Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (43 quarters reported)
$2.84B in Q4 2014 → $4.56B now. Hover for any quarter.
As reported for the quarter ended June 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Emera Inc | 9.3% | New | 6,872,575 | $424M |
| Entergy Corp | 8.5% | Added 0.8% | 4,660,531 | $387M |
| Nextera Energy Inc | 7.9% | Added 17% | 5,218,965 | $362M |
| Tc Energy Corp | 7.0% | Added 6.3% | 6,506,102 | $317M |
| Constellation Energy Corp | 5.7% | Added 4.3% | 806,516 | $260M |
| Oge Energy Corp | 5.5% | Added 1.2% | 5,635,273 | $250M |
| Wec Energy Group Inc | 5.4% | Added 0.5% | 2,364,236 | $246M |
| Pembina Pipeline Corp | 4.5% | Added 0.5% | 5,448,687 | $204M |
| Union Pacific Corp | 4.3% | Trimmed 17% | 843,041 | $194M |
| Canadian National Railway Co | 4.0% | Added 118% | 1,769,970 | $184M |
| O Oneok Inc | 4.0% | Added 0.9% | 2,236,877 | $183M |
| Crown Castle Inc | 3.9% | Added 2.6% | 1,716,795 | $176M |
| Public Service Enterprise Group Inc | 3.8% | Added 19% | 2,069,913 | $174M |
| Ferrovial Se | 3.7% | Added 25% | 3,164,782 | $170M |
| Enbridge Inc | 3.6% | Added 2.3% | 3,615,519 | $164M |
| South Bow Corp | 3.4% | Added 42% | 6,048,760 | $157M |
| WC Williams Cos Inc/the | 3.3% | Added 1.5% | 2,418,494 | $152M |
| BR Brookfield Renewable Corp | 3.1% | Added 1.8% | 4,310,060 | $141M |
| Dte Energy Co | 2.0% | Trimmed 1.8% | 676,040 | $89.5M |
| Csx Corp | 1.9% | Trimmed 2.0% | 2,725,112 | $88.9M |
| Cheniere Energy Inc | 1.9% | Trimmed 1.9% | 347,562 | $84.6M |
| Clearway Energy Inc | 1.8% | New | 2,500,083 | $80M |
| Centerpoint Energy Inc | 1.6% | Trimmed 1.7% | 1,930,459 | $70.9M |
| Exelon Corp | 0.0% | Added 11% | 11,277 | $490K |
| American Water Works Co Inc | 0.0% | Trimmed 9.9% | 2,654 | $369K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Emera Inc | New | +6,872,575 | +$424M | 9.3% |
| Dominion Energy Inc | Exited | −2,483,777 | −$139M | — |
| Canadian National Railway Co | Added | +956,280 | +$99.5M | 4.0% |
| Clearway Energy Inc | New | +2,500,083 | +$80M | 1.8% |
| Nextera Energy Inc | Added | +753,773 | +$52.3M | 7.9% |
| South Bow Corp | Added | +1,787,995 | +$46.3M | 3.4% |
| Union Pacific Corp | Trimmed | −178,146 | −$41M | 4.3% |
| Ferrovial Se | Added | +643,042 | +$34.4M | 3.7% |
| Public Service Enterprise Group Inc | Added | +335,637 | +$28.3M | 3.8% |
| Tc Energy Corp | Added | +383,548 | +$18.7M | 7.0% |
Showing the 10 largest of 27 changes.
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PG&E Corp | Exited | −7,481,722 | −$151M | — |
| Public Service Enterprise Group Inc | New | +1,734,276 | +$143M | 3.7% |
| Dominion Energy Inc | Trimmed | −1,832,246 | −$103M | 3.6% |
| Eversource Energy | Exited | −1,469,123 | −$84.4M | — |
| Entergy Corp | Trimmed | −802,540 | −$68.6M | 10.3% |
| American Tower Corp | Exited | −332,792 | −$61M | — |
| NE Nextera Energy Partners LP | Exited | −3,025,006 | −$53.8M | — |
| WC Williams Cos Inc/the | Added | +853,022 | +$51M | 3.7% |
| O Oneok Inc | Added | +452,884 | +$44.9M | 5.7% |
| Wec Energy Group Inc | Added | +399,893 | +$43.6M | 6.7% |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Entergy Corp | Added | +2,559,817 | +$194M | 10.8% |
| O Oneok Inc | New | +1,763,401 | +$177M | 4.6% |
| American Tower Corp | Trimmed | −885,534 | −$162M | 1.6% |
| Public Service Enterprise Group Inc | Exited | −1,078,807 | −$96.2M | — |
| South Bow Corp | New | +4,072,402 | +$96M | 2.5% |
| BR Brookfield Renewable Corp | New | +2,894,836 | +$80.1M | 2.1% |
| BR Brookfield Renewable Corp | Exited | −2,208,517 | −$72.1M | — |
| Nextera Energy Inc | Added | +713,755 | +$51.2M | 8.4% |
| Crown Castle Inc | Trimmed | −493,748 | −$44.8M | 3.8% |
| Ferrovial Se | Added | +1,023,896 | +$43M | 2.8% |
Showing the 10 largest of 29 changes.
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tc Energy Corp | Added | +4,033,641 | +$192M | 6.1% |
| Wec Energy Group Inc | New | +1,866,193 | +$179M | 4.5% |
| SC Southern Co/the | Exited | −1,738,839 | −$135M | — |
| Public Service Enterprise Group Inc | Trimmed | −1,228,151 | −$110M | 2.4% |
| Enbridge Inc | Added | +2,264,165 | +$91.9M | 3.5% |
| WC Williams Cos Inc/the | New | +1,877,645 | +$85.7M | 2.1% |
| Canadian National Railway Co | New | +464,438 | +$73.6M | 1.8% |
| Nextera Energy Inc | Trimmed | −860,177 | −$72.7M | 7.9% |
| Dte Energy Co | New | +543,330 | +$69.8M | 1.7% |
| Ferrovial Se | New | +1,476,788 | +$63M | 1.6% |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Southern Co/the | Trimmed | −660,362 | −$51.2M | 3.9% |
| Constellation Energy Corp | Added | +148,459 | +$29.7M | 6.0% |
| Pembina Pipeline Corp | Trimmed | −617,857 | −$22.9M | 7.1% |
| Eversource Energy | Trimmed | −367,747 | −$20.9M | 3.7% |
| Cheniere Energy Inc | Added | +105,147 | +$18.4M | 2.0% |
| Norfolk Southern Corp | Trimmed | −85,204 | −$18.3M | 1.4% |
| Csx Corp | Trimmed | −533,142 | −$17.8M | 3.4% |
| Union Pacific Corp | Trimmed | −72,437 | −$16.4M | 7.2% |
| American Tower Corp | Added | +84,180 | +$16.4M | 8.2% |
| Dominion Energy Inc | Trimmed | −166,428 | −$8.15M | 7.2% |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2024 · filed May 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Eversource Energy | New | +2,611,569 | +$156M | 4.4% |
| Edison International | Exited | −1,809,384 | −$129M | — |
| Constellation Energy Corp | Trimmed | −371,687 | −$68.7M | 4.6% |
| Ppl Corp | Exited | −2,526,085 | −$68.5M | — |
| Public Service Enterprise Group Inc | Trimmed | −959,679 | −$64.1M | 4.5% |
| Tc Energy Corp | Trimmed | −1,438,274 | −$57.8M | 1.3% |
| Crown Castle Inc | Added | +428,597 | +$45.4M | 7.9% |
| Norfolk Southern Corp | Added | +141,883 | +$36.2M | 2.3% |
| Dominion Energy Inc | Added | +649,381 | +$31.9M | 7.3% |
| Oge Energy Corp | Trimmed | −859,316 | −$29.5M | 5.5% |
Showing the 10 largest of 23 changes.
quarter ended December 31, 2023 · filed February 09, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dominion Energy Inc | New | +4,557,864 | +$214M | 6.0% |
| Crown Castle Inc | Added | +1,061,133 | +$122M | 7.1% |
| Edison International | Trimmed | −1,021,958 | −$73.1M | 3.6% |
| Public Service Enterprise Group Inc | Trimmed | −1,178,005 | −$72M | 5.7% |
| Entergy Corp | Added | +706,059 | +$71.4M | 8.8% |
| Union Pacific Corp | Added | +255,687 | +$62.8M | 7.5% |
| Centerpoint Energy Inc | Trimmed | −1,770,140 | −$50.6M | 1.5% |
| American Water Works Co Inc | Trimmed | −364,844 | −$48.2M | — |
| Ppl Corp | Trimmed | −1,626,658 | −$44.1M | 1.9% |
| BR Brookfield Renewable Corp | Trimmed | −1,350,253 | −$38.9M | 1.5% |
Showing the 10 largest of 24 changes.
quarter ended September 30, 2023 · filed November 13, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tc Energy Corp | Trimmed | −2,854,194 | −$98.2M | 2.9% |
| Nextera Energy Inc | Added | +1,081,108 | +$61.9M | 8.5% |
| WC Williams Cos Inc/the | Exited | −1,772,287 | −$57.8M | — |
| NE Nextera Energy Partners LP | Added | +1,404,318 | +$41.7M | 3.5% |
| Norfolk Southern Corp | New | +177,591 | +$35M | 1.1% |
| Public Service Enterprise Group Inc | Trimmed | −597,653 | −$34M | 8.3% |
| PG&E Corp | Added | +1,694,278 | +$27.3M | 5.0% |
| Constellation Energy Corp | Trimmed | −248,062 | −$27.1M | 4.9% |
| Union Pacific Corp | Trimmed | −115,885 | −$23.6M | 5.5% |
| Cheniere Energy Inc | Trimmed | −114,510 | −$19M | 1.7% |
Showing the 10 largest of 24 changes.
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