Capital Innovations LLC

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CIK 1596076

13F portfolio (2026-Q1)

$399,164

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

29.1%

Top 10

48.0%

Effective N

28.9

HHI

0.035

This quarter

53 new · 0 exit →

By sector

Unclassified76.8%

Energy9.9%

Utilities8.9%

Industrials2.9%

Information Technology1.5%

By market cap

Unknown75.7%

Large ($10–200B)22.8%

Mid ($2–10B)1.5%

By region

Other75.0%

North America23.2%

Europe1.8%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	76.76%	41
Oil, Gas & Consumable Fuels	9.95%	2
Utilities	8.91%	8
Road & Rail	2.87%	1
Technology Hardware & Equipment	1.50%	1

Top holdings

#	Ticker	Name	Sector	Weight
1		Williams Ord Shs	Unclassified	7.48%
2	SLB	SLB LIMITED/NV	Energy	6.84%
3		NextEra Energy Ord Shs	Unclassified	5.59%
4		Vistra Ord Shs	Unclassified	4.70%
5		Constellation Energy Ord Shs	Unclassified	4.48%
6		EQT Ord Shs	Unclassified	4.14%
7		Cheniere Energy Ord Shs	Unclassified	3.95%
8		Digital Realty Trust REIT Ord Shs	Unclassified	3.84%
9		Canadian Pacific Kansas City Ord Shs	Unclassified	3.65%
10	NRG	NRG ENERGY, INC.	Utilities	3.32%

14/53 names classified · sector 23.2% of weight · industry 23.2% · mkt cap 24.3%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 28 quarters

MaterialsPKG, IP, NEM, VALE, FCX · other

EnergySLB, SU, EOG, BP, CNX · other

UtilitiesNEE, WMB, TRP, CEG, VST · other

Real EstateWY, RYN, SBAC, AMT, DLR · other

IndustrialsDE, WM, CNI, CAT, TK · other

Consumer StaplesADM, MDLZ, TSN, SFM, PPC · other

Health Care

Consumer DiscretionaryBCC, SHW

Communication ServicesTKC, ORANY, TELFY, TU, BCE · other

Information TechnologyBMI, SEDG, ENPH

Financials

UnclassifiedKAPSTONE PAPER & PACKAGING C, BARRICK GOLD CORP, BRF SA, Markwest Energy Part, Williams Ord Shs · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 23.2% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 24% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (13 classified)Capital Innovations LLC centroid (Mid Core)

EnergyUtilitiesIndustrialsInformation TechnologyUnclassified

Style box summary for Capital Innovations LLC: centroid Mid Core. Heaviest cells: Mid Core 15.8%, Mid Value 3.1%, Large Core 2.9%.

Classified: 24.3% of book weight (13/15 names) · unclassified 75.7%: , IBE.MC. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 53 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	Williams Ord Shs	410,323	$29,863	7.5%	NEW
2	SLBSLB Ord Shs	531,546	$27,316	6.8%	NEW
3	NextEra Energy Ord Shs	240,391	$22,328	5.6%	NEW
4	Vistra Ord Shs	124,901	$18,776	4.7%	NEW
5	Constellation Energy Ord Shs	63,976	$17,865	4.5%	NEW
6	EQT Ord Shs	259,594	$16,521	4.1%	NEW
7	Cheniere Energy Ord Shs	55,533	$15,758	3.9%	NEW
8	Digital Realty Trust REIT Ord Shs	84,979	$15,314	3.8%	NEW
9	Canadian Pacific Kansas City Ord Shs	185,368	$14,581	3.7%	NEW
10	NRGNRG Energy Ord Shs	90,744	$13,261	3.3%	NEW
11	HALHalliburton Ord Shs	318,002	$12,399	3.1%	NEW
12	UNPUnion Pacific Ord Shs	47,283	$11,472	2.9%	NEW
13	Sempra Ord Shs	116,533	$11,324	2.8%	NEW
14	Southern Ord Shs	115,871	$11,184	2.8%	NEW
15	TC Energy Ord Shs	177,391	$11,105	2.8%	NEW
16	SBA Communications REIT Ord Shs Class A	63,760	$10,974	2.7%	NEW
17	American Tower REIT	58,925	$10,169	2.5%	NEW
18	Enbridge Ord Shs	184,766	$10,003	2.5%	NEW
19	DT Midstream Ord Shs	54,239	$7,304	1.8%	NEW
20	Waste Management Ord Shs	31,389	$7,213	1.8%	NEW
21	National Grid ADR repsg 5 Ord Shs	84,370	$7,138	1.8%	NEW
22	HA Sustainable Infrastructure Capital Ord Shs	187,959	$6,907	1.7%	NEW
23	RWE ADR Representing 1 Ord Shs	97,719	$6,576	1.6%	NEW
24	Entergy Ord Shs	56,073	$6,300	1.6%	NEW
25	EIXEdison International Ord Shs	85,471	$6,255	1.6%	NEW
26	BMIBadger Meter Ord Shs	39,375	$5,999	1.5%	NEW
27	AWKAmerican Water Works Ord Shs	36,013	$4,901	1.2%	NEW
28	GFL Environmental Subordinate voting Ord Shs	106,981	$4,463	1.1%	NEW
29	ENEL.MIEnel Ord Shs	400,000	$4,321	1.1%	NEW
30	Xylem Ord Shs	34,513	$4,124	1.0%	NEW
31	Xcel Energy Ord Shs	49,822	$3,958	1.0%	NEW
32	Waste Connections Ord Shs	23,801	$3,866	1.0%	NEW
33	Dominion Energy Ord Shs	61,605	$3,808	1.0%	NEW
34	Exelon Ord Shs	77,480	$3,798	1.0%	NEW
35	AEPAmerican Electric Power Ord Shs	26,592	$3,486	0.9%	NEW
36	Grupo Aeroportuario ADR Representing 10 Ord Shs Series B	9,701	$3,261	0.8%	NEW
37	Duke Energy Ord Shs	22,975	$3,008	0.8%	NEW
38	IBE.MCIberdrola ADR	29,888	$2,757	0.7%	NEW
39	OKEOneok Ord Shs	28,513	$2,577	0.6%	NEW
40	Ultrapar Participacoes ADR Representing 1 Ord Shs	405,382	$2,234	0.6%	NEW
41	PEGPublic Service Enterprise Group Ord Shs	27,549	$2,230	0.6%	NEW
42	FEFirstEnergy Ord Shs	41,927	$2,124	0.5%	NEW
43	CMS Energy Ord Shs	23,622	$1,833	0.5%	NEW
44	Essential Utilities Ord Shs	36,596	$1,474	0.4%	NEW
45	TransAlta Ord Shs	99,595	$1,305	0.3%	NEW
46	Solaredge Technologies Ord Shs	23,883	$1,219	0.3%	NEW
47	DTE Energy Ord Shs	7,858	$1,149	0.3%	NEW
48	Grupo Aeroportuario del Centro Norte ADS representing 8 Ord Shs Series B	9,365	$1,074	0.3%	NEW
49	ATOAtmos Energy Ord Shs	3,975	$734	0.2%	NEW
50	NiSource Ord Shs	11,825	$552	0.1%	NEW
51	Enel Societa Per Azioni Unsponsored Italy ADR	49,779	$542	0.1%	NEW
52	Enphase Energy Ord Shs	11,110	$420	0.1%	NEW
53	T Mobile US Ord Shs	194	$41	0.0%	NEW

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4	2026-Q1	Latest value
Williams Ord Shs	—	—	—	—	—	410K	$29,863
SLBSLB Ord Shs	—	—	—	—	—	532K	$27,316
NextEra Energy Ord Shs	—	—	—	—	—	240K	$22,328
Vistra Ord Shs	—	—	—	—	—	125K	$18,776
Constellation Energy Ord Shs	—	—	—	—	—	64K	$17,865
EQT Ord Shs	—	—	—	—	—	260K	$16,521
Cheniere Energy Ord Shs	—	—	—	—	—	56K	$15,758
Digital Realty Trust REIT Ord Shs	—	—	—	—	—	85K	$15,314
Canadian Pacific Kansas City Ord Shs	—	—	—	—	—	185K	$14,581
NRGNRG Energy Ord Shs	—	—	—	—	—	91K	$13,261
HALHalliburton Ord Shs	—	—	—	—	—	318K	$12,399
UNPUnion Pacific Ord Shs	—	—	—	—	—	47K	$11,472
Sempra Ord Shs	—	—	—	—	—	117K	$11,324
Southern Ord Shs	—	—	—	—	—	116K	$11,184
TC Energy Ord Shs	—	—	—	—	—	177K	$11,105

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Capital Innovations LLC