Tortoise Index Solutions, LLC

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CIK 1650373

13F portfolio (2024-Q1)

$497M

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 2023-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 →

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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 (2024-Q1)

Holdings

Top 5

36.3%

Top 10

58.7%

Effective N

22.7

HHI

0.044

This quarter

2 new · 0 exit →

By sector

Utilities71.9%

Energy18.2%

Unclassified3.5%

Industrials3.1%

Materials1.3%

Consumer Discretionary1.2%

Information Technology0.9%

By market cap

Large ($10–200B)63.0%

Unknown22.8%

Mid ($2–10B)12.7%

Small ($300M–2B)0.8%

Micro (<$300M)0.7%

By region

North America96.5%

Other3.5%

By industry group GICS — finer than sector

Industry group	Weight	Names
Utilities	71.90%	31
Oil, Gas & Consumable Fuels	18.22%	10
Unclassified	3.46%	3
Machinery	2.29%	8
Chemicals	1.25%	2
Professional Services	0.81%	3
Technology Hardware & Equipment	0.74%	2
Distributors	0.73%	3
Household Durables	0.43%	1
Electrical Equipment & Components	0.17%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	WMB	WILLIAMS COMPANIES, INC.	Utilities	7.55%
2	OKE	ONEOK INC /NEW/	Utilities	7.31%
3	ENB	ENBRIDGE INC	Energy	7.31%
4	TRP	TC ENERGY CORP	Utilities	7.11%
5	LNG	Cheniere Energy, Inc.	Utilities	7.02%
6	KMI	KINDER MORGAN, INC.	Utilities	6.63%
7	TRGP	Targa Resources Corp.	Utilities	4.05%
8	EPD	ENTERPRISE PRODUCTS PARTNERS L.P.	Utilities	3.93%
9	ET	Energy Transfer LP	Utilities	3.92%
10	ATO	ATMOS ENERGY CORP	Utilities	3.90%

61/64 names classified · sector 96.5% of weight · industry 96.5% · mkt cap 77.2%; 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

UtilitiesWMB, KMI, OKE, TRP, LNG · other

EnergyENB, PBA, MPLX, PAA, PAGP · other

IndustrialsTTEK, XYL, ERII, IEX, ONT · other

Information TechnologyBMI, FELE, DOCU, VLTO, ITRI · other

MaterialsECL, WMS

Consumer DiscretionaryAOS, GLP, CAPL, CNM, AMZN

FinancialsPYPL, V, MA, AXP, AFRM · other

Real EstateEQIX, DLR

Communication ServicesGOOGL, ZD

UnclassifiedTranscanada Corp, MAGELLAN MIDSTREAM PARTNERS LP, EQUITRANS MIDSTREAM CORP, ENLINK MIDSTREAM LLC, SPECTRA ENERGY CORP · 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: 96.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2024-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (42 classified)Tortoise Index Solutions, LLC centroid (Mid Core)

UtilitiesIndustrialsMaterialsConsumer DiscretionaryInformation Technology

Style box summary for Tortoise Index Solutions, LLC: centroid Mid Core. Heaviest cells: Mid Core 24.4%, Small Core 11.1%, Large Core 8.4%.

Classified: 60.5% of book weight (42/62 names) · unclassified 39.5%: ENB, TRP, EPD, ET, PBA, , MPLX, PAA, WES, PAGP +10 more. 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· 64 positions (2024-Q1) · largest first · Δ vs 2023-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	WMBWILLIAMS COS INC	962,727	$38M	7.6%	TRIM −13%
2	OKEONEOK INC NEW	453,260	$36M	7.3%	TRIM −22%
3	ENBENBRIDGE INC	1,003,379	$36M	7.3%	TRIM −12%
4	TRPTC ENERGY CORP	878,332	$35M	7.1%	TRIM −16%
5	LNGCheniere Energy, Inc	216,193	$35M	7.0%	HOLD
6	KMIKINDER MORGAN INC DEL	1,794,668	$33M	6.6%	TRIM −14%
7	TRGPTARGA RES CORP	179,849	$20M	4.1%	TRIM −27%
8	EPDENTERPRISE PRODS PARTNERS L	669,875	$20M	3.9%	TRIM −16%
9	ETENERGY TRANSFER L P	1,238,052	$19M	3.9%	TRIM −21%
10	ATOATMOS ENERGY CORP	162,817	$19M	3.9%	TRIM −12%
11	NINISOURCE INC	691,842	$19M	3.9%	TRIM −15%
12	PBAPEMBINA PIPELINE CORP	533,672	$19M	3.8%	TRIM −16%
13	MPLXMPLX LP	363,384	$15M	3.0%	TRIM −22%
14	EQUITRANS MIDSTREAM CORP	725,054	$9M	1.8%	TRIM −15%
15	PAAPLAINS ALL AMERN PIPELINE L	472,495	$8M	1.7%	TRIM −22%
16	NFGNATIONAL FUEL GAS CO	154,174	$8M	1.7%	TRIM −15%
17	AMANTERO MIDSTREAM CORP	569,981	$8M	1.6%	TRIM −15%
18	SWXSOUTHWEST GAS HLDGS INC	100,539	$8M	1.5%	TRIM −15%
19	NJRNEW JERSEY RES CORP	164,510	$7M	1.4%	TRIM −15%
20	WESWESTERN MIDSTREAM PARTNERS L	196,775	$7M	1.4%	TRIM −22%
21	DTMDT MIDSTREAM INC	100,557	$6M	1.2%	TRIM −22%
22	OGSONE GAS INC	92,801	$6M	1.2%	TRIM −15%
23	SRSPIRE INC	92,013	$6M	1.1%	TRIM −11%
24	ENLINK MIDSTREAM LLC	397,556	$5M	1.1%	TRIM −15%
25	AROCARCHROCK INC	229,821	$5M	0.9%	TRIM −15%
26	ECLECOLAB INC	17,446	$4M	0.8%	TRIM −7%
27	CPKCHESAPEAKE UTILS CORP	37,210	$4M	0.8%	TRIM −13%
28	XYLXYLEM INC	30,866	$4M	0.8%	TRIM −9%
29	PAGPPLAINS GP HLDGS L P	203,680	$4M	0.7%	TRIM −22%
30	SUNSUNOCO LP/SUNOCO FIN CORP	57,535	$3M	0.7%	TRIM −22%
31	NFENEW FORTRESS ENERGY INC	109,797	$3M	0.7%	TRIM −15%
32	AWKAMERICAN WTR WKS CO INC NEW	27,300	$3M	0.7%	HOLD
33	HESMHESS MIDSTREAM LP	82,821	$3M	0.6%	TRIM −8%
34	NUSTAR ENERGY LP	117,496	$3M	0.6%	TRIM −22%
35	VLTOVERALTO CORP	30,748	$3M	0.5%	NEW
36	KNTKKINETIK HOLDINGS INC	58,286	$2M	0.5%	ADD 32%
37	NWNNORTHWEST NAT HLDG CO	61,547	$2M	0.5%	TRIM −15%
38	PNRPENTAIR PLC	26,272	$2M	0.5%	TRIM −9%
39	WMSADVANCED DRAIN SYS INC DEL	12,731	$2M	0.4%	TRIM −6%
40	AOSSMITH A O CORP	24,078	$2M	0.4%	HOLD
41	IEXIDEX CORP	8,773	$2M	0.4%	TRIM −6%
42	CQPCHENIERE ENERGY PARTNERS LP	39,230	$2M	0.4%	TRIM −17%
43	TTEKTETRA TECH INC NEW	10,481	$2M	0.4%	HOLD
44	CNMCORE & MAIN INC	33,438	$2M	0.4%	ADD 36%
45	STNSTANTEC INC	22,360	$2M	0.4%	HOLD
46	WTRGESSENTIAL UTILS INC	49,288	$2M	0.4%	HOLD
47	USACUSA COMPRESSION PARTNERS LP	61,160	$2M	0.3%	TRIM −22%
48	GELGENESIS ENERGY L P	115,526	$1M	0.3%	TRIM −22%
49	GLPGLOBAL PARTNERS LP	28,555	$1M	0.3%	TRIM −22%
50	WTSWATTS WATER TECHNOLOGIES INC	5,365	$1M	0.2%	HOLD
51	BMIBADGER METER INC	5,753	$930,893	0.2%	HOLD
52	ZWSZURN ELKAY WATER SOLNS CORP	27,647	$925,345	0.2%	HOLD
53	FELEFRANKLIN ELEC INC	7,776	$830,555	0.2%	HOLD
54	CWTCALIFORNIA WTR SVC GROUP	11,313	$525,828	0.1%	HOLD
55	MWAMUELLER WTR PRODS INC	30,615	$492,595	0.1%	HOLD
56	KGSKODIAK GAS SVCS INC	16,855	$460,816	0.1%	TRIM −22%
57	CAPLCROSSAMERICA PARTNERS LP	18,900	$430,731	0.1%	TRIM −22%
58	DKLDELEK LOGISTICS PARTNERS LP	9,042	$370,632	0.1%	TRIM −22%
59	HTOH2O AMERICA	5,696	$322,337	0.1%	HOLD
60	EEEXCELERATE ENERGY INC	18,518	$296,658	0.1%	TRIM −22%
61	LNNLINDSAY CORP	2,162	$254,381	0.1%	HOLD
62	ONTMONTROSE ENVIRONMENTAL GROUP	5,444	$213,241	0.0%	NEW
63	ERIIENERGY RECOVERY INC	11,079	$174,937	0.0%	HOLD
64	WTTRSELECT WATER SOLUTIONS INC	15,889	$146,655	0.0%	HOLD

☆Tortoise Index Solutions, LLC