Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (19 quarters reported)
$646M in Q4 2021 → $3.3B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| PW Pinnacle West Cap Corp | 17.3% | Added 5.1% | 5,332,226 | $571M |
| PS Public Svc Enterprise Group | 15.2% | Added 52% | 6,163,358 | $500M |
| Consolidated Edison Inc | 11.5% | Added 12% | 3,418,444 | $378M |
| Emera Inc | 11.4% | Trimmed 21% | 7,069,271 | $375M |
| Exelon Corp | 11.0% | New | 7,750,912 | $361M |
| EI Edison Intl | 8.7% | Added 5.4% | 3,839,521 | $286M |
| H2o America | 8.5% | Added 1.8% | 4,612,035 | $280M |
| PG&E Corp | 8.0% | Added 17% | 15,629,238 | $263M |
| CW California Wtr Svc Group | 2.9% | New | 1,984,605 | $96.6M |
| Sba Communications Corp | 2.8% | Trimmed 49% | 532,422 | $94M |
| Avista Corp | 2.8% | New | 2,291,179 | $93.7M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Exelon Corp | New | +7,750,912 | +$361M | 11.0% |
| UP Union Pac Corp | Exited | −1,015,731 | −$246M | — |
| PS Public Svc Enterprise Group | Added | +2,120,800 | +$172M | 15.2% |
| Emera Inc | Trimmed | −1,898,159 | −$101M | 11.4% |
| CW California Wtr Svc Group | New | +1,984,605 | +$96.6M | 2.9% |
| Avista Corp | New | +2,291,179 | +$93.7M | 2.8% |
| Sba Communications Corp | Trimmed | −501,953 | −$88.6M | 2.8% |
| Consolidated Edison Inc | Added | +370,925 | +$41M | 11.5% |
| PG&E Corp | Added | +2,289,143 | +$38.5M | 8.0% |
| PW Pinnacle West Cap Corp | Added | +257,813 | +$27.6M | 17.3% |
Showing the 10 largest of 12 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| H2o America | Added | +3,948,004 | +$232M | 9.4% |
| Sba Communications Corp | New | +1,034,375 | +$178M | 6.3% |
| Emera Inc | Added | +3,092,278 | +$160M | 16.4% |
| PG Portland Gen Elec Co | Exited | −1,938,334 | −$93M | — |
| PS Public Svc Enterprise Group | Added | +1,127,926 | +$91.3M | 11.5% |
| PW Pinnacle West Cap Corp | Added | +613,170 | +$61.8M | 18.0% |
| UP Union Pac Corp | Added | +105,709 | +$25.6M | 8.7% |
| Consolidated Edison Inc | Added | +206,110 | +$23.3M | 12.1% |
| EI Edison Intl | Trimmed | −257,776 | −$18.9M | 9.4% |
| PG&E Corp | Trimmed | −785,290 | −$13.8M | 8.3% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Exelon Corp | Exited | −4,967,487 | −$224M | — |
| PW Pinnacle West Cap Corp | Added | +1,369,350 | +$121M | 19.8% |
| PG Portland Gen Elec Co | Trimmed | −2,444,158 | −$117M | 4.7% |
| Emera Inc | Added | +2,217,111 | +$109M | 14.5% |
| UP Union Pac Corp | Added | +394,379 | +$91.2M | 10.6% |
| PG&E Corp | Added | +3,929,873 | +$63.2M | 11.4% |
| H2o America | New | +584,080 | +$28.6M | 1.4% |
| PS Public Svc Enterprise Grp In | Added | +346,908 | +$27.9M | 11.7% |
| EI Edison Intl | Trimmed | −395,820 | −$23.8M | 11.7% |
| Consolidated Edison Inc | Added | +214,649 | +$21.3M | 14.2% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Emera Inc | New | +3,658,041 | +$175M | 9.4% |
| PS Public Svc Enterprise Grp In | Added | +1,841,020 | +$154M | 11.5% |
| UP Union Pac Corp | New | +515,643 | +$122M | 6.6% |
| PG Portland Gen Elec Co | Trimmed | −1,076,766 | −$47.4M | 10.4% |
| Exelon Corp | Trimmed | −1,036,321 | −$46.6M | 12.0% |
| Consolidated Edison Inc | Added | +217,472 | +$21.9M | 14.2% |
| PW Pinnacle West Cap Corp | Added | +228,943 | +$20.5M | 14.9% |
| EI Edison Intl | Added | +9,664 | +$534K | 12.8% |
| PG&E Corp | Added | +33,394 | +$504K | 8.3% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PS Public Svc Enterprise Grp In | New | +726,704 | +$61.2M | 4.4% |
| PG Portland Gen Elec Co | Added | +1,058,623 | +$43M | 15.8% |
| Consolidated Edison Inc | Added | +110,666 | +$11.1M | 17.2% |
| Exelon Corp | Added | +208,242 | +$9.04M | 18.6% |
| PW Pinnacle West Cap Corp | Added | +69,404 | +$6.21M | 18.2% |
| EI Edison Intl | Trimmed | −110,652 | −$5.71M | 15.7% |
| PG&E Corp | Trimmed | −266,210 | −$3.71M | 10.1% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Consolidated Edison Inc | New | +2,298,622 | +$254M | 17.9% |
| PW Pinnacle West Cap Corp | Added | +1,948,416 | +$186M | 18.7% |
| Exelon Corp | Added | +3,815,722 | +$176M | 18.8% |
| EI Edison Intl | Added | +2,916,645 | +$172M | 18.2% |
| PG Portland Gen Elec Co | Added | +2,736,811 | +$122M | 13.8% |
| PG&E Corp | Added | +6,873,576 | +$118M | 12.6% |
| Avista Corp | Exited | −217,307 | −$7.96M | — |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EI Edison Intl | Trimmed | −3,696,431 | −$295M | 28.4% |
| PW Pinnacle West Cap Corp | Trimmed | −2,711,701 | −$230M | 17.2% |
| Exelon Corp | Trimmed | −4,960,586 | −$187M | 17.9% |
| PG&E Corp | Trimmed | −8,757,280 | −$177M | 17.2% |
| PG Portland Gen Elec Co | Trimmed | −1,488,658 | −$64.9M | 17.4% |
| Avista Corp | New | +217,307 | +$7.96M | 1.9% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PG&E Corp | New | +12,312,032 | +$243M | 16.9% |
| Avangrid Inc | Exited | −6,565,004 | −$233M | — |
| Exelon Corp | Added | +1,593,697 | +$64.6M | 19.5% |
| Consolidated Edison Inc | Exited | −283,555 | −$25.4M | — |
| PW Pinnacle West Cap Corp | Added | +273,412 | +$24.2M | 21.9% |
| PG Portland Gen Elec Co | Trimmed | −102,230 | −$4.9M | 10.5% |
| EI Edison Intl | Added | +45,176 | +$3.93M | 31.3% |
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