Sector breakdown

04
Utilities 37.9%
Energy 32.5%
Industrials 15.0%
Real Estate 9.4%
Financials 1.9%
Retail 0.5%
Technology 0.1%
Communication Services 0.0%
Other/Unmapped 2.6%

Full portfolio 51 positions

05
Type Streak 8Q trend
WMB Williams Companies, Inc. (The) Common Stock $30,503 7.92% 410,323
SLB SLB Limited Common Shares $24,712 6.42% 531,546
NEE NextEra Energy, Inc. Common Stock $21,099 5.48% 240,391
VST Vistra Corp. Common Stock $19,813 5.14% 124,901
CP Canadian Pacific Kansas City Limited Common Shares $16,062 4.17% 185,368
CEG Constellation Energy Corporation - Common Stock When-Issued $15,890 4.13% 63,976
DLR Digital Realty Trust, Inc. Common Stock $15,261 3.96% 84,979
EQT EQT Corporation Common Stock $13,803 3.58% 259,594
LNG Cheniere Energy, Inc. Common Stock $13,273 3.45% 55,533
NRG NRG Energy, Inc. Common Stock $13,254 3.44% 90,744
UNP Union Pacific Corporation Common Stock $12,861 3.34% 47,283
TRP TC Energy Corporation Common Stock $11,759 3.05% 177,391
SBAC SBA Communications Corporation - Class A Common Stock $11,251 2.92% 63,760
SO Southern Company (The) Common Stock $11,090 2.88% 115,871
SRE DBA Sempra Common Stock $10,804 2.80% 116,533
HAL Halliburton Company Common Stock $10,796 2.80% 318,002
ENB Enbridge Inc Common Stock $10,016 2.60% 184,766
AMT American Tower Corporation (REIT) Common Stock $9,638 2.50% 58,925
DTM DT Midstream, Inc. Common Stock $7,959 2.07% 54,239
HASI HA Sustainable Infrastructure Capital, Inc. Common Stock $7,340 1.91% 187,959
WM Waste Management, Inc. Common Stock $6,996 1.82% 31,389
NGG National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares $6,992 1.82% 84,370
ETR Entergy Corporation Common Stock $6,441 1.67% 56,073
EIX Edison International Common Stock $6,363 1.65% 85,471
RWEOY CUSIP: 74975E303 $6,348 1.65% 97,719
BMI Badger Meter, Inc. Common Stock $5,842 1.52% 39,375
AWK American Water Works Company, Inc. Common Stock $4,739 1.23% 36,013
D Dominion Energy, Inc. Common Stock $4,207 1.09% 61,605
XYL Xylem Inc. Common Stock New $4,080 1.06% 34,513
XEL Xcel Energy Inc. - Common Stock $4,001 1.04% 49,822
WCN Waste Connections, Inc. Common Shares $3,967 1.03% 23,801
GFL GFL Environmental Inc. Subordinate voting shares, no par value $3,936 1.02% 106,981
AEP American Electric Power Company, Inc. - Common Stock $3,638 0.94% 26,592
EXC Exelon Corporation - Common Stock $3,612 0.94% 77,480
IBDRY CUSIP: 450737101 $2,986 0.78% 29,888
PAC Grupo Aeroportuario Del Pacifico, S.A. B. de C.V. Grupo Aeroportuario Del Pacifico, S.A. de C.V. (each representing 10 Series B shares) $2,975 0.77% 9,701 Up ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $2,908 0.75% 22,975
OKE ONEOK, Inc. Common Stock $2,479 0.64% 28,513
PEG Public Service Enterprise Group Incorporated Common Stock $2,236 0.58% 27,549
UGP Ultrapar Participacoes S.A. (New) American Depositary Shares (Each representing one Common Share) $2,035 0.53% 405,382
FE FirstEnergy Corp. Common Stock $1,993 0.52% 41,927
CMS CMS Energy Corporation Common Stock $1,807 0.47% 23,622
WTRG Essential Utilities, Inc. Common Stock $1,402 0.36% 36,596
TAC TransAlta Corporation Ordinary Shares $1,377 0.36% 99,595
DTE DTE Energy Company Common Stock $1,197 0.31% 7,858
OMAB Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - American Depositary Shares each representing 8 Series B shares $1,059 0.27% 9,365
ATO Atmos Energy Corporation Common Stock $685 0.18% 3,975
ENLAY CUSIP: 29265W207 $569 0.15% 49,779
NI NiSource Inc Common Stock $562 0.15% 11,825
ENPH Enphase Energy, Inc. - Common Stock $547 0.14% 11,110
TMUS T-Mobile US, Inc. - Common Stock $33 0.01% 194 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
WMB $30,503 410,323 7.92%
SLB $24,712 531,546 6.42%
NEE $21,099 240,391 5.48%
VST $19,813 124,901 5.14%
CP $16,062 185,368 4.17%
CEG $15,890 63,976 4.13%
DLR $15,261 84,979 3.96%
EQT $13,803 259,594 3.58%
LNG $13,273 55,533 3.45%
NRG $13,254 90,744 3.44%
UNP $12,861 47,283 3.34%
TRP $11,759 177,391 3.05%
SBAC $11,251 63,760 2.92%
SO $11,090 115,871 2.88%
SRE $10,804 116,533 2.80%

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
CEG March 31, 2026 63,976 $22,600,802 -4.2%
SLB March 31, 2026 531,546 $20,400,735 -2.2%
VST March 31, 2026 124,901 $20,150,278 -3.6%
NEE March 31, 2026 240,391 $19,298,589 -17.9%
WMB March 31, 2026 317,298 $19,072,783 -2.7%
NRG March 31, 2026 90,744 $14,450,075 -33.8%
EQT March 31, 2026 259,594 $13,914,238 -19.7%
DLR March 31, 2026 84,979 $13,147,101 -0.2%
SBAC March 31, 2026 63,760 $12,333,097 -6.0%
UNP March 31, 2026 47,283 $10,937,504 14.2%
LNG March 31, 2026 55,533 $10,795,060 -3.1%
CP March 31, 2026 142,128 $10,464,885 9.1%
AMT March 31, 2026 58,925 $10,345,462 -6.0%
SRE March 31, 2026 116,533 $10,288,699 -19.6%
SO March 31, 2026 115,871 $10,103,951 -13.2%
TRP March 31, 2026 177,391 $9,758,279 -5.0%
HAL March 31, 2026 318,002 $8,986,737 -15.9%
ENB March 31, 2026 184,766 $8,837,358 -15.0%
WM March 31, 2026 31,389 $6,896,477 -10.1%
BMI March 31, 2026 39,375 $6,867,394 -18.0%
NGG March 31, 2026 84,370 $6,526,020 -10.1%
DTM March 31, 2026 54,239 $6,491,324 -9.3%
HASI March 31, 2026 187,959 $5,907,551 -1.2%
RWEOY March 31, 2026 97,719 $5,209,400 No longer tracked
ETR March 31, 2026 56,073 $5,182,827 -10.3%
EIX March 31, 2026 85,471 $5,129,969 -25.9%
XYL March 31, 2026 34,513 $4,699,980 -14.3%
AWK March 31, 2026 36,013 $4,699,696 -6.1%
GFL March 31, 2026 106,981 $4,594,834 1.3%
WCN March 31, 2026 23,801 $4,173,743 -5.0%
XEL March 31, 2026 49,822 $3,679,853 -10.0%
D March 31, 2026 61,605 $3,609,437 -1.3%
EXC March 31, 2026 77,480 $3,377,353 -16.7%
ASR March 31, 2026 9,701 $3,137,303 -29.1%
AEP March 31, 2026 26,592 $3,066,324 -8.7%
DUK March 31, 2026 22,975 $2,692,900 -13.1%
IBDRY March 31, 2026 29,888 $2,582,323 No longer tracked
PEG March 31, 2026 27,549 $2,212,185 -15.2%
OKE March 31, 2026 28,513 $2,095,706 -2.0%
FE March 31, 2026 41,927 $1,877,072 -13.9%
CMS March 31, 2026 23,622 $1,651,886 -17.5%
UGP March 31, 2026 405,382 $1,528,290 41.0%
WTRG March 31, 2026 36,596 $1,403,823 -4.0%
TAC March 31, 2026 99,595 $1,258,881 -4.8%
OMAB March 31, 2026 9,365 $1,018,631 -17.2%
DTE March 31, 2026 7,858 $1,013,525 -14.5%
SEDG March 31, 2026 23,883 $689,025 -32.7%
ATO March 31, 2026 3,975 $666,329 -14.4%
ENLAY March 31, 2026 49,779 $516,706 No longer tracked
NI March 31, 2026 11,825 $493,812 -15.2%
ENPH March 31, 2026 11,110 $356,076 -11.5%