Vanguard Reports 5.36% Passive Stake in Air Products & Chemicals

Overview & Ownership Details

On October 30, 2026, Vanguard Portfolio Management LLC filed a Schedule 13G reporting beneficial ownership in Air Products and Chemicals Inc (Ticker: APD). As of the event date of September 30, 2026, the institutional manager reported holding:

• Aggregate Beneficial Ownership: 11,949,109 shares of Common Stock
• Ownership Percentage: 5.36% of the outstanding class
• Sole Voting Power: 26,401 shares
• Shared Voting Power: 0 shares
• Sole Dispositive Power: 11,949,109 shares
• Shared Dispositive Power: 0 shares

Filing Classification and Purpose

The Schedule 13G was filed pursuant to Rule 13d-1(b) as an Investment Adviser (IA). Vanguard certified that the shares were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing the control of Air Products and Chemicals Inc.

Market & Strategic Implications

• Passive Institutional Holding: Vanguard's filing reflects broad index-tracking and institutional client portfolio positioning rather than an activist stake.
• Dispositive vs. Voting Control: Vanguard maintains full dispositive power over the entire reported position of 11.95 million shares, while holding voting power over only 26,401 shares due to client-directed voting or fund-specific structures.
• Trading Impact: Because this filing reflects ordinary course institutional index and mutual fund operations, market impact is typically neutral.