Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (54 quarters reported)
$765M in Q2 2013 → $857M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Exxon Mobil Corporation | 25.3% | Trimmed 0.9% | 1,334,355 | $217M |
| Chevron Corporation | 14.2% | Added 1.3% | 594,224 | $121M |
| Conocophillips | 6.4% | Trimmed 0.9% | 440,303 | $55.1M |
| Valero Energy Corporation | 4.7% | Trimmed 8.0% | 104,600 | $40.5M |
| Phillips 66 | 4.0% | Trimmed 4.7% | 134,875 | $34.4M |
| Marathon Petroleum Corporation | 3.5% | Trimmed 5.5% | 75,512 | $29.9M |
| Williams Companies, Inc. | 3.3% | Trimmed 0.9% | 421,450 | $28.6M |
| S Slb Ltd. | 3.1% | Trimmed 0.9% | 542,733 | $26.4M |
| Linde PLC | 2.9% | Trimmed 0.9% | 53,200 | $25.3M |
| Targa Resources Corp. | 2.9% | Trimmed 1.0% | 90,700 | $24.5M |
| Eog Resources, Inc. | 2.3% | Unchanged | 140,067 | $19.3M |
| Occidental Petroleum Corporation | 2.0% | Trimmed 0.9% | 303,751 | $16.8M |
| Freeport-mcmoran, Inc. | 1.9% | Trimmed 0.9% | 231,100 | $16.2M |
| Diamondback Energy, Inc. | 1.8% | Trimmed 1.0% | 83,000 | $15.3M |
| Newmont Corporation | 1.6% | Trimmed 0.9% | 119,000 | $13.7M |
| Kinder Morgan, Inc. | 1.5% | Unchanged | 429,392 | $12.9M |
| Baker Hughes Company | 1.4% | Trimmed 0.9% | 221,800 | $12.2M |
| O Oneok, Inc. | 1.4% | New | 140,500 | $12M |
| Devon Energy Corporation | 1.4% | Trimmed 0.9% | 259,360 | $11.9M |
| Air Products And Chemicals, Inc. | 1.3% | Added 129% | 41,400 | $11.5M |
| Halliburton Company | 1.3% | Trimmed 0.9% | 349,853 | $11.1M |
| Nucor Corporation | 1.2% | Trimmed 0.9% | 42,700 | $9.98M |
| Vulcan Materials Company | 1.0% | Added 23% | 34,200 | $8.37M |
| Expand Energy Corporation | 0.9% | Unchanged | 88,500 | $7.44M |
| Eqt Corporation | 0.9% | Unchanged | 153,000 | $7.43M |
| Sherwin-williams Company | 0.7% | Trimmed 42% | 19,400 | $6.27M |
| International Flavors & Fragrances Inc. | 0.7% | Added 9.2% | 72,606 | $6.06M |
| Ecolab Inc. | 0.7% | Trimmed 30% | 21,900 | $6.01M |
| Cf Industries Holdings, Inc. | 0.6% | Unchanged | 42,669 | $4.92M |
| CP Crh Public Limited Company | 0.6% | Unchanged | 57,400 | $4.75M |
| Corteva Inc. | 0.5% | Unchanged | 57,945 | $4.5M |
| Texas Pacific Land Corporation | 0.5% | Unchanged | 13,350 | $4.35M |
| Ball Corporation | 0.5% | Added 362% | 75,300 | $4.22M |
| Cheniere Energy, Inc. | 0.5% | New | 15,600 | $4.2M |
| Technipfmc PLC | 0.4% | Unchanged | 48,600 | $3.3M |
| Steel Dynamics, Inc. | 0.3% | Unchanged | 11,026 | $2.44M |
| Apa Corporation | 0.3% | Unchanged | 56,000 | $2.33M |
| Martin Marietta Materials, Inc. | 0.3% | Unchanged | 4,500 | $2.16M |
| Ppg Industries, Inc. | 0.2% | Unchanged | 18,100 | $1.89M |
| Smurfit Westrock PLC | 0.2% | Unchanged | 41,300 | $1.82M |
| Amcor PLC | 0.2% | Unchanged | 34,880 | $1.46M |
| Dow, Inc. | 0.2% | Unchanged | 52,945 | $1.46M |
| International Paper Company | 0.2% | Unchanged | 40,900 | $1.36M |
| PC Packaging Corporation Of America | 0.1% | Unchanged | 5,300 | $1.22M |
| Avery Dennison Corporation | 0.1% | Unchanged | 5,400 | $922K |
| Lyondellbasell Industries N.v. | 0.1% | Unchanged | 15,600 | $897K |
| Albemarle Corporation | 0.1% | Unchanged | 7,200 | $762K |
| Mosaic Company | 0.1% | Unchanged | 21,201 | $459K |
| Eos Energy Enterprises, Inc. | 0.0% | Unchanged | 62,600 | $192K |
| Chord Energy Corporation | 0.0% | Unchanged | 225 | $30.2K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 21, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| O Oneok, Inc. | Exited | −140,500 | −$12.2M | — |
| O Oneok, Inc. | New | +140,500 | +$12M | 1.4% |
| Air Products And Chemicals, Inc. | Added | +23,300 | +$6.48M | 1.3% |
| Sherwin-williams Company | Trimmed | −14,300 | −$4.62M | 0.7% |
| Dupont De Nemours, Inc. | Exited | −31,642 | −$4.29M | — |
| Cheniere Energy, Inc. | New | +15,600 | +$4.2M | 0.5% |
| Valero Energy Corporation | Trimmed | −9,100 | −$3.53M | 4.7% |
| Ball Corporation | Added | +59,000 | +$3.31M | 0.5% |
| Ecolab Inc. | Trimmed | −9,500 | −$2.61M | 0.7% |
| Exxon Mobil Corporation | Trimmed | −12,000 | −$1.95M | 25.3% |
Showing the 10 largest of 29 changes.
quarter ended June 30, 2026 · filed July 22, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Exxon Mobil Corporation | Exited | −1,334,555 | −$226M | — |
| Exxon Mobil Corporation | New | +1,346,355 | +$184M | 24.1% |
| Conocophillips | Added | +67,100 | +$6.98M | 6.1% |
| Occidental Petroleum Corporation | Added | +140,600 | +$6.83M | 2.0% |
| CE Cenovus Energy Inc. | Exited | −209,900 | −$5.57M | — |
| Valero Energy Corporation | Added | +18,700 | +$4.87M | 3.9% |
| Chevron Corporation | Trimmed | −28,100 | −$4.66M | 12.7% |
| Devon Energy Corporation | Trimmed | −110,640 | −$4.57M | 1.4% |
| Dupont De Nemours, Inc. | New | +31,642 | +$4.29M | 0.6% |
| Coterra Energy Inc. | Exited | −120,800 | −$4.24M | — |
Showing the 10 largest of 33 changes.
quarter ended March 31, 2026 · filed April 22, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| S Slb Ltd. | Added | +216,200 | +$11.1M | 3.3% |
| Baker Hughes Company | Trimmed | −151,000 | −$9.22M | 1.6% |
| Kinder Morgan, Inc. | Trimmed | −255,800 | −$8.58M | 1.7% |
| Targa Resources Corp. | Added | +23,100 | +$5.79M | 2.7% |
| Devon Energy Corporation | Added | +73,200 | +$3.68M | 2.2% |
| Ecolab Inc. | Trimmed | −11,000 | −$2.93M | 1.0% |
| Exxon Mobil Corporation | Added | +16,500 | +$2.8M | 26.2% |
| Halliburton Company | Added | +69,700 | +$2.72M | 1.6% |
| Eqt Corporation | Trimmed | −38,700 | −$2.46M | 1.7% |
| O Oneok, Inc. | Trimmed | −24,800 | −$2.24M | 1.5% |
Showing the 10 largest of 22 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CP Crh Public Limited Company | New | +64,000 | +$7.99M | 1.2% |
| Diamondback Energy, Inc. | Added | +44,000 | +$6.61M | 1.8% |
| Conocophillips | Trimmed | −70,100 | −$6.56M | 5.4% |
| Williams Companies, Inc. | Added | +85,500 | +$5.14M | 4.0% |
| Targa Resources Corp. | Added | +27,800 | +$5.13M | 1.9% |
| Cheniere Energy, Inc. | Exited | −17,600 | −$4.14M | — |
| Linde PLC | Trimmed | −7,800 | −$3.33M | 3.5% |
| Halliburton Company | Added | +116,800 | +$3.3M | 1.2% |
| Marathon Petroleum Corporation | Trimmed | −19,900 | −$3.24M | 2.3% |
| Ovintiv Inc. | Exited | −72,800 | −$2.94M | — |
Showing the 10 largest of 39 changes.
quarter ended September 30, 2025 · filed October 22, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Chevron Corporation | Added | +121,953 | +$18.9M | 14.9% |
| Hess Corporation | Exited | −134,589 | −$18.6M | — |
| Targa Resources Corp. | Trimmed | −41,700 | −$6.99M | 1.1% |
| Conocophillips | Added | +72,400 | +$6.85M | 6.4% |
| Expand Energy Corporation | Trimmed | −62,300 | −$6.62M | 0.7% |
| Eog Resources, Inc. | Trimmed | −57,700 | −$6.47M | 2.4% |
| Eqt Corporation | Added | +108,600 | +$5.91M | 1.8% |
| Occidental Petroleum Corporation | Added | +121,500 | +$5.74M | 1.8% |
| Sherwin-williams Company | Trimmed | −13,100 | −$4.54M | 1.3% |
| Nucor Corporation | Added | +31,400 | +$4.25M | 1.1% |
Showing the 10 largest of 37 changes.
quarter ended June 30, 2025 · filed July 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Texas Pacific Land Corporation | Trimmed | −72,850 | −$77M | 0.9% |
| Chevron Corporation | Added | +510,546 | +$73.1M | 11.6% |
| Martin Marietta Materials, Inc. | Trimmed | −123,000 | −$67.5M | 0.5% |
| Cf Industries Holdings, Inc. | Trimmed | −475,002 | −$43.7M | 0.8% |
| Linde PLC | Exited | −64,400 | −$30M | — |
| International Paper Company | Trimmed | −595,292 | −$27.9M | 0.3% |
| Phillips 66 | Trimmed | −225,558 | −$26.9M | 2.8% |
| Williams Companies, Inc. | Added | +338,050 | +$21.2M | 3.6% |
| Nucor Corporation | Trimmed | −155,400 | −$20.1M | 0.5% |
| Linde PLC | Trimmed | −42,012 | −$19.7M | 4.7% |
Showing the 10 largest of 50 changes.
quarter ended March 31, 2025 · filed April 23, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Texas Pacific Land Corporation | Trimmed | −77,850 | −$103M | 1.1% |
| Chevron Corporation | Added | +497,202 | +$83.2M | 13.0% |
| Vulcan Materials Company | Trimmed | −338,050 | −$78.9M | 0.9% |
| Chord Energy Corporation | Trimmed | −509,946 | −$57.5M | — |
| Lyondellbasell Industries N.v. | Trimmed | −424,792 | −$29.9M | 0.2% |
| PC Packaging Corporation Of America | Trimmed | −142,651 | −$28.2M | 0.2% |
| Kinder Morgan, Inc. | Added | +614,692 | +$17.5M | 2.7% |
| Linde PLC | Added | +36,100 | +$16.8M | 4.4% |
| O Oneok, Inc. | Added | +155,400 | +$15.4M | 2.6% |
| Williams Companies, Inc. | Added | +255,850 | +$15.3M | 3.2% |
Showing the 10 largest of 45 changes.
quarter ended December 31, 2024 · filed February 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Texas Pacific Land Corporation | New | +5,550 | +$6.14M | 1.0% |
| Exxon Mobil Corporation | Trimmed | −56,000 | −$6.02M | 24.4% |
| Conocophillips | Added | +59,127 | +$5.86M | 6.4% |
| Valero Energy Corporation | Trimmed | −39,900 | −$4.89M | 1.6% |
| Phillips 66 | Added | +39,600 | +$4.51M | 2.5% |
| Targa Resources Corp. | Added | +24,400 | +$4.36M | 2.3% |
| Williams Companies, Inc. | Trimmed | −80,000 | −$4.33M | 3.1% |
| Marathon Petroleum Corporation | Trimmed | −30,500 | −$4.25M | 2.4% |
| CE Cenovus Energy Inc. | Exited | −244,900 | −$4.1M | — |
| First Solar, Inc. | Exited | −15,100 | −$3.77M | — |
Showing the 10 largest of 32 changes.
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