Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +0.6%
S&P 500 total return (same window) +37.0%
Excess return -36.4%

Annualized: +0.5% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 97.5% · Options excluded: 0.0%

Sector breakdown

04
Financials 72.3%
Energy 10.5%
Utilities 6.4%
Real Estate 0.4%
Industrials 0.3%
Consumer Staples 0.3%
Consumer Discretionary 0.1%
Technology 0.0%
Communication Services 0.0%
Other/Unmapped 9.8%

Full portfolio 139 positions

05
Type Streak 8Q trend
BAM Brookfield Asset Management Inc Class A Limited Voting Shares $53,506,998,353 69.50% 1,193,021,145 $477,208,458
CQP Cheniere Energy Partners, LP Common Units $6,193,761,917 8.05% 101,620,376 $-373,962,984
Unknown issuer (CUSIP: 113006100) $4,261,066,635 5.53% 142,749,301 $-255,521,248
Unknown issuer (CUSIP: 84615Q103) $3,274,925,732 4.25% 19,167,305 Up ×1
BEP Brookfield Renewable Partners L.P. Limited Partnership Units $2,823,782,351 3.67% 81,306,719 $169,931,043
BN Brookfield Corporation Class A Limited Voting Shares $1,994,251,366 2.59% 46,824,404 $109,080,133 Up ×1
BEPC Brookfield Renewable Corporation Brookfield Renewable Corporation Class A Subordinate Voting Shares $374,694,922 0.49% 10,094,152 $-27,355,152
TAC TransAlta Corporation Ordinary Shares $372,868,652 0.48% 26,960,857 $18,598,638 Up ×5
WMB Williams Companies, Inc. (The) Common Stock $365,295,251 0.47% 4,913,845 $-12,275,193 Down ×2
TRGP Targa Resources, Inc. Common Stock $352,847,492 0.46% 1,315,907 $-13,815,705 Down ×2
LNG Cheniere Energy, Inc. Common Stock $226,691,619 0.29% 948,461 $-29,383,626 Up ×1
CNP CenterPoint Energy, Inc (Holding Co) Common Stock $175,560,175 0.23% 3,986,380 $-8,746,448 Down ×4
NEE NextEra Energy, Inc. Common Stock $173,909,321 0.23% 1,981,421 $-18,119,057 Down ×3
BIP Brookfield Infrastructure Partners LP Limited Partnership Units $171,010,276 0.22% 4,686,497 $1,734,004
CCI Crown Castle Inc. Common Stock $165,424,385 0.21% 2,184,397 $-11,493,084 Up ×1
NI NiSource Inc Common Stock $164,140,270 0.21% 3,451,951 $-7,577,955 Down ×1
ET Energy Transfer LP Common Units $163,066,024 0.21% 8,528,558 $38,671,095 Up ×1
SRE DBA Sempra Common Stock $144,240,628 0.19% 1,555,826 $-12,256,516 Down ×2
XEL Xcel Energy Inc. - Common Stock $131,111,351 0.17% 1,632,769
UNP Union Pacific Corporation Common Stock $125,547,040 0.16% 461,570 $18,642,117 Up ×1
CSX CSX Corporation - Common Stock $121,867,823 0.16% 2,564,019 $5,092,560 Down ×2
PNW Pinnacle West Capital Corporation Common Stock $102,914,847 0.13% 961,821 $102,793,544 Up ×1
DEO Diageo plc Common Stock $96,515,320 0.13% 1,200,738 $74,241,369 Up ×1
LW Lamb Weston Holdings, Inc. Common Stock $96,132,109 0.12% 2,226,311 $2,048,206
TRP TC Energy Corporation Common Stock $95,714,849 0.12% 1,443,880 $-12,932,182 Down ×1
PCG Pacific Gas & Electric Co. Common Stock $83,212,947 0.11% 4,947,262 $-109,655,684 Down ×3
MPLX MPLX LP Common Units Representing Limited Partner Interests $76,385,050 0.10% 1,356,028 $-47,674,623 Down ×2
EPD Enterprise Products Partners L.P. Common Stock $70,965,308 0.09% 1,930,503 $-7,407,385 Down ×5
NKE Nike, Inc. Common Stock $69,378,523 0.09% 1,690,098 $16,104,377 Up ×1
DTM DT Midstream, Inc. Common Stock $65,492,045 0.09% 446,313 $-2,554,092 Down ×3
EQIX Equinix, Inc. - Common Stock $64,417,617 0.08% 61,798 $-44,645,846 Down ×1
ENB Enbridge Inc Common Stock $63,721,197 0.08% 1,175,451 $-6,079,348 Down ×3
KMI Kinder Morgan, Inc. Common Stock $62,307,463 0.08% 1,948,935 $-33,655,604 Down ×1
OKE ONEOK, Inc. Common Stock $60,961,808 0.08% 701,194 $-6,753,882 Down ×4
SWX Southwest Gas Holdings, Inc. Common Stock (DE) $57,992,907 0.08% 653,957 $-2,804,592 Down ×1
BNT Brookfield Wealth Solutions Ltd. Class A Exchangeable Limited Voting Shares $57,836,892 0.08% 1,355,764 $1,708,262
PAA Plains All American Pipeline, L.P. - Common Units representing Limited Partner Interests $53,934,098 0.07% 2,422,915 $-28,495,636 Down ×1
PAGP Plains GP Holdings, L.P. - Class A Shares representing limited partner interests $46,633,786 0.06% 1,921,458 $-1,614,410 Down ×3
AM Antero Midstream Corporation Common Stock $44,032,625 0.06% 1,935,500 $-96,775
IDA IDACORP, Inc. Common Stock $42,664,482 0.06% 281,986 $-1,821,920 Down ×1
GLNG Golar LNG Limited - Common Shares $38,557,064 0.05% 773,616 $-4,182,198 Down ×1
WES Western Midstream Partners, LP Common Units Representing Limited Partner Interests $32,005,118 0.04% 731,378 $4,379,628 Up ×1
AMT American Tower Corporation (REIT) Common Stock $31,030,047 0.04% 189,705 $-6,632,777 Down ×1
SOBO South Bow Corporation Common Shares $29,385,614 0.04% 833,871 $12,152,328 Up ×1
TLN Talen Energy Corporation - Common Stock $28,572,421 0.04% 74,357 $28,453,987 Up ×2
LNT Alliant Energy Corporation - Common Stock $27,317,771 0.04% 358,078 Up ×1
BX Blackstone Inc. Common Stock $26,539,527 0.03% 225,542 $604,452
KKR KKR & Co. Inc. Common Stock $25,881,960 0.03% 282,000 $-203,040
MORN Morningstar, Inc. - Common Stock $24,462,688 0.03% 156,792 Up ×1
KNTK Kinetik Holdings Inc. Class A Common Stock $20,120,316 0.03% 416,225 $6,285,271 Up ×1
FE FirstEnergy Corp. Common Stock $16,726,616 0.02% 351,843 $-116,070,367 Down ×1
KGS Kodiak Gas Services, Inc. Common Stock $13,511,065 0.02% 179,835 $-2,709,858 Down ×2
APC ARKO Petroleum Corp. - Class A Common Stock $11,783,135 0.02% 625,100 $-5,945,855 Down ×1
AROC Archrock, Inc. Common Stock $6,354,831 0.01% 156,100 Up ×1
USAC USA Compression Partners, LP Common Units Representing Limited Partner Interests $5,370,365 0.01% 203,500 Up ×1
WM Waste Management, Inc. Common Stock $4,665,993 0.01% 20,935 $-1,280,742 Down ×1
RSG Republic Services, Inc. Common Stock $3,703,757 0.00% 17,382 $-1,224,631 Down ×1
PARR Par Pacific Holdings, Inc. Common Stock $3,424,750 0.00% 61,069 $-400,612
ETR Entergy Corporation Common Stock $3,358,621 0.00% 29,241 $3,237,272 Up ×1
HESM Hess Midstream LP Class A Representing Limited Partner Interests $3,028,441 0.00% 80,544 $-24,991,308 Down ×3
CWEN Clearway Energy, Inc. Class C Common Stock $2,810,006 0.00% 82,212 $-779,961 Down ×2
Unknown issuer (CUSIP: 31556C106) $2,473,647 0.00% 84,627 Up ×1
NXT Nextpower Inc. - Class A Common Stock $2,284,390 0.00% 19,174 $-588,437 Down ×3
CEG Constellation Energy Corporation - Common Stock When-Issued $2,260,415 0.00% 9,101 $-624,238 Down ×1
TT Trane Technologies plc $2,057,960 0.00% 4,190 $-860,887 Down ×4
CARR Carrier Global Corporation Common Stock $1,780,278 0.00% 24,271 $45,254 Down ×1
TTAN ServiceTitan, Inc. - Class A Common Stock $1,745,123 0.00% 24,680 $-14,944,857 Down ×1
PLD Prologis, Inc. Common Stock $1,495,318 0.00% 11,038 $-49,200,867 Down ×1
WELL Welltower Inc. Common Stock $1,414,704 0.00% 6,233 $-59,286,022 Down ×1
RA Brookfield Real Assets Income Fund Inc. Common Stock $1,295,491 0.00% 100,582 $2,012
GEV GE Vernova Inc. Common Stock $951,637 0.00% 810 $-1,049,923 Down ×4
SM SM Energy Company Common Stock $835,618 0.00% 32,016 $-162,641
RUN Sunrun Inc. - Common Stock $811,979 0.00% 60,686 $-166,321 Down ×2
FR First Industrial Realty Trust, Inc. Common Stock $770,421 0.00% 12,566 $-17,087,122 Down ×2
RLJPRA CUSIP: 74965L200 $764,607 0.00% 31,183 $-14,233 Down ×3
DLR Digital Realty Trust, Inc. Common Stock $739,870 0.00% 4,120 $-15,981,275 Down ×3
EPRPRE CUSIP: 26884U307 $711,394 0.00% 22,392 $-24,410 Down ×3
EXR Extra Space Storage Inc Common Stock $673,466 0.00% 4,635 $-22,667,412 Down ×3
SPG Simon Property Group, Inc. Common Stock $671,397 0.00% 3,002 $-25,005,204 Down ×2
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $664,643 0.00% 5,262 $-18,563,723 Down ×1
NTST NetSTREIT Corp. Common Stock $647,381 0.00% 30,638 $-18,980,465 Down ×2
ELS Equity Lifestyle Properties, Inc. Common Stock $575,216 0.00% 8,925 $-18,853,571 Down ×1
BRX Brixmor Property Group Inc. Common Stock $532,195 0.00% 16,879 $-17,247,600 Down ×2
KIMPRN CUSIP: 49446R687 $480,734 0.00% 7,641 $-33,953 Down ×3
Unknown issuer (CUSIP: N52A8C105) $457,554 0.00% 11,569 Up ×1
LXPPRC CUSIP: 529043309 $433,392 0.00% 9,523 $-58,900 Down ×6
TRNO Terreno Realty Corporation Common Stock $418,673 0.00% 6,464 $-7,991,936 Down ×1
VTR Ventas, Inc. Common Stock $418,426 0.00% 4,712 $-13,641,110 Down ×2
AHR American Healthcare REIT, Inc. Common Stock $399,156 0.00% 7,654 $-10,300,646 Down ×5
EPRT Essential Properties Realty Trust, Inc. Common Stock $392,736 0.00% 13,157 $-17,387,294 Down ×5
MAA Mid-America Apartment Communities, Inc. Common Stock $389,032 0.00% 2,800 $-16,388,424 Down ×2
MET MetLife, Inc. Common Stock $349,693 0.00% 4,133 $57,407
WPC W. P. Carey Inc. REIT $328,042 0.00% 4,588 $-14,624,109 Down ×1
INVH Invitation Homes Inc. Common Stock $321,465 0.00% 10,641 Up ×1
ESS Essex Property Trust, Inc. Common Stock $312,001 0.00% 1,070 $-12,532,391 Down ×2
AKR Acadia Realty Trust Common Stock $284,878 0.00% 13,624 $-7,029,057 Down ×2
EQR Equity Residential Common Shares of Beneficial Interest $244,208 0.00% 3,595 $-7,808,532 Down ×1
VNO Vornado Realty Trust Common Stock $231,045 0.00% 5,879 $-6,260,867 Down ×1
SBAC SBA Communications Corporation - Class A Common Stock $211,928 0.00% 1,201 $-373,934 Down ×3
LINE Lineage, Inc. - Common Stock $211,017 0.00% 4,879 $-3,717,300 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
TAC $372,868,652 0.48% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 84615Q103) $3,274,925,732 19,167,305 4.25%
XEL $131,111,351 1,632,769 0.17%
LNT $27,317,771 358,078 0.04%
MORN $24,462,688 156,792 0.03%
AROC $6,354,831 156,100 0.01%
USAC $5,370,365 203,500 0.01%
Unknown issuer (CUSIP: 31556C106) $2,473,647 84,627 0.00%
Unknown issuer (CUSIP: N52A8C105) $457,554 11,569 0.00%
INVH $321,465 10,641 0.00%
NVT $99,052 584 0.00%
MAC $95,848 3,805 0.00%
PWR $86,405 120 0.00%
AMLP $77,015 1,485 0.00%
DBRG $30,077 1,906 0.00%
Unknown issuer (CUSIP: 81761L201) $5,820 3,444 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BAM Price move only +0 +$477.2M
CQP Price move only +0 -$374.0M
· Price move only +0 -$255.5M
BEP Price move only +0 +$169.9M
PCG Trimmed -6.0M -$109.7M
BN Bought more +242K +$109.1M
DEO Bought more +902K +$74.2M
MPLX Trimmed -818K -$47.7M
EQIX Trimmed -49K -$44.6M
ET Bought more +2.1M +$38.7M

4 positions hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
BBUC March 31, 2026 47,244,876 $1,695,146,151 -19.1%
BBU March 31, 2026 43,708,285 $1,538,531,632 No longer tracked
SBAC June 30, 2025 1,008,947 $221,978,429 -32.5%
XEL March 31, 2026 2,268,511 $167,552,222 -10.1%
DUK Dec. 31, 2025 422,247 $52,253,066 -2.6%
PPL June 30, 2025 998,207 $36,045,255 -3.2%
ARIS Dec. 31, 2025 1,272,500 $31,379,850 7.8%
CMS June 30, 2026 362,641 $28,133,689 -16.7%
GLIBK June 30, 2026 726,398 $27,029,270 7.8%
CSX June 30, 2025 765,511 $22,528,989 45.4%
BXP June 30, 2025 330,690 $22,219,061 -10.4%
VICI Dec. 31, 2025 676,853 $22,072,176 -19.5%
XIFR March 31, 2026 2,180,320 $21,803,200 -2.2%
CPT Sept. 30, 2025 185,581 $20,913,123 -10.1%
ES June 30, 2026 283,532 $19,643,097 -10.8%
EVRG June 30, 2026 237,114 $19,424,379 -8.4%
DOC June 30, 2025 826,908 $16,720,080 11.3%
NNN June 30, 2025 389,456 $16,610,298 -5.2%
OHI March 31, 2026 324,352 $14,381,768 4.3%
REXR June 30, 2025 347,889 $13,619,854 3.1%
AVB March 31, 2026 68,721 $12,459,805 No longer tracked
NFG June 30, 2026 124,827 $11,728,745 -1.0%
REG Sept. 30, 2025 162,732 $11,591,400 -1.8%
GTY June 30, 2025 349,189 $10,887,713 2.0%
MAC Dec. 31, 2025 549,691 $10,004,376 24.9%
CUBE Sept. 30, 2025 231,551 $9,840,918 -7.7%
NXRT June 30, 2025 193,982 $7,668,108 -44.0%
ADC Sept. 30, 2025 100,565 $7,347,279 -7.3%
LXP (filed as LXPXXXX) Dec. 31, 2025 734,298 $6,579,310 22.9%
LXP March 31, 2026 127,968 $6,344,653 31.8%
UE June 30, 2026 276,169 $5,517,857 -13.9%
PLYM Sept. 30, 2025 260,102 $4,177,238 No longer tracked
PEG Dec. 31, 2025 47,950 $4,001,907 -15.2%
CARR Sept. 30, 2025 47,083 $3,446,005 -7.7%
ADC March 31, 2026 34,417 $2,479,057 -12.6%
WBI Dec. 31, 2025 89,209 $2,249,851 44.2%
ITRI March 31, 2026 22,927 $2,129,001 -3.5%
NBR March 31, 2026 38,719 $2,102,442 -7.5%
CUZ Sept. 30, 2025 67,803 $2,036,124 -3.2%
XYL March 31, 2026 13,474 $1,834,889 -14.8%
ARE March 31, 2026 36,860 $1,803,928 2.0%
BE Sept. 30, 2025 66,072 $1,580,442 241.9%
SUI March 31, 2026 10,590 $1,312,207 -12.1%
BNL March 31, 2026 57,047 $990,906 1.6%
CIVI March 31, 2026 22,080 $598,147 No longer tracked
STAG Dec. 31, 2025 14,460 $510,293 -1.9%
AMLP March 31, 2026 10,790 $507,369
EQT June 30, 2025 6,769 $361,668 -14.0%
EGP Dec. 31, 2025 1,159 $196,172 9.9%
VNET Dec. 31, 2025 16,970 $175,300 -39.4%
PBA Sept. 30, 2025 4,551 $170,708 13.4%
GDS Sept. 30, 2025 5,142 $157,191 -28.8%
NRG March 31, 2026 703 $111,946 -34.8%
VST March 31, 2026 624 $100,670 -6.9%
DY June 30, 2026 260 $88,093 -45.9%
FSLR June 30, 2026 444 $87,583 -26.0%
EPR March 31, 2026 712 $35,529 13.0%
TXNM Dec. 31, 2025 122 $6,899 -0.8%
KW March 31, 2026 593 $5,734 No longer tracked
SVC June 30, 2026 3,444 $4,667 -84.9%
EMLP March 31, 2026 101 $3,837