CIK 1680365
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.
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.
| Industry group | Weight | Names |
|---|---|---|
| Utilities | 70.28% | 11 |
| Unclassified | 13.58% | 4 |
| Oil, Gas & Consumable Fuels | 7.62% | 5 |
| Commercial Services & Supplies | 2.53% | 2 |
| Aerospace & Defense | 2.16% | 2 |
| Chemicals | 0.94% | 2 |
| Pharmaceuticals & Biotechnology | 0.85% | 2 |
| Hotels, Restaurants & Leisure | 0.72% | 1 |
| Beverages | 0.45% | 1 |
| Software & IT Services | 0.44% | 1 |
| Food Products | 0.42% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | ET | Energy Transfer LP | Utilities | 13.88% |
| 2 | NEXT | NextDecade Corp | Utilities | 12.80% |
| 3 | LNG | Cheniere Energy, Inc. | Utilities | 8.41% |
| 4 | WMB | WILLIAMS COMPANIES, INC. | Utilities | 8.10% |
| 5 | USAI | PACER FDS TR | Unclassified | 7.63% |
| 6 | TRGP | Targa Resources Corp. | Utilities | 7.40% |
| 7 | OKE | ONEOK INC /NEW/ | Utilities | 5.97% |
| 8 | EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | Utilities | 4.60% |
| 9 | BRK.B | BERKSHIRE HATHAWAY INC | Financials | 2.91% |
| 10 | KNTK | Kinetik Holdings Inc. | Utilities | 2.88% |
29/32 names classified · sector 89.3% of weight · industry 86.4% · mkt cap 82.6%; unclassified names shown, never dropped.
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: 89.3% of the book is sector-classified (unclassified names shown, never dropped).
Only 43% of book weight classified — the grid is NOT representative of the whole book.
Classified: 43.3% of book weight (18/32 names) · unclassified 56.7%: ET, NEXT, USAI, EPD, BRK.B, TRP, ENB, SPY, MPLX, WES +4 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | ETENERGY TRANSFER L P | 424,978 | $8M | 13.9% | TRIM −4% |
| 2 | NEXTNEXTDECADE CORP | 986,992 | $8M | 12.8% | ADD 7% |
| 3 | LNGCheniere Energy, Inc | 17,506 | $5M | 8.4% | HOLD |
| 4 | WMBWILLIAMS COS INC | 65,722 | $5M | 8.1% | HOLD |
| 5 | USAIPACER FDS TR | 95,895 | $5M | 7.6% | HOLD |
| 6 | TRGPTARGA RES CORP | 17,438 | $4M | 7.4% | TRIM −3% |
| 7 | OKEONEOK INC NEW | 38,995 | $4M | 6.0% | HOLD |
| 8 | EPDENTERPRISE PRODS PARTNERS L | 71,745 | $3M | 4.6% | HOLD |
| 9 | BRK.BBERKSHIRE HATHAWAY INC DEL | 3,588 | $2M | 2.9% | ADD 15% |
| 10 | KNTKKINETIK HOLDINGS INC | 35,197 | $2M | 2.9% | TRIM −3% |
| 11 | TRPTC ENERGY CORP | 24,735 | $2M | 2.6% | HOLD |
| 12 | ENBENBRIDGE INC | 28,066 | $2M | 2.6% | HOLD |
| 13 | SPYSTATE STR SPDR S&P 500 ETF T | 2,147 | $1M | 2.4% | HOLD |
| 14 | KMIKINDER MORGAN INC DEL | 34,854 | $1M | 2.0% | HOLD |
| 15 | MPLXMPLX LP | 17,229 | $983,259 | 1.7% | HOLD |
| 16 | WESWESTERN MIDSTREAM PARTNERS L | 23,602 | $971,694 | 1.6% | HOLD |
| 17 | PBAPEMBINA PIPELINE CORP | 20,294 | $908,359 | 1.5% | HOLD |
| 18 | RSGREPUBLIC SVCS INC | 3,892 | $852,426 | 1.4% | HOLD |
| 19 | RTXRTX CORPORATION | 4,347 | $838,536 | 1.4% | TRIM −7% |
| 20 | SOBOSOUTH BOW CORP | 21,318 | $710,315 | 1.2% | HOLD |
| 21 | WMWASTE MGMT INC DEL | 2,797 | $642,723 | 1.1% | HOLD |
| 22 | LMTLOCKHEED MARTIN CORP | 724 | $437,578 | 0.7% | TRIM −18% |
| 23 | MCDMCDONALDS CORP | 1,373 | $426,715 | 0.7% | HOLD |
| 24 | XLPSELECT SECTOR SPDR TR | 4,860 | $398,408 | 0.7% | HOLD |
| 25 | PAGPPLAINS GP HLDGS L P | 15,565 | $377,918 | 0.6% | HOLD |
| 26 | ECLECOLAB INC | 1,269 | $337,579 | 0.6% | HOLD |
| 27 | KOCOCA COLA CO | 3,529 | $268,380 | 0.5% | ADD 7% |
| 28 | JNJJOHNSON & JOHNSON | 1,074 | $262,529 | 0.4% | TRIM −3% |
| 29 | ADPAUTOMATIC DATA PROCESSING IN | 1,282 | $260,477 | 0.4% | TRIM −36% |
| 30 | HSYHERSHEY CO | 1,204 | $250,300 | 0.4% | TRIM −2% |
| 31 | MRKMERCK & CO INC | 1,992 | $239,618 | 0.4% | HOLD |
| 32 | PGPROCTER AND GAMBLE CO | 1,509 | $217,960 | 0.4% | TRIM −2% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| ETENERGY TRANSFER L P | 379K | 379K | 379K | 432K | 443K | 425K | $8M |
| NEXTNEXTDECADE CORP | 854K | 874K | 960K | 927K | 923K | 987K | $8M |
| LNGCheniere Energy, Inc | 18K | 18K | 18K | 18K | 18K | 18K | $5M |
| WMBWILLIAMS COS INC | 69K | 69K | 69K | 70K | 67K | 66K | $5M |
| USAIPACER FDS TR | 97K | 93K | 93K | 83K | 96K | 96K | $5M |
| TRGPTARGA RES CORP | 24K | 19K | 18K | 18K | 18K | 17K | $4M |
| OKEONEOK INC NEW | 37K | 47K | 47K | 41K | 40K | 39K | $4M |
| EPDENTERPRISE PRODS PARTNERS L | 73K | 73K | 73K | 74K | 72K | 72K | $3M |
| BRK.BBERKSHIRE HATHAWAY INC DEL | 5K | 5K | 3K | 3K | 3K | 4K | $2M |
| KNTKKINETIK HOLDINGS INC | 22K | 22K | 22K | 22K | 36K | 35K | $2M |
| TRPTC ENERGY CORP | 30K | 30K | 30K | 26K | 25K | 25K | $2M |
| ENBENBRIDGE INC | 37K | 37K | 37K | 29K | 28K | 28K | $2M |
| SPYSTATE STR SPDR S&P 500 ETF T | 10K | 2K | 2K | 2K | 2K | 2K | $1M |
| KMIKINDER MORGAN INC DEL | 48K | 47K | 47K | 37K | 35K | 35K | $1M |
| MPLXMPLX LP | 17K | 17K | 17K | 18K | 17K | 17K | $983,259 |
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.
Where this firm's principals came from and which firms its alumni went on to found.
