Fractal Investments LLC

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CIK 1843590

13F portfolio (2026-Q1)

$845M

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

50.4%

Top 10

77.1%

Effective N

13.8

HHI

0.072

This quarter

9 new · 0 exit →

By sector

Utilities58.8%

Energy35.8%

Materials1.7%

Consumer Discretionary1.6%

Information Technology1.2%

Industrials0.4%

Health Care0.1%

Unclassified0.1%

Other0.2%

By market cap

Large ($10–200B)78.1%

Unknown10.9%

Mid ($2–10B)6.4%

Small ($300M–2B)3.8%

Mega (>$200B)0.7%

Micro (<$300M)0.0%

By region

North America99.5%

Europe0.3%

Other0.1%

Asia-Pacific0.1%

Middle East0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Utilities	58.81%	16
Oil, Gas & Consumable Fuels	35.80%	19
Distributors	1.01%	2
Metals & Mining	1.00%	13
Chemicals	0.69%	5
Technology Hardware & Equipment	0.61%	6
Specialty Retail	0.50%	1
Electrical Equipment & Components	0.41%	1
Machinery	0.35%	6
Semiconductors & Semiconductor Equipment	0.23%	1
Automobiles & Components	0.12%	1
Health Care Equipment & Supplies	0.11%	1
Unclassified	0.08%	2
Construction & Engineering	0.07%	1
Entertainment	0.06%	1
Food Products	0.04%	1
Equity Real Estate Investment Trusts (REITs)	0.04%	1
Pharmaceuticals & Biotechnology	0.03%	1
Real Estate Management & Development	0.03%	1
Road & Rail	0.02%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	MPLX	MPLX LP	Energy	13.85%
2	ET	Energy Transfer LP	Utilities	11.01%
3	PAA	PLAINS ALL AMERICAN PIPELINE LP	Energy	9.58%
4	EPD	ENTERPRISE PRODUCTS PARTNERS L.P.	Utilities	8.23%
5	WES	Western Midstream Partners, LP	Utilities	7.69%
6	WMB	WILLIAMS COMPANIES, INC.	Utilities	7.01%
7	HESM	Hess Midstream LP	Energy	5.45%
8	TRP	TC ENERGY CORP	Utilities	4.81%
9	SUN	Sunoco LP	Energy	4.74%
10	TRGP	Targa Resources Corp.	Utilities	4.70%

79/81 names classified · sector 99.9% of weight · industry 99.9% · mkt cap 89.1%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 18 quarters

UtilitiesET, EPD, WES, TRGP, LNG · other

EnergyMPLX, PAA, SUN, HESM, PSX · other

MaterialsBHP, TECK, NUE, NTR, STLD · other

Consumer DiscretionaryGLP, SPH, RS, PHIN, MBC · other

IndustrialsCARR, NVT, GLNG, CNXC, GXO · other

FinancialsJPM, MS, BAC, SCHW, GS · other

Information TechnologyGEV, OTIS, ATKR, SNDK, Q · other

Consumer StaplesCTVA, ADM, INGR, BG

Real EstateWY, CBRE, HST, ELS, MAA · other

Health CareGEHC, OGN, EMBC, IQV, FTRE · other

Communication ServicesNXST, LLYVK, GTN

UnclassifiedENLINK MIDSTREAM LLC, MAGELLAN MIDSTREAM PARTNERS LP, DCP MIDSTREAM LP, NUSTAR ENERGY LP, SHELL MIDSTREAM PARTNERS L P · 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: 99.9% 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 27% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (44 classified)Fractal Investments LLC centroid (Mid Core)

UtilitiesMaterialsInformation TechnologyConsumer DiscretionaryEnergyIndustrialsHealth CareConsumer StaplesReal Estate

Style box summary for Fractal Investments LLC: centroid Mid Core. Heaviest cells: Mid Core 7.8%, Large Core 7.3%, Mid Growth 4.8%.

Classified: 27.5% of book weight (44/81 names) · unclassified 72.5%: MPLX, ET, PAA, EPD, WES, HESM, TRP, SUN, CQP, NGL +27 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· 81 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	MPLXMPLX LP	2,051,301	$117M	13.9%	HOLD
2	ETENERGY TRANSFER L P	4,820,215	$93M	11.0%	HOLD
3	PAAPLAINS ALL AMERN PIPELINE L	3,625,784	$81M	9.6%	HOLD
4	EPDENTERPRISE PRODS PARTNERS L	1,837,044	$70M	8.2%	HOLD
5	WESWESTERN MIDSTREAM PARTNERS L	1,577,806	$65M	7.7%	HOLD
6	WMBWILLIAMS COS INC	814,000	$59M	7.0%	HOLD
7	HESMHESS MIDSTREAM LP	1,185,220	$46M	5.5%	HOLD
8	TRPTC ENERGY CORP	649,000	$41M	4.8%	HOLD
9	SUNSUNOCO LP/SUNOCO FIN CORP	616,542	$40M	4.7%	HOLD
10	TRGPTARGA RES CORP	158,424	$40M	4.7%	HOLD
11	KMIKINDER MORGAN INC DEL	1,046,638	$35M	4.2%	ADD 22%
12	DTMDT MIDSTREAM INC	230,999	$31M	3.7%	HOLD
13	LNGCheniere Energy, Inc	67,385	$19M	2.3%	TRIM −14%
14	OKEONEOK INC NEW	156,630	$14M	1.7%	HOLD
15	CQPCHENIERE ENERGY PARTNERS LP	194,126	$13M	1.5%	HOLD
16	NGLNGL ENERGY PARTNERS LP	832,479	$10M	1.2%	HOLD
17	GLPGLOBAL PARTNERS LP	195,234	$8M	1.0%	HOLD
18	GELGENESIS ENERGY L P	343,243	$6M	0.7%	HOLD
19	AMANTERO MIDSTREAM CORP	190,383	$4M	0.5%	NEW
20	SPHSUBURBAN PROPANE PARTNERS L	214,864	$4M	0.5%	HOLD
21	ENBENBRIDGE INC	67,500	$4M	0.4%	HOLD
22	GEVGE VERNOVA INC	3,949	$3M	0.4%	HOLD
23	SNDKSANDISK CORP	4,400	$3M	0.3%	HOLD
24	QQNITY ELECTRONICS INC	17,000	$2M	0.2%	ADD 42%
25	SOLSSOLSTICE ADVANCED MATLS INC	25,100	$2M	0.2%	HOLD
26	WLKPWESTLAKE CHEM PARTNERS LP	80,400	$2M	0.2%	HOLD
27	XOMEXXON MOBIL CORP	9,710	$2M	0.2%	ADD 24%
28	NEMNEWMONT CORP	15,218	$2M	0.2%	TRIM −10%
29	SMCSUMMIT MIDSTREAM CORPORATION	45,000	$1M	0.2%	HOLD
30	CFCF INDS HLDGS INC	10,300	$1M	0.2%	HOLD
31	KNTKKINETIK HOLDINGS INC	27,502	$1M	0.2%	HOLD
32	SUSUNCOR ENERGY INC NEW	16,400	$1M	0.1%	ADD 156%
33	SHELSHELL PLC	11,588	$1M	0.1%	ADD 55%
34	PHINPHINIA INC	14,900	$1M	0.1%	HOLD
35	AEMAGNICO EAGLE MINES LTD	4,809	$976,131	0.1%	HOLD
36	GEHCGE HEALTHCARE TECHNOLOGIES I	12,601	$896,939	0.1%	HOLD
37	FCXFREEPORT MCMORAN INC	15,068	$885,697	0.1%	HOLD
38	CVXCHEVRON CORP NEW	4,200	$868,980	0.1%	HOLD
39	CRCRANE COMPANY	4,900	$837,900	0.1%	HOLD
40	VLTOVERALTO CORP	8,800	$778,096	0.1%	HOLD
41	RIORIO TINTO PLC	8,200	$764,978	0.1%	HOLD
42	SCCOSOUTHERN COPPER CORP	4,376	$752,935	0.1%	HOLD
43	BBARRICK MNG CORP	16,400	$668,956	0.1%	HOLD
44	BHPBHP BILLITON LIMITED	9,000	$654,660	0.1%	HOLD
45	PHPARKER-HANNIFIN CORP	730	$653,525	0.1%	HOLD
46	COPCONOCOPHILLIPS	4,492	$592,944	0.1%	HOLD
47	NTRNUTRIEN LTD	7,700	$581,042	0.1%	HOLD
48	ECGEVERUS CONSTR GROUP	4,900	$578,494	0.1%	HOLD
49	MPCMARATHON PETE CORP	2,291	$559,416	0.1%	HOLD
50	ESABESAB CORPORATION	5,777	$558,405	0.1%	HOLD
51	CEGCONSTELLATION ENERGY CORP	1,985	$554,311	0.1%	TRIM −50%
52	NATLNCR ATLEOS CORPORATION	12,700	$553,466	0.1%	HOLD
53	MLIMUELLER INDS INC	4,926	$545,801	0.1%	HOLD
54	DKLDELEK LOGISTICS PARTNERS LP	10,559	$525,416	0.1%	HOLD
55	EENI S P A	9,186	$520,019	0.1%	NEW
56	IMOIMPERIAL OIL LTD	3,710	$485,342	0.1%	NEW
57	STLDSTEEL DYNAMICS INC	2,694	$484,920	0.1%	HOLD
58	LLYVKLIBERTY LIVE HOLDINGS INC	5,143	$484,008	0.1%	HOLD
59	GLDSPDR GOLD TR	1,083	$466,004	0.1%	TRIM −57%
60	FTVFORTIVE CORP	8,400	$464,352	0.1%	HOLD
61	CMCCOMMERCIAL METALS CO	6,200	$380,866	0.0%	HOLD
62	INGRINGREDION INC	3,285	$370,088	0.0%	HOLD
63	CARRCARRIER GLOBAL CORPORATION	6,030	$339,549	0.0%	HOLD
64	VLOVALERO ENERGY CORP	1,360	$336,029	0.0%	HOLD
65	APAAPA CORPORATION	7,862	$333,663	0.0%	NEW
66	TTTRANE TECHNOLOGIES PLC	800	$333,392	0.0%	HOLD
67	PLDPROLOGIS INC.	2,400	$317,232	0.0%	HOLD
68	CATCATERPILLAR INC	442	$313,139	0.0%	HOLD
69	PAASPAN AMERN SILVER CORP	5,567	$304,125	0.0%	HOLD
70	RSRELIANCE INC	1,000	$303,920	0.0%	HOLD
71	DINOHF SINCLAIR CORP	4,600	$286,994	0.0%	NEW
72	HALHALLIBURTON CO	7,200	$280,728	0.0%	HOLD
73	RNAATRIUM THERAPEUTICS INC	20,000	$267,400	0.0%	NEW
74	MRPMILLROSE PPTYS INC	9,000	$252,000	0.0%	HOLD
75	MTARCELORMITTAL SA LUXEMBOURG	4,800	$249,504	0.0%	HOLD
76	BKRBAKER HUGHES COMPANY	3,900	$238,095	0.0%	NEW
77	CTRACOTERRA ENERGY INC	6,409	$225,212	0.0%	NEW
78	ITRIITRON INC	2,400	$215,112	0.0%	NEW
79	ICLICL GROUP LTD	36,500	$189,070	0.0%	HOLD
80	FIPFTAI INFRASTRUCTURE INC	33,000	$163,020	0.0%	HOLD
81	GGBGERDAU SA	33,264	$120,083	0.0%	HOLD

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

MPLXMPLX LP

1.9M

2.3M

2.1M

$117M

ETENERGY TRANSFER L P

5.0M

4.8M

$93M

PAAPLAINS ALL AMERN PIPELINE L

3.8M

3.6M

$81M

EPDENTERPRISE PRODS PARTNERS L

2.1M

1.9M

1.8M

$70M

WESWESTERN MIDSTREAM PARTNERS L

1.5M

1.6M

$65M

WMBWILLIAMS COS INC

532K

592K

814K

$59M

HESMHESS MIDSTREAM LP

235K

291K

1.2M

$46M

TRPTC ENERGY CORP

344K

483K

649K

$41M

SUNSUNOCO LP/SUNOCO FIN CORP

553K

617K

$40M

TRGPTARGA RES CORP

158K

$40M

KMIKINDER MORGAN INC DEL

1.2M

1.1M

855K

1.0M

$35M

DTMDT MIDSTREAM INC

99K

231K

$31M

LNGCheniere Energy, Inc

59K

76K

79K

67K

$19M

OKEONEOK INC NEW

224K

426K

253K

208K

157K

$14M

CQPCHENIERE ENERGY PARTNERS LP

194K

$13M

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.

☆Fractal Investments LLC