Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (16 quarters reported)
$154M in Q4 2022 → $199M 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 |
|---|---|---|---|---|
| Csx Corp | 6.7% | Added 10% | 288,186 | $13.4M |
| Entergy Corp | 6.2% | Trimmed 3.7% | 124,789 | $12.4M |
| Norfolk Southern Corp | 5.9% | Added 36% | 37,991 | $11.7M |
| H2o America | 5.3% | Trimmed 16% | 169,944 | $10.5M |
| Nextera Energy Inc | 5.1% | Unchanged | 134,490 | $10.2M |
| WC Williams Cos Inc/the | 5.1% | Added 14% | 149,029 | $10.1M |
| Cheniere Energy Inc | 4.8% | Trimmed 26% | 35,787 | $9.63M |
| Canadian National Railway Co | 3.8% | Added 12% | 63,662 | $7.6M |
| American Tower Corp | 3.5% | Unchanged | 42,692 | $6.99M |
| Xcel Energy Inc | 3.3% | Unchanged | 94,283 | $6.65M |
| Nisource Inc | 3.3% | Added 7.1% | 168,695 | $6.58M |
| Eversource Energy | 3.1% | Unchanged | 94,876 | $6.09M |
| Crown Castle Inc | 2.9% | Unchanged | 85,633 | $5.71M |
| Spire Inc | 2.6% | New | 68,676 | $5.23M |
| FN Ferrovial Nv | 2.5% | Unchanged | 91,695 | $4.95M |
| Dominion Energy Inc | 2.1% | Unchanged | 67,899 | $4.11M |
| Sanmina Corp | 1.9% | Added 124% | 17,157 | $3.69M |
| Fortrea Holdings Inc | 1.7% | Trimmed 25% | 171,704 | $3.43M |
| Digitalocean Holdings Inc | 1.7% | New | 25,494 | $3.4M |
| Renaissancere Holdings Ltd | 1.7% | Trimmed 9.7% | 10,320 | $3.28M |
| AI Applied Industrial Technologie | 1.6% | Trimmed 23% | 9,803 | $3.26M |
| Southwest Gas Holdings Inc | 1.6% | Unchanged | 39,709 | $3.24M |
| Constellation Energy Corp | 1.6% | Unchanged | 12,441 | $3.16M |
| South Bow Corp | 1.5% | Unchanged | 92,771 | $3.08M |
| Mueller Industries Inc | 1.5% | Trimmed 25% | 50,069 | $3.03M |
| Powell Industries Inc | 1.5% | Added 133% | 15,682 | $2.89M |
| Medpace Holdings Inc | 1.4% | Added 5.1% | 4,493 | $2.8M |
| Centerpoint Energy Inc | 1.1% | New | 58,066 | $2.14M |
| Dt Midstream Inc | 1.1% | Unchanged | 17,711 | $2.12M |
| Eastgroup Properties Inc | 1.1% | Trimmed 11% | 10,621 | $2.1M |
| Primerica Inc | 1.0% | Trimmed 11% | 7,381 | $2.01M |
| Preformed Line Products Co | 0.9% | Added 38% | 4,552 | $1.85M |
| KD Kratos Defense & Security Solu | 0.9% | Added 623% | 40,339 | $1.72M |
| BH Brightspring Health Services I | 0.8% | Trimmed 8.1% | 26,373 | $1.5M |
| Columbia Banking System Inc | 0.7% | Trimmed 25% | 51,634 | $1.48M |
| Onto Innovation Inc | 0.7% | New | 4,691 | $1.44M |
| Community Financial System Inc | 0.6% | Trimmed 50% | 20,454 | $1.22M |
| CB Cracker Barrel Old Country Sto | 0.6% | Trimmed 58% | 21,769 | $1.15M |
| Ttm Technologies Inc | 0.5% | New | 7,893 | $970K |
| Texas Roadhouse Inc | 0.5% | Trimmed 28% | 5,774 | $903K |
| Frequency Electronics Inc | 0.4% | Added 19% | 9,335 | $789K |
| PF Pinnacle Financial Partners In | 0.4% | Added 325% | 8,418 | $788K |
| Graham Corp | 0.4% | Added 65% | 8,484 | $732K |
| EN Elastic Nv | 0.3% | New | 7,402 | $679K |
| Edgewell Personal Care Co | 0.3% | Unchanged | 23,875 | $644K |
| Alcoa Corp | 0.3% | New | 14,000 | $588K |
| Meritage Homes Corp | 0.3% | Trimmed 37% | 7,968 | $501K |
| Mcewen Inc | 0.3% | Unchanged | 28,000 | $500K |
| Cameco Corp | 0.2% | Added 714% | 5,700 | $495K |
| Royal Gold Inc | 0.2% | New | 2,070 | $489K |
| Wix.com Ltd | 0.2% | New | 6,688 | $482K |
| Workiva Inc | 0.2% | New | 7,213 | $480K |
| Century Communities Inc | 0.2% | Added 97% | 7,414 | $447K |
| Hudbay Minerals Inc | 0.2% | Unchanged | 14,525 | $389K |
| Sprouts Farmers Market Inc | 0.2% | Trimmed 50% | 5,563 | $369K |
| Avepoint Inc | 0.2% | New | 25,445 | $358K |
| IB Installed Building Products In | 0.2% | Trimmed 77% | 1,837 | $352K |
| Isoenergy Ltd | 0.2% | Unchanged | 37,700 | $336K |
| Balchem Corp | 0.2% | Trimmed 75% | 1,968 | $325K |
| Nexgen Energy Ltd | 0.2% | Unchanged | 35,000 | $319K |
Showing top 60 of 66 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 08, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Spire Inc | New | +68,676 | +$5.23M | 2.6% |
| Enbridge Inc | Exited | −90,435 | −$4.9M | — |
| PG&E Corp | Exited | −288,342 | −$4.78M | — |
| O Oneok Inc | Exited | −48,572 | −$4.16M | — |
| Cheniere Energy Inc | Trimmed | −12,653 | −$3.4M | 4.8% |
| Digitalocean Holdings Inc | New | +25,494 | +$3.4M | 1.7% |
| Atmos Energy Corp | Exited | −18,860 | −$3.26M | — |
| Norfolk Southern Corp | Added | +9,965 | +$3.08M | 5.9% |
| Atkore Inc | Exited | −35,147 | −$2.55M | — |
| Centerpoint Energy Inc | New | +58,066 | +$2.14M | 1.1% |
Showing the 10 largest of 60 changes.
quarter ended June 30, 2026 · filed July 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Xcel Energy Inc | New | +94,283 | +$7.51M | 3.4% |
| Entergy Corp | Added | +59,170 | +$6.68M | 6.6% |
| PS Public Service Enterprise Grou | Exited | −75,357 | −$6.12M | — |
| Dominion Energy Inc | New | +67,899 | +$4.6M | 2.1% |
| Venture Global Inc | Exited | −265,651 | −$3.9M | — |
| Cheniere Energy Inc | Added | +15,220 | +$3.71M | 5.3% |
| CB Cracker Barrel Old Country Sto | New | +51,235 | +$2.82M | 1.3% |
| H2o America | Trimmed | −41,254 | −$2.51M | 5.6% |
| Constellation Energy Corp | Trimmed | −8,753 | −$2.07M | 1.3% |
| BH Brightspring Health Services I | New | +28,709 | +$2.01M | 0.9% |
Showing the 10 largest of 69 changes.
quarter ended March 31, 2026 · filed April 08, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| H2o America | Added | +191,163 | +$11.2M | 7.1% |
| American Tower Corp | Added | +31,414 | +$5.37M | 3.7% |
| Duke Energy Corp | Exited | −44,190 | −$5.18M | — |
| Exelon Corp | Exited | −113,269 | −$4.94M | — |
| O Oneok Inc | New | +52,357 | +$4.57M | 2.3% |
| Crown Castle Inc | Added | +55,990 | +$4.53M | 3.5% |
| Tc Energy Corp | Exited | −79,286 | −$4.37M | — |
| AC Aes Corp/the | Exited | −303,476 | −$4.35M | — |
| One Gas Inc | Exited | −45,451 | −$3.51M | — |
| Southwest Gas Holdings Inc | New | +39,709 | +$3.47M | 1.7% |
Showing the 10 largest of 60 changes.
quarter ended December 31, 2025 · filed January 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fortrea Holdings Inc | Added | +192,015 | +$3.31M | 2.2% |
| H2o America | New | +53,119 | +$2.6M | 1.5% |
| Ameren Corp | Exited | −22,356 | −$2.31M | — |
| Norfolk Southern Corp | Trimmed | −7,435 | −$2.15M | 4.3% |
| Medpace Holdings Inc | Added | +2,852 | +$1.6M | 1.7% |
| Ferrovial Se | Trimmed | −18,517 | −$1.2M | 3.6% |
| Eagle Materials Inc | Exited | −5,147 | −$1.19M | — |
| Sanmina Corp | New | +7,914 | +$1.19M | 0.7% |
| Tc Energy Corp | Trimmed | −21,233 | −$1.17M | 2.5% |
| Exelon Corp | Trimmed | −22,968 | −$1M | 2.8% |
Showing the 10 largest of 60 changes.
quarter ended September 30, 2025 · filed October 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Venture Global Inc | New | +319,718 | +$4.71M | 2.5% |
| Nextera Energy Inc | Added | +58,977 | +$4.64M | 5.9% |
| Ppl Corp | Exited | −125,681 | −$4.26M | — |
| Powell Industries Inc | Trimmed | −12,087 | −$3.83M | 0.9% |
| Sba Communications Corp | Exited | −15,483 | −$3.64M | — |
| Ameren Corp | Trimmed | −31,364 | −$3.24M | 1.2% |
| Dt Midstream Inc | New | +22,328 | +$2.55M | 1.4% |
| Csx Corp | Added | +64,906 | +$2.27M | 5.4% |
| AC Aes Corp/the | Added | +118,911 | +$1.83M | 2.5% |
| T Topbuild Corp | Added | +4,297 | +$1.69M | 1.3% |
Showing the 10 largest of 79 changes.
quarter ended June 30, 2025 · filed July 17, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Txnm Energy Inc | Exited | −180,156 | −$9.63M | — |
| Eversource Energy | New | +95,243 | +$6.06M | 3.6% |
| Duke Energy Corp | New | +44,190 | +$5.21M | 3.1% |
| Constellation Energy Corp | New | +16,088 | +$5.19M | 3.0% |
| Targa Resources Corp | Exited | −23,148 | −$4.64M | — |
| Dt Midstream Inc | Exited | −45,930 | −$4.43M | — |
| Canadian National Railway Co | New | +36,632 | +$3.81M | 2.2% |
| Sba Communications Corp | New | +15,483 | +$3.64M | 2.1% |
| One Gas Inc | New | +50,305 | +$3.61M | 2.1% |
| Norfolk Southern Corp | Added | +13,825 | +$3.54M | 5.1% |
Showing the 10 largest of 66 changes.
quarter ended March 31, 2025 · filed April 23, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sempra | Exited | −98,354 | −$8.62M | — |
| Tc Energy Corp | Trimmed | −95,099 | −$4.49M | 2.1% |
| Dt Midstream Inc | New | +45,930 | +$4.43M | 2.7% |
| Txnm Energy Inc | Added | +73,924 | +$3.95M | 5.9% |
| O Oneok Inc | Exited | −38,025 | −$3.91M | — |
| Silgan Holdings Inc | Added | +7,110 | +$3.63M | 6.1% |
| South Bow Corp | New | +127,356 | +$3.25M | 2.0% |
| Atmos Energy Corp | Trimmed | −15,722 | −$2.43M | 2.3% |
| Modine Manufacturing Co | Exited | −17,455 | −$2.14M | — |
| Adma Biologics Inc | Added | +98,743 | +$1.96M | 1.3% |
Showing the 10 largest of 61 changes.
quarter ended December 31, 2024 · filed January 23, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| National Grid PLC | Exited | −895,953 | −$12.4M | — |
| PS Public Service Enterprise Grou | Trimmed | −130,869 | −$11.3M | 5.4% |
| American Tower Corp | Trimmed | −49,971 | −$9.12M | 2.4% |
| Nextera Energy Inc | Trimmed | −114,068 | −$8.21M | 2.6% |
| Crown Castle Inc | Trimmed | −71,447 | −$6.43M | 1.4% |
| Tc Energy Corp | Trimmed | −118,540 | −$5.63M | 4.8% |
| Cms Energy Corp | Exited | −76,500 | −$5.4M | — |
| Csx Corp | New | +150,240 | +$4.86M | 2.9% |
| Atmos Energy Corp | Trimmed | −33,973 | −$4.72M | 3.3% |
| Norfolk Southern Corp | New | +19,939 | +$4.7M | 2.8% |
Showing the 10 largest of 86 changes.
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