Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (20 quarters reported)
$289M in Q4 2021 → $883M 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 |
|---|---|---|---|---|
| ET Energy Transfer L P | 13.3% | Added 8.7% | 5,946,353 | $118M |
| Mplx LP | 10.6% | Unchanged | 1,668,116 | $93.9M |
| PA Plains All Amern Pipeline L | 9.7% | Unchanged | 3,625,784 | $86M |
| SL Sunoco Lp/sunoco Fin Corp | 7.7% | Added 36% | 929,327 | $67.7M |
| WM Western Midstream Partners L | 7.6% | Trimmed 1.2% | 1,506,146 | $66.8M |
| EP Enterprise Prods Partners L | 7.4% | Unchanged | 1,837,044 | $65.4M |
| WC Williams Cos Inc | 6.5% | Unchanged | 840,072 | $57.1M |
| TR Targa Res Corp | 6.2% | Added 5.4% | 203,589 | $55M |
| Hess Midstream LP | 4.8% | Trimmed 1.8% | 1,139,887 | $42.6M |
| Dt Midstream Inc | 3.9% | Added 24% | 285,999 | $34.2M |
| KM Kinder Morgan Inc Del | 3.6% | Unchanged | 1,046,638 | $31.6M |
| Tc Energy Corp | 3.3% | Trimmed 24% | 507,300 | $29.3M |
| Cheniere Energy Inc | 2.4% | Unchanged | 77,685 | $20.9M |
| ON Oneok Inc New | 1.5% | New | 156,630 | $13.4M |
| Ngl Energy Partners LP | 1.4% | Unchanged | 832,479 | $12.3M |
| CE Cheniere Energy Partners L P | 1.3% | Unchanged | 194,126 | $11.8M |
| Global Partners LP | 1.0% | Unchanged | 195,234 | $9.04M |
| GE Genesis Energy L P | 0.5% | Unchanged | 343,243 | $4.72M |
| Antero Midstream Corp | 0.5% | Unchanged | 233,383 | $4.71M |
| Ge Vernova Inc | 0.4% | Unchanged | 3,949 | $3.75M |
| SP Suburban Propane Partners L | 0.4% | Unchanged | 214,864 | $3.53M |
| Sandisk Corp | 0.4% | Trimmed 44% | 1,900 | $3.31M |
| Enbridge Inc | 0.4% | Unchanged | 67,500 | $3.14M |
| Qnity Electronics Inc | 0.3% | Added 13% | 22,600 | $2.84M |
| Nucor Corp | 0.2% | New | 9,000 | $2.1M |
| Newmont Corp | 0.2% | Unchanged | 15,218 | $1.76M |
| WC Westlake Chem Partners LP | 0.2% | Unchanged | 80,400 | $1.7M |
| Exxonmobil Holdings Corp | 0.2% | New | 9,710 | $1.58M |
| HA Honeywell Aerospace Inc | 0.2% | New | 9,550 | $1.48M |
| Kinetik Holdings Inc | 0.2% | Unchanged | 27,502 | $1.38M |
| EC Everus Constr Group | 0.2% | Added 83% | 11,700 | $1.37M |
| Summit Midstream Corporation | 0.2% | Unchanged | 45,000 | $1.36M |
| Crane Company | 0.1% | Unchanged | 6,300 | $1.29M |
| CI Cf Industries Hold | 0.1% | Unchanged | 10,300 | $1.19M |
| SE Suncor Energy Inc New | 0.1% | Unchanged | 16,400 | $1.11M |
| Shell PLC | 0.1% | Unchanged | 11,588 | $1.1M |
| FF Fedex Fght Hldg Co Inc | 0.1% | New | 10,000 | $1.09M |
| Freeport Mcmoran Inc | 0.1% | Unchanged | 15,068 | $1.05M |
| Veralto Corp | 0.1% | Added 25% | 11,000 | $1.04M |
| CG Concentra Group Holdings Par | 0.1% | Added 45% | 29,000 | $998K |
| Keysight Technologies Inc | 0.1% | Unchanged | 2,500 | $910K |
| Southern Copper Corp | 0.1% | Added 1.2% | 4,472 | $906K |
| MP Marathon Pete Corp | 0.1% | Unchanged | 2,291 | $906K |
| Ralliant Corp | 0.1% | Added 30% | 13,000 | $899K |
| Phinia Inc | 0.1% | Unchanged | 14,900 | $886K |
| Agnico Eagle Mines Ltd | 0.1% | Unchanged | 4,809 | $881K |
| Chevron Corporation | 0.1% | Unchanged | 4,200 | $858K |
| Imperial Oil Ltd | 0.1% | Added 78% | 6,610 | $813K |
| Rio Tinto PLC | 0.1% | Unchanged | 8,200 | $772K |
| BB Bhp Billiton Limited | 0.1% | Unchanged | 9,000 | $764K |
| Parker-hannifin Corp | 0.1% | Unchanged | 730 | $697K |
| BM Barrick Mng Corp | 0.1% | Unchanged | 16,400 | $667K |
| MI Mueller Inds Inc | 0.1% | Added 100% | 9,852 | $597K |
| Steel Dynamics Inc | 0.1% | Unchanged | 2,694 | $597K |
| Ncr Atleos Corporation | 0.1% | Unchanged | 12,700 | $574K |
| Sphere Entertainment Co | 0.1% | Added 45% | 4,200 | $565K |
| Kirby Corp | 0.1% | Added 95% | 4,300 | $564K |
| Conocophillips | 0.1% | Unchanged | 4,492 | $562K |
| Delek Logistics Partners LP | 0.1% | Unchanged | 10,559 | $562K |
| Valero Energy Corp | 0.1% | Unchanged | 1,360 | $527K |
Showing top 60 of 78 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 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SL Sunoco Lp/sunoco Fin Corp | Added | +247,325 | +$18M | 7.7% |
| ON Oneok Inc New | Exited | −156,630 | −$13.6M | — |
| ON Oneok Inc New | New | +156,630 | +$13.4M | 1.5% |
| Tc Energy Corp | Trimmed | −162,700 | −$9.4M | 3.3% |
| ET Energy Transfer L P | Added | +475,000 | +$9.39M | 13.3% |
| Dt Midstream Inc | Added | +55,000 | +$6.57M | 3.9% |
| TR Targa Res Corp | Added | +10,500 | +$2.84M | 6.2% |
| Sandisk Corp | Trimmed | −1,500 | −$2.61M | 0.4% |
| SA Solstice Advanced Matls Inc | Exited | −28,100 | −$2.49M | — |
| Nucor Corp | New | +9,000 | +$2.1M | 0.2% |
Showing the 10 largest of 37 changes.
quarter ended June 30, 2026 · filed July 23, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mplx LP | Trimmed | −383,185 | −$21.6M | 10.8% |
| ET Energy Transfer L P | Added | +651,138 | +$12.4M | 12.1% |
| TR Targa Res Corp | Added | +34,665 | +$9.3M | 6.0% |
| SL Sunoco Lp/sunoco Fin Corp | Added | +65,460 | +$4.42M | 5.3% |
| Cheniere Energy Inc | Added | +10,300 | +$2.46M | 2.1% |
| WM Western Midstream Partners L | Trimmed | −53,160 | −$2.33M | 7.7% |
| Sandisk Corp | Trimmed | −1,000 | −$2.27M | 0.9% |
| WC Williams Cos Inc | Added | +26,072 | +$1.94M | 7.2% |
| Tc Energy Corp | Added | +21,000 | +$1.39M | 5.1% |
| Antero Midstream Corp | Added | +43,000 | +$978K | 0.6% |
Showing the 10 largest of 38 changes.
quarter ended March 31, 2026 · filed April 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KM Kinder Morgan Inc Del | Added | +192,000 | +$6.44M | 4.2% |
| Antero Midstream Corp | New | +190,383 | +$4.34M | 0.5% |
| Cheniere Energy Inc | Trimmed | −11,200 | −$3.18M | 2.3% |
| SE Suncor Energy Inc New | Added | +10,000 | +$661K | 0.1% |
| SG SPDR Gold Tr | Trimmed | −1,417 | −$610K | 0.1% |
| Qnity Electronics Inc | Added | +5,000 | +$577K | 0.2% |
| Constellation Energy Corp | Trimmed | −2,000 | −$559K | 0.1% |
| Eni Spa | New | +9,186 | +$520K | 0.1% |
| Imperial Oil Ltd | New | +3,710 | +$485K | 0.1% |
| Amcor PLC | Exited | −52,925 | −$441K | — |
Showing the 10 largest of 28 changes.
quarter ended December 31, 2025 · filed January 27, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WC Williams Cos Inc | Added | +222,500 | +$13.4M | 6.8% |
| WM Western Midstream Partners L | Added | +110,300 | +$4.36M | 8.7% |
| ON Oneok Inc New | Trimmed | −51,063 | −$3.75M | 1.6% |
| PA Plains All Amern Pipeline L | Trimmed | −199,874 | −$3.59M | 9.1% |
| Ge Vernova Inc | Trimmed | −2,051 | −$1.34M | 0.4% |
| SA Solstice Advanced Matls Inc | New | +25,100 | +$1.22M | 0.2% |
| Sandisk Corp | New | +4,400 | +$1.04M | 0.1% |
| Qnity Electronics Inc | New | +12,000 | +$980K | 0.1% |
| Aramark | Exited | −16,800 | −$645K | — |
| Constellation Energy Corp | Trimmed | −1,515 | −$535K | 0.2% |
Showing the 10 largest of 26 changes.
quarter ended September 30, 2025 · filed October 27, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hess Midstream LP | Added | +893,973 | +$30.9M | 5.9% |
| Mplx LP | Trimmed | −205,202 | −$10.2M | 14.8% |
| KM Kinder Morgan Inc Del | Trimmed | −201,328 | −$5.7M | 3.5% |
| ET Energy Transfer L P | Trimmed | −221,066 | −$3.79M | 11.9% |
| ON Oneok Inc New | Trimmed | −45,064 | −$3.29M | 2.2% |
| EP Enterprise Prods Partners L | Trimmed | −100,199 | −$3.13M | 8.3% |
| Newmont Corp | New | +17,000 | +$1.43M | 0.2% |
| Teck Resources Ltd | Exited | −16,218 | −$655K | — |
| Caterpillar Inc | Trimmed | −1,058 | −$505K | — |
| International Paper Co | Exited | −8,500 | −$398K | — |
Showing the 10 largest of 17 changes.
quarter ended June 30, 2025 · filed July 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dt Midstream Inc | Added | +131,700 | +$14.5M | 3.6% |
| ON Oneok Inc New | Trimmed | −173,533 | −$14.2M | 2.9% |
| Tc Energy Corp | Added | +166,000 | +$8.1M | 4.5% |
| EP Enterprise Prods Partners L | Trimmed | −141,946 | −$4.4M | 8.6% |
| SL Sunoco Lp/sunoco Fin Corp | Added | +63,774 | +$3.42M | 4.7% |
| Enbridge Inc | New | +67,500 | +$3.06M | 0.4% |
| Hess Midstream LP | Added | +56,000 | +$2.16M | 1.6% |
| Sylvamo Corp | Exited | −13,440 | −$901K | — |
| Cheniere Energy Inc | Added | +3,000 | +$731K | 2.7% |
| Shell PLC | New | +7,500 | +$528K | 0.1% |
Showing the 10 largest of 25 changes.
quarter ended March 31, 2025 · filed May 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Enlink Midstream LLC | Exited | −2,133,949 | −$30.2M | — |
| ON Oneok Inc New | Added | +202,214 | +$20.1M | 5.9% |
| Mplx LP | Added | +345,654 | +$18.5M | 16.8% |
| Tc Energy Corp | Added | +139,000 | +$6.56M | 3.2% |
| Cheniere Energy Inc | Added | +16,385 | +$3.79M | 2.4% |
| WC Williams Cos Inc | Added | +60,000 | +$3.59M | 4.9% |
| KM Kinder Morgan Inc Del | Trimmed | −94,502 | −$2.7M | 4.2% |
| WC Westlake Chem Partners LP | New | +80,400 | +$1.86M | 0.3% |
| South Bow Corp | Exited | −49,800 | −$1.17M | — |
| Sylvamo Corp | New | +13,440 | +$901K | 0.1% |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2024 · filed January 27, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KM Kinder Morgan Inc Del | Added | +536,000 | +$14.7M | 4.8% |
| Dt Midstream Inc | Added | +64,399 | +$6.4M | 1.5% |
| WC Williams Cos Inc | Added | +115,000 | +$6.22M | 4.4% |
| SL Sunoco Lp/sunoco Fin Corp | Trimmed | −119,914 | −$6.17M | 4.4% |
| Tc Energy Corp | Added | +95,000 | +$4.42M | 2.4% |
| TR Targa Res Corp | Trimmed | −23,721 | −$4.23M | 4.3% |
| ON Oneok Inc New | Trimmed | −33,699 | −$3.38M | 3.4% |
| Cheniere Energy Inc | Added | +14,000 | +$3.01M | 1.9% |
| South Bow Corp | New | +49,800 | +$1.17M | 0.2% |
| Hf Sinclair Corp | Exited | −20,223 | −$901K | — |
Showing the 10 largest of 30 changes.
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