Capital International Investors Reports 15.8M Shares in South Bow (SOBO)

Rhea-AI Filing Summary

Capital International Investors reports beneficial ownership of 15,836,117 shares of South Bow Corporation, equal to 7.6% of the approximately 208,220,631 shares believed outstanding. The filing shows sole voting power over 15,805,333 shares and sole dispositive power over 15,836,117, with no shared voting or dispositive power.

The disclosure identifies the filer as an investment adviser (IA) and includes a certification that the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. This is a material institutional stake disclosed as passive.

Positive

• Material institutional stake: 15,836,117 shares representing 7.6% of outstanding shares
• Clear voting/dispositive authority: Sole voting power on 15,805,333 shares and sole dispositive power on 15,836,117 shares
• Declared passive intent: Filer is an investment adviser and certifies holdings are in the ordinary course of business and not to change control

Negative

• None.

Insights

Financial Analyst

TL;DR: Institutional adviser owns a material 7.6% stake but certifies passive intent; ownership may affect market float and investor attention.

Capital International Investors holds 15,836,117 shares representing 7.6% of South Bow. The filer reports sole voting and dispositive power for almost all reported shares and classifies itself as an investment adviser (IA). The filing's certification that the position is held in the ordinary course and not to influence control suggests passive ownership rather than an activist stake. For analysts, this is a notable institutional holder disclosure but lacks indications of strategic engagement or control actions.

Corporate Governance Expert

TL;DR: A meaningful institutional position is disclosed but the filer affirms no intent to change control, indicating limited governance disruption.

The Schedule 13G shows CII exercises sole voting power over 15,805,333 shares and sole dispositive power over 15,836,117 shares, with zero shared power. The filer is identified as an IA and includes the required certification that holdings were not acquired to affect control. From a governance perspective this raises the profile of an institutional holder while simultaneously signaling passive intent, so immediate governance pressures are not evident from the filing alone.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

South Bow Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

83671M105

(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. 83671M105

1

Names of Reporting Persons

Capital International Investors

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 15,805,333.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,836,117.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,836,117.00

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)

7.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: South Bow Corporation
(b)	Address of issuer's principal executive offices: 707 5 Street SW, Suite 900, Calgary, AB T2P 1V8, Canada
Item 2.
(a)	Name of person filing: Capital International Investors
(b)	Address or principal business office or, if none, residence: 333 South Hope Street, 55th Fl, Los Angeles, CA 90071
(c)	Citizenship: N/A
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 83671M105
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: 15,836,117 ** **Capital International Investors ("CII") is a division of Capital Research and Management Company ("CRMC"), as well as its investment management subsidiaries and affiliates Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., Capital Group Private Client Services, Inc., and Capital Group Investment Management Private Limited (together with CRMC, the "investment management entities"). CII's divisions of each of the investment management entities collectively provide investment management services under the name "Capital International Investors." CII is deemed to be the beneficial owner of 15,836,117 shares or 7.6% of the 208,220,631 shares believed to be outstanding.
(b)	Percent of class: 7.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 15,805,333
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 15,836,117
	(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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Capital Income Builder
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.

Capital International Investors

Signature:	Jae Won Chung
Name/Title:	Vice President and Senior Counsel II, Capital Research and Management Company
Date:	08/12/2025

FAQ

How many South Bow (SOBO) shares does Capital International Investors report owning?

The filing reports 15,836,117 shares, representing 7.6% of approximately 208,220,631 shares outstanding.

What voting and dispositive power does Capital International Investors have over SOBO shares?

The filer reports sole voting power for 15,805,333 shares and sole dispositive power for 15,836,117 shares, with 0 shared voting or dispositive power.

Is Capital International Investors acting as an activist investor in this filing for SOBO?

No. The document identifies the filer as an investment adviser (IA) and includes a certification that the position is held in the ordinary course of business and not to change or influence control.

What form was filed to disclose this ownership in SOBO?

The ownership was disclosed on a Schedule 13G (Amendment No. 2), which is used for certain passive institutional holdings exceeding 5%.

Who is the filing entity and where is its principal business office?

Capital International Investors is a division of Capital Research and Management Company with a principal office at 333 South Hope Street, 55th Fl, Los Angeles, CA 90071.