownership of 3,825,214 shares, about 2.2% of HE's common stock. All reported shares are under shared voting and dispositive power; no sole voting or sole dispositive power is reported. Because the ownership is below 5% and certified as held in the ordinary course, this filing signals a material but non-controlling passive stake rather than an activist position. For capital markets, the stake is notable for disclosure but unlikely to alter control dynamics.

Corporate Governance Expert

TL;DR: Ownership is disclosed as shared and passive; governance influence appears limited given the lack of sole voting or dispositive power.

The reporting group is clearly identified and the filing states shared voting and shared dispositive authority over the 3,825,214 shares. The certification asserts the securities are held in the ordinary course and not to influence corporate control. From a governance perspective, the absence of sole powers and the sub-5% position suggest limited ability to unilaterally affect board composition or strategic decisions, though the stake is large enough to be monitored by management and investors.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Hawaiian Electric Industries, Inc.

(Name of Issuer)

Common Stock, no par value per share

(Title of Class of Securities)

419870100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 419870100

1

Names of Reporting Persons

Zimmer Partners, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,825,214.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,825,214.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,825,214.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. 419870100

1

Names of Reporting Persons

Zimmer Financial Services Group LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,825,214.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,825,214.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,825,214.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

OO, HC

SCHEDULE 13G

CUSIP No. 419870100

1

Names of Reporting Persons

Zimmer Partners GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,825,214.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,825,214.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,825,214.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

OO, HC

SCHEDULE 13G

CUSIP No. 419870100

1

Names of Reporting Persons

Stuart J. Zimmer

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,825,214.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,825,214.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,825,214.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hawaiian Electric Industries, Inc.
(b)	Address of issuer's principal executive offices: 1001 Bishop Street, Suite 2900, Honolulu, Hawaii, 96813
Item 2.
(a)	Name of person filing: Zimmer Partners, LP, a Delaware limited partnership (the "Investment Manager"), Zimmer Financial Services Group LLC, a Delaware limited liability company ("ZFSG"), Zimmer Partners GP, LLC, a Delaware limited liability company (the "GP"), and Stuart J. Zimmer (collectively, the "Reporting Persons"). ZFSG is the sole member of the GP. Stuart J. Zimmer, a revocable trust for his benefit, and an irrevocable trust for his immediate family are the sole members of ZFSG. The GP is the general partner of the Investment Manager. The Investment Manager is the investment manager of ZP Master Utility Fund, Ltd. and certain separately managed accounts.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is c/o Zimmer Partners, LP, 9 West 57th Street, 33rd Floor New York, NY 10019.
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock, no par value per share
(e)	CUSIP No.: 419870100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The Reporting Persons may be deemed the beneficial owners of 3,825,214 shares of Common Stock. The Reporting Persons may be deemed the beneficial owners of approximately 2.2% of the outstanding shares of Common Stock. This percentage was determined by dividing 3,825,214 by 172,611,853 , which is the number of shares of Common Stock outstanding as of June 30, 2025, as reported in the Issuer's Form 10-Q filed on August 7, 2025 with the Securities and Exchange Commission. The Reporting Persons have the shared power to vote and dispose of the 3,825,214 shares of Common Stock beneficially owned.
(b)	Percent of class: 2.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 3,825,214
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,825,214
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Zimmer Partners, LP

Signature:	/s/ Jelena Napolitano
Name/Title:	Jelena Napolitano/ Authorized Person
Date:	08/14/2025

Zimmer Financial Services Group LLC

Signature:	/s/ Stuart J. Zimmer
Name/Title:	Stuart J. Zimmer / Director
Date:	08/14/2025

Zimmer Partners GP, LLC

Signature:	/s/ Stuart J. Zimmer
Name/Title:	Stuart J. Zimmer/ Director, Zimmer Financial Services Group LLC, its Managing Member
Date:	08/14/2025

Stuart J. Zimmer

Signature:	/s/ Stuart J. Zimmer
Name/Title:	Stuart J. Zimmer / Self
Date:	08/14/2025