CIK 1924953
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 | 85.05% | 7 |
| Road & Rail | 8.68% | 1 |
| Equity Real Estate Investment Trusts (REITs) | 6.27% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | PNW | PINNACLE WEST CAPITAL CORP | Utilities | 18.00% |
| 2 | EMA | EMERA INC | Utilities | 16.38% |
| 3 | ED | CONSOLIDATED EDISON INC | Utilities | 12.15% |
| 4 | PEG | PUBLIC SERVICE ENTERPRISE GROUP INC | Utilities | 11.52% |
| 5 | EIX | EDISON INTERNATIONAL | Utilities | 9.38% |
| 6 | HTO | H2O AMERICA | Utilities | 9.36% |
| 7 | UNP | UNION PACIFIC CORP | Industrials | 8.68% |
| 8 | PCG | PG&E Corp | Utilities | 8.25% |
| 9 | SBAC | SBA COMMUNICATIONS CORP | Real Estate | 6.27% |
9/9 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 83.6%; 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: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 83.6% of book weight (8/9 names) · unclassified 16.4%: EMA. 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 | PNWPINNACLE WEST CAP CORP | 5,074,413 | $511M | 18.0% | ADD 14% |
| 2 | EMAEMERA INC | 8,967,430 | $465M | 16.4% | ADD 53% |
| 3 | EDCONSOLIDATED EDISON INC | 3,047,519 | $345M | 12.1% | ADD 7% |
| 4 | PEGPUBLIC SVC ENTERPRISE GROUP | 4,042,558 | $327M | 11.5% | ADD 39% |
| 5 | EIXEDISON INTL | 3,641,148 | $266M | 9.4% | TRIM −7% |
| 6 | HTOH2O AMERICA | 4,532,084 | $266M | 9.4% | ADD 676% |
| 7 | UNPUNION PAC CORP | 1,015,731 | $246M | 8.7% | ADD 12% |
| 8 | PCGPG&E CORP | 13,340,095 | $234M | 8.3% | TRIM −6% |
| 9 | SBACSBA COMMUNICATIONS CORP NEW | 1,034,375 | $178M | 6.3% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| PNWPINNACLE WEST CAP CORP | 845K | 2.8M | 2.9M | 3.1M | 4.5M | 5.1M | $511M |
| EMAEMERA INC | — | — | — | 3.7M | 5.9M | 9.0M | $465M |
| EDCONSOLIDATED EDISON INC | — | 2.3M | 2.4M | 2.6M | 2.8M | 3.0M | $345M |
| PEGPUBLIC SVC ENTERPRISE GROUP | — | — | 727K | 2.6M | 2.9M | 4.0M | $327M |
| EIXEDISON INTL | 1.5M | 4.4M | 4.3M | 4.3M | 3.9M | 3.6M | $266M |
| HTOH2O AMERICA | — | — | — | — | 584K | 4.5M | $266M |
| UNPUNION PAC CORP | — | — | — | 516K | 910K | 1.0M | $246M |
| PCGPG&E CORP | 3.6M | 10.4M | 10.2M | 10.2M | 14.1M | 13.3M | $234M |
| SBACSBA COMMUNICATIONS CORP NEW | — | — | — | — | — | 1.0M | $178M |
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.
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