Ballard Power Systems Inc.
CH ˙ SWX ˙ CA0585861085
SecurityCH:BLDP / Ballard Power Systems Inc.
InstitutionTwo Sigma Advisers, Lp
Latest Disclosed Ownership6,242,000 shares
Latest Disclosed Value $ 15,854,680
Two Sigma Advisers, Lp reports 3.39% increase in ownership of BLDP / Ballard Power Systems Inc.

On February 17, 2026 - Two Sigma Advisers, Lp filed a 13F-HR form disclosing ownership of 6,242,000 shares of Ballard Power Systems Inc. (CH:BLDP) valued at $15,854,680 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 6,037,200 shares of Ballard Power Systems Inc.. This represents a change in shares of 3.39% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F BALLARD PWR SYS INC COM 058586108 6,242,000 204,800 3.39 15,855 -3.45 0.0308
2025-11-14 2025-09-30 13F BALLARD PWR SYS INC COM 058586108 6,037,200 519,800 9.42 16,421 87.20 0.0329
2025-08-14 2025-06-30 13F BALLARD PWR SYS INC COM 058586108 5,517,400 3,251,100 143.45 8,773 252.01 0.0180
2025-05-15 2025-03-31 13F BALLARD PWR SYS INC COM 058586108 2,266,300 1,291,200 132.42 2,493 54.02 0.0056
2025-02-14 2024-12-31 13F BALLARD PWR SYS INC COM 058586108 975,100 498,600 104.64 1,619 88.80 0.0037
2024-11-14 2024-09-30 13F BALLARD PWR SYS INC COM 058586108 476,500 -3,600 -0.75 858 -20.65 0.0020
2024-08-14 2024-06-30 13F BALLARD PWR SYS INC COM 058586108 480,100 96,600 25.19 1,080 1.31 0.0024
2024-05-15 2024-03-31 13F BALLARD PWR SYS INC COM 058586108 383,500 313,700 449.43 1,066 313.18 0.0025
2024-02-14 2023-12-31 13F BALLARD PWR SYS INC COM 058586108 69,800 69,800 258 0.0006
2023-08-14 2023-06-30 13F BALLARD PWR SYS INC COM 058586108 0 -345,409 -100.00 0 -100.00
2023-05-15 2023-03-31 13F BALLARD PWR SYS INC COM 058586108 345,409 -276,091 -44.42 1,924 -35.38 0.0050
2023-02-14 2022-12-31 13F BALLARD PWR SYS INC COM 058586108 621,500 -103,300 -14.25 2,977 -32.91 0.0083
2022-11-14 2022-09-30 13F BALLARD PWR SYS INC COM 058586108 724,800 183,000 33.78 4,436 29.97 0.0128
2022-08-15 2022-06-30 13F BALLARD PWR SYS INC COM 058586108 541,800 355,400 190.67 3,413 57.28 0.0097
2022-05-16 2022-03-31 13F BALLARD PWR SYS INC COM 058586108 186,400 140,700 307.88 2,170 278.05 0.0058
2022-02-14 2021-12-31 13F BALLARD PWR SYS INC COM 058586108 45,700 45,700 574 0.0014
2021-11-15 2021-09-30 13F BALLARD PWR SYS INC COM 058586108 0 -24,300 -100.00 0 -100.00
2021-08-16 2021-06-30 13F BALLARD PWR SYS INC COM 058586108 24,300 24,300 440 0.0012
2021-02-16 2020-12-31 13F BALLARD PWR SYS INC COM 058586108 0 -502,800 -100.00 0 -100.00
2020-11-16 2020-09-30 13F BALLARD PWR SYS INC COM 058586108 502,800 16,600 3.41 7,592 1.40 0.0217
2020-09-15 2020-06-30 13F/A-1 BALLARD PWR SYS INC COM 058586108 486,200 -499,800 -50.69 7,487 -0.21 0.0220
2020-08-14 2020-06-30 13F BALLARD PWR SYS INC COM 058586108 486,200 -499,800 7,487 21,634.9435
2020-05-15 2020-03-31 13F BALLARD PWR SYS INC COM 058586108 986,000 840,600 578.13 7,503 618.68 0.0287
2020-02-14 2019-12-31 13F BALLARD PWR SYS INC COM 058586108 145,400 145,400 -85.25 1,044 -86.09 0.0024
2018-05-15 2018-03-31 13F BALLARD PWR SYS INC COM 058586108 0 -10,800 -100.00 0 -100.00
2018-02-14 2017-12-31 13F BALLARD PWR SYS INC COM 058586108 10,800 -25,100 -69.92 48 -71.60 0.0001
2017-11-14 2017-09-30 13F BALLARD PWR SYS INC COM 058586108 35,900 23,700 194.26 169 382.86 0.0005
2017-08-14 2017-06-30 13F BALLARD PWR SYS INC COM 058586108 12,200 12,200 -66.02 35 -79.29 0.0001
2016-05-16 2016-03-31 13F BALLARD PWR SYS INC COM 058586108 0 0 0 0.0000
2016-02-09 2014-09-30 13F/A-1 BALLARD PWR SYS INC COM 058586108 0 -11,800 -100.00 0 -100.00
2016-02-09 2014-06-30 13F/A-2 BALLARD PWR SYS INC COM 058586108 11,800 11,800 49 0.0134
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.