Air Products and Chemicals, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,747 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Combined equity affiliates balance not split by investee. Air Products' Q3 FY2026 10-Q reports a single balance sheet line, 'Investment in net assets of and advances to equity affiliates', of $5,577.4 million at 30 June 2026 ($5,366.1 million at 30 September 2025), covering all 13 named equity-method affiliates together (plus any unnamed immaterial ones). Per the brief's rule against assigning a combined balance to one investee, value_usd is null for every holding row except Jazan Integrated Gasification and Power Company (JIGPC), for which the 10-Q separately discloses an approximate $3.1 billion JV-specific carrying value in its VIE disclosure (Note 3). All ownership percentages for the other 12 affiliates come from the FY2025 10-K's Note 10 equity affiliates table (as of 30 September 2025); the Q3 FY2026 10-Q does not repeat this full list, since the detailed ownership table is an annual (10-K) disclosure, not a quarterly one.
• NEOM Green Hydrogen Company (NGHC) is included as a holding even though it is CONSOLIDATED (not equity-method) on Air Products' balance sheet, because Air Products holds only a one-third minority voting/economic interest alongside ACWA Power and NEOM Company; APD is deemed the VIE primary beneficiary because it is the exclusive offtaker and directs key construction decisions, so GAAP requires consolidation despite the minority interest. This is a real minority equity holding in a joint venture per the brief's guidance, just one where the entity happens to appear as a subsidiary rather than an equity-method line in APD's own financials.
• Saudi Aramco relationship, stated precisely. Air Products' equity affiliates JIGPC and Blue Hydrogen Industrial Gases Company (BHIG) are joint ventures with, respectively, Saudi Aramco Power Company and Saudi Aramco Development Company, both stated in the 10-K/10-Q as subsidiaries of Saudi Aramco (covered separately in this database as data/research/saudi-aramco.json). Air Products does not hold any direct equity stake in Saudi Aramco itself; the relationship runs the other way, as a joint-venture partnership at the project level in Saudi Arabia.
• Mantle Ridge activist campaign and current status. Mantle Ridge LP ran a proxy contest at Air Products that concluded in January 2025; three of its four director nominees were elected, including founder/CEO Paul C. Hilal, who remains a director. Mantle Ridge never filed a Schedule 13D or 13G on Air Products (its historical 13D filings on EDGAR, most recently amended December 2023, relate to other companies such as CSX and Aramark), consistent with holding under the 5% disclosure threshold. The December 2025 proxy shows Hilal/Mantle Ridge at 4,107,517 shares (1.8%) as of 31 October 2025, but Mantle Ridge's own Q2 2026 13F-HR (filed 14 August 2026) contains no reportable APD position at all (a single placeholder zero-value row), indicating Mantle Ridge had substantially reduced or exited its APD stake by 30 June 2026. There is therefore no live 13D on Air Products from Mantle Ridge or any other filer as of this research date.
• Register reconciliation. The company's own December 2025 proxy, based on the most recent Schedule 13G/A filings on record (Vanguard's dated February 2024, BlackRock's dated April 2025, State Farm's dated February 2024, Capital Research Global Investors' dated August 2025), reports: Vanguard 20,957,420 shares (9.42%), BlackRock 14,578,324 shares (6.55%), State Farm 13,454,280 shares (6.04%), Capital Research Global Investors 11,494,745 shares (5.16%), all against 222,590,241 shares outstanding as of 31 October 2025. The register instead uses each manager's Q2 2026 Form 13F-HR (30 June 2026 position dates), which shows somewhat different figures (e.g. BlackRock higher at 18,316,711, State Farm lower at 11,840,799 but matching the Q1 2026 13F exactly, suggesting the proxy's older 13G-based figures are simply stale relative to the 13F data, not a data error.
• No Schedule 13D or 13G has been filed specifically naming Air Products since Capital Research Global Investors' 13G on 12 November 2024 and BlackRock's 13G/A on 24 October 2024, per the EDGAR filing index for CIK 0000002969, so the register leans on 13F data and the proxy's own summary rather than a fresh independent 13G cross-check for 2026.
• Market capitalisation of $68.80 billion and the $308.97 share price are stockanalysis.com's figures as of 14 August 2026. Cross-check: 222,685,530 shares x $308.97 implies approximately $68.80 billion, consistent with the reported figure.
• Self-gate check: summing the 12 non-aggregate, non-member (13F-sourced institutional) register rows gives 101,664,021 shares against 222,685,530 shares outstanding, or 45.65%, within the expected 15 to 55 percent range for this register.