Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (42 quarters reported)
$151M in Q4 2014 → $1.47B now. Hover for any quarter.
As reported for the quarter ended March 31, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Ferrovial Se | 10.4% | New | 3,421,819 | $152M |
| Exelon Corp | 9.9% | Added 37% | 3,154,588 | $145M |
| Ameren Corp | 9.3% | Added 7.4% | 1,363,770 | $137M |
| Crown Castle Inc | 8.9% | Added 33% | 1,256,622 | $131M |
| Entergy Corp | 7.2% | Added 9.9% | 1,234,206 | $106M |
| American Electric Power Co Inc | 6.5% | Added 29% | 874,707 | $95.6M |
| Sempra | 6.4% | Added 86% | 1,320,706 | $94.3M |
| Essential Utilities Inc | 6.4% | New | 2,384,087 | $94.3M |
| Dominion Energy Inc | 6.3% | Added 42% | 1,652,333 | $92.7M |
| Duke Energy Corp | 5.5% | Added 38% | 659,883 | $80.5M |
| Enbridge Inc | 5.3% | New | 1,761,951 | $78M |
| Nisource Inc | 5.1% | Trimmed 19% | 1,872,810 | $75.1M |
| American Tower Corp | 4.3% | Added 28% | 293,081 | $63.8M |
| Evergy Inc | 4.3% | New | 920,064 | $63.4M |
| Cheniere Energy Inc | 4.0% | Added 26% | 250,592 | $58M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ferrovial Se | New | +3,421,819 | +$152M | 10.4% |
| Essential Utilities Inc | New | +2,384,087 | +$94.3M | 6.4% |
| Enbridge Inc | New | +1,761,951 | +$78M | 5.3% |
| Evergy Inc | New | +920,064 | +$63.4M | 4.3% |
| Sempra | Added | +609,386 | +$43.5M | 6.4% |
| Exelon Corp | Added | +846,358 | +$39M | 9.9% |
| Crown Castle Inc | Added | +311,354 | +$32.5M | 8.9% |
| Centerpoint Energy | Exited | −977,230 | −$31M | — |
| Dominion Energy Inc | Added | +491,713 | +$27.6M | 6.3% |
| Duke Energy Corp | Added | +181,143 | +$22.1M | 5.5% |
Showing the 10 largest of 20 changes.
quarter ended December 31, 2024 · filed January 22, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SE Sempra Energy | Trimmed | −388,010 | −$34M | 7.6% |
| Ameren Corp | Trimmed | −361,690 | −$32.2M | 13.8% |
| Nisource Inc | Trimmed | −756,680 | −$27.8M | 10.4% |
| Entergy Corp | Added | +317,250 | +$24.1M | 10.4% |
| Centerpoint Energy | Trimmed | −643,560 | −$20.4M | 3.8% |
| Cheniere Energy Inc | Trimmed | −79,240 | −$17M | 5.2% |
| Duke Energy Corp | Trimmed | −107,740 | −$11.6M | 6.3% |
| CC Crown Castle Intl Corp New | Added | +69,150 | +$6.28M | 10.5% |
| American Tower Corp | Added | +31,940 | +$5.86M | 5.1% |
| AE American Elec Pwr Co Inc | Trimmed | −50,150 | −$4.63M | 7.6% |
Showing the 10 largest of 16 changes.
quarter ended September 30, 2024 · filed October 02, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| American Tower Corp | Trimmed | −68,830 | −$16M | 4.5% |
| Duke Energy Corp | Trimmed | −130,640 | −$15.1M | 6.7% |
| SE Sempra Energy | Trimmed | −136,700 | −$11.4M | 9.1% |
| AE American Elec Pwr Co Inc | Trimmed | −103,470 | −$10.6M | 7.4% |
| Ameren Corp | Trimmed | −121,340 | −$10.6M | 14.2% |
| CC Crown Castle Intl Corp New | Trimmed | −85,290 | −$10.1M | 10.3% |
| Entergy Corp | Trimmed | −66,720 | −$8.78M | 10.5% |
| Nisource Inc | Trimmed | −241,200 | −$8.36M | 10.5% |
| Cheniere Energy Inc | Trimmed | −42,010 | −$7.56M | 5.0% |
| Centerpoint Energy | Added | +247,390 | +$7.28M | 4.7% |
Showing the 10 largest of 16 changes.
quarter ended June 30, 2024 · filed July 19, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Centerpoint Energy | New | +1,373,400 | +$42.5M | 4.5% |
| AE American Elec Pwr Co Inc | Trimmed | −408,510 | −$35.8M | 7.7% |
| Duke Energy Corp | Trimmed | −256,040 | −$25.7M | 7.6% |
| American Tower Corp | Trimmed | −51,880 | −$10.1M | 5.5% |
| SE Sempra Energy | Trimmed | −86,710 | −$6.6M | 9.9% |
| CC Crown Castle Intl Corp New | Added | +66,010 | +$6.45M | 9.9% |
| Nisource Inc | Trimmed | −133,290 | −$3.84M | 10.1% |
| Cheniere Energy Inc | Added | +18,420 | +$3.22M | 5.9% |
| Entergy Corp | Trimmed | −27,930 | −$2.99M | 9.8% |
| Ameren Corp | Added | +38,750 | +$2.76M | 13.1% |
Showing the 10 largest of 15 changes.
quarter ended March 31, 2024 · filed August 02, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AE American Elec Pwr Co Inc | Trimmed | −450,310 | −$38.8M | 10.9% |
| Nisource Inc | Added | +656,060 | +$18.1M | 9.7% |
| SE Sempra Energy | Added | +179,080 | +$12.9M | 9.7% |
| Ameren Corp | Added | +139,660 | +$10.3M | 13.0% |
| TS Taiwan Semiconductor Mfg Ltd | Trimmed | −63,854 | −$8.69M | 0.5% |
| Cheniere Energy Inc | Added | +22,180 | +$3.58M | 5.0% |
| Entergy Corp | Trimmed | −31,560 | −$3.34M | 9.7% |
| EC Exelop Corporation | Trimmed | −61,030 | −$2.29M | 8.8% |
| Dominion Energy Inc | Trimmed | −42,360 | −$2.08M | 6.5% |
| Duke Energy Corp | Trimmed | −21,500 | −$2.08M | 9.6% |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2023 · filed August 02, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EC Exelop Corporation | Added | +646,710 | +$23.2M | 8.6% |
| WC Williams Cos Inc Del | Exited | −657,920 | −$19.6M | — |
| Ameren Corp | Added | +223,790 | +$16.2M | 11.6% |
| Nisource Inc | Added | +568,980 | +$15.1M | 7.5% |
| Entergy Corp | Added | +109,030 | +$11M | 9.6% |
| CC Crown Castle Intl Corp New | Trimmed | −77,510 | −$8.93M | 10.7% |
| Dominion Energy Inc | Added | +160,410 | +$7.54M | 6.4% |
| Duke Energy Corp | Trimmed | −76,200 | −$7.39M | 9.8% |
| AE American Elec Pwr Co Inc | Added | +78,510 | +$6.38M | 14.0% |
| American Tower Corp | Trimmed | −20,970 | −$4.53M | 6.9% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2023 · filed August 02, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EC Exelop Corporation | New | +1,702,870 | +$64.4M | 7.4% |
| American Tower Corp | New | +332,680 | +$54.7M | 6.3% |
| Edison International | Exited | −606,780 | −$42.1M | — |
| SE Sempra Energy | Added | +536,480 | +$36.5M | 8.6% |
| WC Williams Cos Inc Del | Trimmed | −671,870 | −$20.1M | 2.3% |
| Cheniere Energy Inc | Trimmed | −53,930 | −$8.96M | 5.7% |
| Duke Energy Corp | Trimmed | −68,340 | −$6.03M | 10.8% |
| CC Crown Castle Intl Corp New | Added | +53,950 | +$4.97M | 10.4% |
| Ameren Corp | Trimmed | −35,960 | −$2.69M | 11.6% |
| Hdfc Bank Limited | New | +25,117 | +$1.48M | 0.2% |
Showing the 10 largest of 18 changes.
quarter ended June 30, 2023 · filed August 02, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WC Williams Cos Inc Del | Added | +671,870 | +$21M | 4.6% |
| AE American Elec Pwr Co Inc | Added | +228,340 | +$19.2M | 15.0% |
| Duke Energy Corp | Added | +149,850 | +$13.4M | 11.4% |
| CC Crown Castle Intl Corp New | Added | +117,920 | +$13.4M | 11.8% |
| Dominion Energy Inc | Added | +79,730 | +$4.13M | 6.9% |
| Entergy Corp | Added | +30,110 | +$2.93M | 9.0% |
| Ameren Corp | Added | +25,120 | +$2.05M | 12.6% |
| Cheniere Energy Inc | Added | +6,730 | +$1.03M | 6.0% |
| Edison International | Trimmed | −12,760 | −$886K | 4.7% |
| Netease Inc | Added | +6,232 | +$603K | 0.3% |
Showing the 10 largest of 14 changes.
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