HE Schedule 13G: Horizon Kinetics owns 16.28M shares (9.4%)

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC has filed Amendment No. 1 to Schedule 13G for Hawaiian Electric Industries, Inc. (HE).

• Position size: 16,281,709 common shares.
• Ownership percentage: 9.4 % of HE’s outstanding stock.
• Voting/Dispositive power: Sole power over all reported shares; no shared power.
• Filer status: Registered investment adviser (Rule 13d-1(b)).
• Date triggering filing: 05 May 2025; filing signed 23 Jul 2025 by General Counsel Jay Kesslen.

The disclosure makes Horizon Kinetics one of HE’s largest known institutional holders and confirms that the stake was acquired in the ordinary course of business without intent to influence control, consistent with a passive Schedule 13G filing.

Insights

Portfolio Manager

TL;DR: Horizon Kinetics now controls 9.4 % of HE, a sizable passive stake that could improve trading liquidity and investor attention.

The 16.28 million-share position elevates Horizon Kinetics to a top-tier shareholder. Although filed on a passive 13G, the magnitude alone can be impactful: (1) it signals institutional confidence in HE following recent volatility; (2) concentrated ownership above 5 % must be monitored for future shifts to an activist 13D. No control intent is stated, limiting immediate governance implications. For investors, the key takeaway is a higher free-float concentration that may support share price stability but could also create overhang risk if the adviser later trims exposure.

Securities Analyst

TL;DR: Filing is neutral but noteworthy; 9.4 % stake underscores HE’s ability to attract value-oriented institutions.

From a regulatory viewpoint, this Schedule 13G merely updates ownership. The absence of shared voting or dispositive power reduces complexity. Percent-of-class below 10 % avoids Section 16 status, so compliance burden remains light. The stake’s size can alter HE’s shareholder base analysis and may narrow free-float estimates. Unless Horizon switches to Schedule 13D or crosses 10 %, strategic impact should remain limited.

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

(Title of Class of Securities)

419870100

(CUSIP Number)

05/09/2025

(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

HORIZON KINETICS ASSET MANAGEMENT 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 16,281,709.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,281,709.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,281,709.00

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)

9.4 %

12

Type of Reporting Person (See Instructions)

IA

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, 1001 BISHOP STREET, SUITE 2900, HONOLULU, HAWAII, 96813.
Item 2.
(a)	Name of person filing: Horizon Kinetics Asset Management LLC
(b)	Address or principal business office or, if none, residence: 470 Park Ave. S, 8th FL S New York, New York 10016
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(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: 16,281,709
(b)	Percent of class: 9.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 16,281,709
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 16,281,709
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	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.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	s/Jay Kesslen
Name/Title:	General Counsel
Date:	07/23/2025

FAQ

How many Hawaiian Electric (HE) shares does Horizon Kinetics own?

The filing reports 16,281,709 common shares beneficially owned by Horizon Kinetics Asset Management LLC.

What percentage of HE’s outstanding stock is held by Horizon Kinetics?

Horizon Kinetics’ stake represents 9.4 % of Hawaiian Electric’s common shares outstanding.

Does Horizon Kinetics have sole voting power over its HE shares?

Yes. The adviser lists 16,281,709 shares with sole voting and dispositive power and 0 shared power.

Why was this Schedule 13G/A filed?

Ownership exceeded the 5 % threshold on 05 May 2025, requiring disclosure under Rule 13d-1(b) for investment advisers.

Is Horizon Kinetics seeking control of Hawaiian Electric?

No. The certification states the shares were acquired in the ordinary course of business and not to influence control of the issuer.