Bailard, Inc. reports 12.02% decrease in ownership of NWE / NorthWestern Energy Group, Inc.

NorthWestern Energy Group, Inc.

US ˙ NasdaqGS ˙ US6680743050

Security	NWE / NorthWestern Energy Group, Inc.
Institution	Bailard, Inc.
Latest Disclosed Ownership	9,326 shares
Latest Disclosed Value	$ 614,956

On May 11, 2026 - Bailard, Inc. filed a 13F-HR form disclosing ownership of 9,326 shares of NorthWestern Energy Group, Inc. (US:NWE) valued at $614,956 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 4, 2026 disclosing 10,600 shares of NorthWestern Energy Group, Inc.. This represents a change in shares of -12.02% during the quarter. The current value of the position is $644,986 USD.

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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-11	2026-03-31	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	9,326	-1,274	-12.02	615	-10.23	0.0141
2026-02-04	2025-12-31	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	10,600	500	4.95	684	15.74	0.0151
2025-10-30	2025-09-30	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	10,100	1,300	14.77	592	31.04	0.0129
2025-08-08	2025-06-30	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	8,800	0	0.00	451	-11.39	0.0105
2025-05-02	2025-03-31	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	8,800	600	7.32	509	16.21	0.0131
2025-02-05	2024-12-31	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	8,200	0	0.00	438	-6.61	0.0112
2024-10-30	2024-09-30	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	8,200	0	0.00	469	14.39	0.0122
2024-07-25	2024-06-30	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	8,200	0	0.00	411	-1.68	0.0113
2024-05-08	2024-03-31	13F	NORTHWESTERN ENERGY GROUP IN	COM NEW	668074305	8,200	8,200		418		0.0115
2023-05-08	2023-03-31	13F	NORTHWESTERN	COM NEW	668074305	0	-3,400	-100.00	0	-100.00
2023-02-02	2022-12-31	13F	NORTHWESTERN	COM NEW	668074305	3,400	3,400		202		0.0077
2022-10-18	2022-09-30	13F	NORTHWESTERN	COM NEW	668074305	0	-4,500	-100.00	0	-100.00
2022-07-27	2022-06-30	13F	NORTHWESTERN	COM NEW	668074305	4,500	0	0.00	265	-2.57	0.0104
2022-04-25	2022-03-31	13F	NORTHWESTERN	COM NEW	668074305	4,500	0	0.00	272	5.84	0.0091
2022-02-10	2021-12-31	13F	NORTHWESTERN	COM NEW	668074305	4,500	0	0.00	257	-0.39	0.0082
2021-11-15	2021-09-30	13F	NORTHWESTERN	COM NEW	668074305	4,500	0	0.00	258	-4.80	0.0088
2021-08-13	2021-06-30	13F	NORTHWESTERN	COM NEW	668074305	4,500	-138	-2.98	271	-10.26	0.0094
2021-05-13	2021-03-31	13F	NORTHWESTERN	COM NEW	668074305	4,638	300	6.92	302	19.37	0.0112
2021-02-03	2020-12-31	13F	NORTHWESTERN	COM NEW	668074305	4,338	138	3.29	253	24.02	0.0115
2020-11-10	2020-09-30	13F	NORTHWESTERN	COM NEW	668074305	4,200	4,200		204		0.0106
2020-08-12	2020-06-30	13F	NORTHWESTERN	COM NEW	668074305	0	-7,200	-100.00	0	-100.00
2020-04-16	2020-03-31	13F	NORTHWESTERN	COM NEW	668074305	7,200	-1,100	-13.25	431	-27.56	0.0307
2020-01-31	2019-12-31	13F	NORTHWESTERN	COM NEW	668074305	8,300	-4,500	-35.16	595	-38.09	0.0335
2019-10-18	2019-09-30	13F	NORTHWESTERN	COM NEW	668074305	12,800	0	0.00	961	4.00	0.0581
2019-07-26	2019-06-30	13F	NORTHWESTERN	COM NEW	668074305	12,800	0	0.00	924	2.55	0.0565
2019-04-24	2019-03-31	13F	NORTHWESTERN	COM NEW	668074305	12,800	0	0.00	901	18.40	0.0559
2019-02-05	2018-12-31	13F	NORTHWESTERN	COM NEW	668074305	12,800	-4,000	-23.81	761	-22.74	0.0514
2018-11-13	2018-09-30	13F	NORTHWESTERN	COM NEW	668074305	16,800	0	0.00	985	2.39	0.0576
2018-08-08	2018-06-30	13F	NORTHWESTERN	COM NEW	668074305	16,800	0	0.00	962	6.42	0.0573
2018-05-07	2018-03-31	13F	NORTHWESTERN	COM NEW	668074305	16,800	2,900	20.86	904	8.92	0.0577
2018-02-08	2017-12-31	13F	NORTHWESTERN	COM NEW	668074305	13,900	13,900		830		0.0522
2018-01-29	2016-03-31	13F/A-1	NORTHWESTERN	COM NEW	668074305	0	-10,600	-100.00	0	-100.00
2018-01-29	2015-12-31	13F/A-1	NORTHWESTERN	COM NEW	668074305	10,600	10,600		575		0.2544
2016-02-10	2015-12-31	13F	NORTHWESTERN	COM NEW	668074305	10,600	10,600		575		0.2475

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.