Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (27 quarters reported)
$2.49B in Q2 2013 → $4.87B now. Hover for any quarter.
As reported for the quarter ended March 31, 2020. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| EP Enterprise Prods Partners L | 16.5% | Added 8.2% | 56,197,039 | $804M |
| Tc Energy Corp | 13.3% | Added 9.9% | 14,635,953 | $648M |
| Enbridge Inc | 11.3% | Added 12% | 18,852,686 | $548M |
| ET Energy Transfer LP | 9.7% | Trimmed 5.6% | 102,422,972 | $471M |
| Mplx LP | 6.9% | Added 4.1% | 28,782,184 | $334M |
| KM Kinder Morgan Inc Del | 6.5% | Added 11% | 22,869,858 | $318M |
| MM Magellan Midstream Prtnrs LP | 5.5% | Added 57% | 7,403,683 | $270M |
| Pembina Pipeline Corp | 5.1% | Added 47% | 13,124,749 | $247M |
| PA Plains All Amern Pipeline LP | 3.7% | Trimmed 1.3% | 34,478,393 | $182M |
| Cheniere Energy Inc | 3.1% | Trimmed 23% | 4,580,059 | $153M |
| WC Williams Cos Inc | 3.1% | Added 25% | 10,721,348 | $152M |
| TE Tallgrass Energy LP | 2.8% | New | 8,319,070 | $137M |
| TP Tc Pipelines LP | 1.7% | Added 15% | 3,053,069 | $83.9M |
| ON Oneok Inc New | 1.6% | Added 24% | 3,574,298 | $78M |
| TR Targa Res Corp | 1.6% | Added 4.1% | 11,215,510 | $77.5M |
| P6 Phillips 66 Partners LP | 1.3% | Added 33% | 1,685,103 | $61.4M |
| EM Eqm Midstream Partners LP | 1.2% | Added 15% | 4,954,965 | $58.5M |
| Antero Midstream Corp | 1.0% | Trimmed 0.5% | 23,327,035 | $49M |
| NE Nustar Energy LP | 0.9% | Added 3.1% | 5,275,132 | $45.3M |
| EM Equitrans Midstream Corp | 0.7% | Added 6.1% | 7,019,988 | $35.3M |
| Archrock Inc | 0.5% | Trimmed 11% | 6,437,677 | $24.2M |
| MI Macquarie Infrastructure Cor | 0.4% | New | 705,526 | $17.8M |
| CE Crestwood Equity Partners LP | 0.3% | Added 29% | 3,247,687 | $13.7M |
| WM Western Midstream Partners L | 0.2% | Trimmed 56% | 3,629,627 | $11.8M |
| SM Shell Midstream Partners LP | 0.2% | New | 1,075,636 | $10.7M |
| Cheniere Energy Partners LP | 0.2% | New | 325,612 | $8.8M |
| Holly Energy Partners LP | 0.1% | Added 4750% | 378,328 | $5.31M |
| BM Bp Midstream Partners LP | 0.1% | New | 413,111 | $3.85M |
| GE Genesis Energy L P | 0.1% | New | 848,343 | $3.33M |
| DM Dcp Midstream LP | 0.1% | Trimmed 31% | 708,900 | $2.89M |
| CM Cnx Midstream Partners LP | 0.1% | New | 350,170 | $2.84M |
| Ngl Energy Partners LP | 0.1% | New | 969,204 | $2.52M |
| Enlink Midstream LLC | 0.0% | New | 1,980,077 | $2.18M |
| EM Enable Midstream Partners LP | 0.0% | New | 705,268 | $1.81M |
| PL Pbf Logistics LP | 0.0% | New | 232,727 | $1.57M |
| Hess Midstream LP | 0.0% | New | 151,562 | $1.54M |
| RM Rattler Midstream LP | 0.0% | New | 349,585 | $1.22M |
| PG Plains Gp Hldgs L P | 0.0% | New | 193,765 | $1.09M |
| Delek Logistics Partners LP | 0.0% | New | 79,688 | $725K |
| NM Noble Midstream Partners LP | 0.0% | Trimmed 86% | 168,529 | $590K |
| Green Plains Partners LP | 0.0% | New | 82,156 | $546K |
| AM Altus Midstream Co | 0.0% | Added 25% | 257,109 | $193K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended March 31, 2020 · filed May 15, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TE Tallgrass Energy LP | New | +8,319,070 | +$137M | 2.8% |
| MM Magellan Midstream Prtnrs LP | Added | +2,696,999 | +$98.4M | 5.5% |
| Pembina Pipeline Corp | Added | +4,209,218 | +$79.2M | 5.1% |
| EP Enterprise Prods Partners L | Added | +4,238,995 | +$60.6M | 16.5% |
| Tc Energy Corp | Added | +1,315,094 | +$58.3M | 13.3% |
| Enbridge Inc | Added | +1,977,801 | +$57.5M | 11.3% |
| Cheniere Energy Inc | Trimmed | −1,332,849 | −$44.7M | 3.1% |
| MP Marathon Pete Corp | Exited | −685,926 | −$41.3M | — |
| AR Antero Res Corp | Exited | −11,686,075 | −$33.3M | — |
| KM Kinder Morgan Inc Del | Added | +2,310,930 | +$32.2M | 6.5% |
Showing the 10 largest of 44 changes.
quarter ended December 31, 2019 · filed February 14, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tc Energy Corp | Added | +10,668,073 | +$569M | 7.9% |
| WC Williams Cos Inc Del | Trimmed | −14,370,942 | −$341M | 2.3% |
| BP Buckeye Partners LP | Exited | −6,132,767 | −$252M | — |
| Enbridge Inc | Added | +4,417,629 | +$176M | 7.4% |
| NE Nustar Energy LP | Trimmed | −6,626,950 | −$171M | 1.5% |
| Pembina Pipeline Corp | Added | +3,425,526 | +$127M | 3.7% |
| TR Targa Res Corp | Trimmed | −2,991,261 | −$122M | 4.9% |
| DM Dcp Midstream LP | Trimmed | −4,831,405 | −$118M | 0.3% |
| PA Plains All Amern Pipeline LP | Trimmed | −6,265,785 | −$115M | 7.1% |
| TP Tc Pipelines LP | New | +2,647,004 | +$112M | 1.2% |
Showing the 10 largest of 34 changes.
quarter ended September 30, 2019 · filed November 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mplx LP | Added | +16,955,698 | +$475M | 8.1% |
| AL Andeavor Logistics LP | Exited | −11,090,532 | −$403M | — |
| WC Williams Cos Inc Del | Trimmed | −9,904,968 | −$238M | 5.8% |
| Pembina Pipeline Corp | Added | +3,049,344 | +$113M | 2.1% |
| BP Buckeye Partners LP | Trimmed | −2,662,116 | −$109M | 2.6% |
| ON Oneok Inc New | Trimmed | −1,389,282 | −$102M | 2.3% |
| EM Equitrans Midstream Corporat | Added | +5,287,688 | +$76.9M | 0.8% |
| MP Marathon Pete Corp | New | +1,195,923 | +$72.7M | 0.8% |
| P6 Phillips 66 Partners LP | New | +1,279,734 | +$72.5M | 0.8% |
| EM Eqm Midstream Partners LP | Added | +2,176,063 | +$71.2M | 0.9% |
Showing the 10 largest of 36 changes.
quarter ended June 30, 2019 · filed August 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tc Energy Corp | New | +2,643,480 | +$131M | 1.3% |
| T Transcanada Corp | Exited | −2,639,326 | −$119M | — |
| EP Enterprise Products Partners | Added | +3,761,833 | +$109M | 14.6% |
| WM Western Midstream Partners L | Added | +2,739,844 | +$84.3M | 1.8% |
| BP Buckeye Partners LP | Added | +2,053,657 | +$84.3M | 3.6% |
| GE Genesis Energy L P | Trimmed | −3,502,655 | −$76.7M | 0.3% |
| ET Energy Transfer LP | Trimmed | −5,116,001 | −$72M | 15.5% |
| WC Williams Cos Inc Del | Trimmed | −2,216,705 | −$62.2M | 9.2% |
| Mplx LP | Added | +1,924,990 | +$62M | 3.4% |
| DM Dcp Midstream LP | Trimmed | −1,822,621 | −$53.4M | 2.2% |
Showing the 10 largest of 46 changes.
quarter ended March 31, 2019 · filed May 15, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KM Kinder Morgan Inc Del | Added | +19,955,409 | +$399M | 4.5% |
| MM Magellan Midstream Prtnrs LP | Trimmed | −3,563,812 | −$216M | 2.4% |
| Antero Midstream Corp | New | +14,382,890 | +$198M | 1.9% |
| AM Antero Midstream Partners LP | Exited | −7,474,558 | −$160M | — |
| Enbridge Inc | Added | +2,778,936 | +$101M | 4.0% |
| ET Energy Transfer LP | Trimmed | −6,521,595 | −$100M | 17.4% |
| Cheniere Energy Inc | Added | +1,463,189 | +$100M | 3.9% |
| WM Western Midstream Partners L | New | +3,005,831 | +$94.3M | 0.9% |
| DM Dcp Midstream LP | Trimmed | −2,484,252 | −$82.1M | 3.0% |
| AM Antero Midstream Gp LP | Exited | −7,200,617 | −$80.5M | — |
Showing the 10 largest of 49 changes.
quarter ended December 31, 2018 · filed February 15, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ET Energy Transfer Partners LP | Exited | −59,722,661 | −$1.33B | — |
| ET Energy Transfer LP | Added | +71,895,556 | +$950M | 18.6% |
| Enbridge Inc | New | +8,463,390 | +$263M | 3.0% |
| WC Williams Cos Inc Del | Trimmed | −6,159,743 | −$136M | 9.0% |
| BP Buckeye Partners LP | Added | +2,749,735 | +$79.7M | 1.9% |
| EM Enlink Midstream Partners LP | Trimmed | −5,907,959 | −$65M | 0.4% |
| T Transcanada Corp | New | +1,260,757 | +$45M | 0.5% |
| KM Kinder Morgan Inc Del | New | +2,848,101 | +$43.8M | 0.5% |
| S Semgroup Corp | Trimmed | −2,837,561 | −$39.1M | 0.4% |
| NE Nustar Energy LP | Added | +1,712,890 | +$35.9M | 2.5% |
Showing the 10 largest of 41 changes.
quarter ended September 30, 2018 · filed November 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WP Williams Partners L P New | Exited | −24,347,812 | −$988M | — |
| WC Williams Cos Inc Del | Added | +35,236,420 | +$958M | 10.2% |
| RM Rice Midstream Partners LP | Exited | −6,657,369 | −$342M | — |
| TR Targa Res Corp | Added | +5,724,469 | +$322M | 6.7% |
| MM Magellan Midstream Partners LP | Added | +3,428,413 | +$232M | 4.4% |
| PA Plains All Amern Pipeline L | Added | +6,827,146 | +$171M | 9.5% |
| AL Andeavor Logistics LP | Added | +2,621,631 | +$127M | 4.8% |
| ON Oneok Inc New | Trimmed | −1,827,206 | −$124M | 2.3% |
| CE Crestwood Equity Partners LP | Added | +3,190,751 | +$117M | 1.3% |
| NE Nustar Energy LP | Added | +4,021,664 | +$112M | 2.2% |
Showing the 10 largest of 44 changes.
quarter ended June 30, 2018 · filed August 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DM Dcp Midstream LP | Added | +3,523,647 | +$139M | 4.2% |
| WP Williams Partners L P New | Added | +3,347,008 | +$136M | 10.0% |
| MM Magellan Midstream Prtnrs LP | Added | +1,955,242 | +$135M | 2.7% |
| Archrock Inc | New | +9,652,286 | +$116M | 1.2% |
| BP Buckeye Partners LP | Trimmed | −2,699,406 | −$94.9M | 0.8% |
| WC Williams Cos Inc Del | Trimmed | −3,078,970 | −$83.5M | 1.8% |
| AP Archrock Partners L P | Exited | −6,152,445 | −$75.2M | — |
| Mplx LP | Trimmed | −2,057,790 | −$70.3M | 4.6% |
| PA Plains All Amern Pipeline L | Added | +2,946,536 | +$69.7M | 8.5% |
| EM Eqt Midstream Partners LP | Trimmed | −1,343,928 | −$69.3M | 0.3% |
Showing the 10 largest of 55 changes.
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