Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (55 quarters reported)
$143M in Q4 2012 → $109M 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 |
|---|---|---|---|---|
| WC Williams Cos Inc | 17.2% | Unchanged | 251,402 | $18.7M |
| Mplx LP | 16.8% | Unchanged | 324,039 | $18.3M |
| EP Enterprise Prods Partners L | 16.7% | Unchanged | 495,048 | $18.2M |
| ET Energy Transfer L P | 14.0% | Unchanged | 799,229 | $15.3M |
| ON Oneok Inc New | 11.2% | Unchanged | 140,802 | $12.2M |
| WM Western Midstream Partners L | 8.3% | Unchanged | 206,361 | $9.03M |
| PG Plains Gp Hldgs L P | 4.0% | Unchanged | 181,025 | $4.39M |
| Hess Midstream LP | 3.2% | Unchanged | 92,505 | $3.48M |
| KM Kinder Morgan Inc Del | 2.6% | Unchanged | 88,725 | $2.84M |
| TR Targa Res Corp | 2.5% | Unchanged | 10,342 | $2.77M |
| Cheniere Energy Inc | 0.9% | Added 56% | 3,897 | $931K |
| Enbridge Inc | 0.8% | Unchanged | 15,507 | $841K |
| Pembina Pipeline Corp | 0.8% | Unchanged | 17,698 | $819K |
| Tc Energy Corp | 0.7% | Unchanged | 11,816 | $783K |
| Antero Midstream Corp | 0.4% | Unchanged | 16,910 | $385K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed July 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CE Cheniere Energy Partners L P | Exited | −5,810 | −$376K | — |
| Cheniere Energy Inc | Added | +1,400 | +$335K | 0.9% |
quarter ended March 31, 2026 · filed May 01, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Enbridge Inc | Trimmed | −177,759 | −$9.62M | 0.8% |
| Canadian Pacific Kansas City | Exited | −89,300 | −$9.02M | — |
| CN Canadian Nat Res Ltd | Exited | −193,600 | −$9M | — |
| Pembina Pipeline Corp | Trimmed | −180,000 | −$8.06M | 0.7% |
| SE Suncor Energy Inc New | Exited | −132,000 | −$8.04M | — |
| Tc Energy Corp | Trimmed | −125,500 | −$7.86M | 0.7% |
| CN Canadian Natl Ry Co | Exited | −53,400 | −$7.25M | — |
| Fortis Inc | Exited | −86,000 | −$6.14M | — |
| Emera Inc | Exited | −66,500 | −$4.5M | — |
| Transalta Corp | Exited | −122,000 | −$2.12M | — |
Showing the 10 largest of 20 changes.
quarter ended December 31, 2025 · filed February 04, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mplx LP | Trimmed | −32,425 | −$1.73M | 10.0% |
| EP Enterprise Prods Partners L | Trimmed | −52,800 | −$1.69M | 9.2% |
| WC Williams Cos Inc | Trimmed | −26,125 | −$1.57M | 8.7% |
| ET Energy Transfer L P | Trimmed | −82,025 | −$1.35M | 7.6% |
| ON Oneok Inc New | Trimmed | −14,400 | −$1.06M | 6.0% |
| WM Western Midstream Partners L | Trimmed | −22,225 | −$878K | 4.7% |
| Hess Midstream LP | Trimmed | −9,050 | −$312K | 1.9% |
| PG Plains Gp Hldgs L P | Trimmed | −15,200 | −$291K | 2.0% |
| KM Kinder Morgan Inc Del | Trimmed | −6,400 | −$176K | 1.4% |
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Transalta Corp | Added | +37,000 | +$703K | 1.3% |
| Tc Energy Corp | Added | +2,000 | +$148K | 5.6% |
| ON Oneok Inc New | Trimmed | −1,000 | −$73K | 6.2% |
quarter ended June 30, 2025 · filed August 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Emera Inc | New | +66,500 | +$4.15M | 2.3% |
| Tc Energy Corp | Added | +7,830 | +$508K | 4.9% |
| Enbridge Inc | Trimmed | −4,108 | −$248K | 6.5% |
| Transalta Corp | Added | +8,000 | +$118K | 0.7% |
| Cheniere Energy Inc | Added | +284 | +$69.2K | 0.3% |
| PG Plains Gp Hldgs L P | Added | +2,130 | +$41.4K | 2.1% |
| WM Western Midstream Partners L | Added | +813 | +$31.5K | 4.9% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| South Bow Corp | Added | +6,000 | +$217K | 0.9% |
| Canadian Pacific Kansas City | Added | +2,000 | +$202K | 4.9% |
| CN Canadian Natl Ry Co | Added | +1,400 | +$196K | 4.1% |
| EP Enterprise Prods Partners L | Trimmed | −5,300 | −$181K | 10.2% |
| ON Oneok Inc New | Trimmed | −1,450 | −$144K | 8.5% |
| WC Williams Cos Inc | Trimmed | −1,100 | −$65.7K | 9.0% |
| Hess Midstream LP | Trimmed | −1,500 | −$63.4K | 2.4% |
| WM Western Midstream Partners L | Trimmed | −900 | −$36.9K | 5.1% |
| Mplx LP | Added | +500 | +$26.8K | 10.4% |
| Cheniere Energy Inc | Added | +100 | +$23.1K | 0.3% |
Showing the 10 largest of 12 changes.
quarter ended December 31, 2024 · filed February 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| South Bow Corp | New | +40,497 | +$1.35M | 0.8% |
| Canadian Pacific Kansas City | Added | +2,000 | +$208K | 5.2% |
| ET Energy Transfer L P | Trimmed | −6,900 | −$135K | 9.9% |
| Mplx LP | Trimmed | −2,800 | −$134K | 9.7% |
| EP Enterprise Prods Partners L | Trimmed | −4,100 | −$129K | 9.9% |
| Pembina Pipeline Corp | Added | +2,000 | +$103K | 5.8% |
quarter ended September 30, 2024 · filed October 31, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EP Enterprise Prods Partners L | Trimmed | −15,400 | −$448K | 9.9% |
| Tc Energy Corp | Added | +6,000 | +$377K | 4.9% |
| Pembina Pipeline Corp | Added | +4,000 | +$218K | 6.5% |
| ON Oneok Inc New | Added | +1,200 | +$109K | 8.8% |
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