Encompass Capital Advisors LLC

CIK 1541901 · View on SEC EDGAR ↗

Portfolio value QoQ: -15.8% 13F does not disclose cash

Top 10 holdings weight55.62%

Top 25 holdings weight79.49%

Positions above 1%30

Effective number of positions16.4

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 46.98% Est. buys $1,444,443,734 · sells $2,125,326,321

Median holding: 2.0 quarters Tracked Q1 2025–Q2 2026 · 32.1% still held

New positions22

Increased7

Decreased21

Closed29

Put-notional exposure: 17.5% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets

Portfolio value $2.8B #1,285 of 9,337 by 13F value · top 13.8%

Positions 54

As of June 30, 2026 Data as of Q2 2026

Performance vs S&P 500

Tracked Q1 2025–Q2 2026 +79.3%

S&P 500 total return (same window) +37.0%

Excess return +42.3%

Annualized: +59.6% · 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: 96.7% · Options excluded: 15.2%

Sector breakdown

Energy 42.3%

Industrials 27.6%

Materials 8.7%

Other/Unmapped 21.4%

Full portfolio 54 positions

				Type		Streak
MTUM iShares Trust	$492,818,125	17.53%	1,437,500	Put option		Up ×1
TE T1 Energy Inc. Common Stock	$331,498,242	11.79%	34,968,169		$177,987,980
SEI Solaris Energy Infrastructure, Inc. Class A Common Stock	$202,727,338	7.21%	2,519,604		$103,834,838	Up ×1
AESI Atlas Energy Solutions Inc. Common Stock	$108,634,748	3.86%	6,540,322		$-11,218,840	Down ×1
NESR National Energy Services Reunited Corp - Ordinary Shares	$92,858,962	3.30%	3,102,538		$1,366,940	Down ×3
CSTM Constellium SE Ordinary Shares (France)	$77,168,393	2.75%	2,421,349		$16,276,900	Down ×2
MUR Murphy Oil Corporation Common Stock	$73,260,000	2.61%	2,250,000			Up ×1
PUMP ProPetro Holding Corp. Common Stock	$65,599,635	2.33%	4,574,591			Up ×1
BKR Baker Hughes Company - Common Stock	$63,770,277	2.27%	1,149,014
OXY Occidental Petroleum Corporation Common Stock	$55,272,660	1.97%	1,138,000		$25,931,920	Up ×1
PTEN Patterson-UTI Energy, Inc. - Common Stock	$54,355,441	1.93%	5,921,072			Up ×1
VG Venture Global, Inc. Class A common stock	$50,085,000	1.78%	4,500,000			Up ×1
FCEL FuelCell Energy, Inc. - Common Stock	$49,186,059	1.75%	1,365,900			Up ×1
CLF Cleveland-Cliffs Inc. Common Stock	$48,016,939	1.71%	5,113,625			Up ×1
CNR Core Natural Resources, Inc. Common Stock	$47,182,433	1.68%	589,633		$-5,182,567	Up ×2
NSC Norfolk Southern Corporation Common Stock	$45,615,550	1.62%	145,000
POWL Powell Industries, Inc. - Common Stock	$45,502,318	1.62%	158,899		$23,859,118	Up ×1
VIST Vista Energy S.A.B. de C.V. American Depositary Shares, each representing one series A share, with no par value	$45,024,936	1.60%	705,720		$4,003,142	Up ×1
SOC Sable Offshore Corp. Common Stock	$44,502,122	1.58%	14,448,741		$-177,671,079	Up ×1
ODFL Old Dominion Freight Line, Inc. - Common Stock	$43,320,000	1.54%	200,000		$-17,265,919	Down ×1
CENX Century Aluminum Company - Common Stock	$41,409,000	1.47%	900,000		$-49,640,436	Down ×1
ASPI ASP Isotopes Inc. - Common Stock	$40,814,110	1.45%	6,561,754		$10,262,831	Down ×1
Unknown issuer (CUSIP: 27005A105)	$39,489,151	1.40%	1,858,313			Up ×1
CNI Canadian National Railway Company Common Stock	$38,725,887	1.38%	325,000
SM SM Energy Company Common Stock	$37,794,392	1.34%	1,448,061		$16,036,988	Up ×1
WHD Cactus, Inc. Class A Common Stock	$37,227,560	1.32%	726,675		$965,162	Down ×1
MEOH Methanex Corporation - Common Stock	$36,510,326	1.30%	791,123
KEX Kirby Corporation Common Stock	$36,114,856	1.28%	265,609		$-26,287,054	Down ×3
NXT Nextpower Inc. - Class A Common Stock	$33,359,200	1.19%	280,000		$-25,018,584	Down ×4
MATX Matson, Inc. Common Stock	$32,818,275	1.17%	170,724		$57,489	Down ×1
Unknown issuer (CUSIP: 296013105)	$27,550,000	0.98%	1,900,000			Up ×1
NBR Nabors Industries Ltd.	$26,463,150	0.94%	315,000			Up ×1
PDS Precision Drilling Corporation Common Stock	$25,563,763	0.91%	333,371		$-8,940,166	Down ×3
SBLK Star Bulk Carriers Corp. - Common Shares	$24,033,625	0.85%	962,500			Up ×1
FPS Forgent Power Solutions, Inc. Class A Common Stock	$23,711,229	0.84%	424,476		$-32,653,981	Down ×1
NOG Northern Oil and Gas, Inc. Common Stock	$22,687,500	0.81%	1,250,000			Up ×1
TALO Talos Energy, Inc. Common Stock	$22,562,304	0.80%	1,747,661			Up ×1
FLOC Flowco Holdings Inc. Class A Common Stock	$21,780,330	0.77%	1,020,634		$-4,485,576	Down ×2
TTI Tetra Technologies, Inc. Common Stock	$21,527,000	0.77%	1,900,000		$-5,753,640	Down ×1
PSX Phillips 66 Common Stock	$21,103,019	0.75%	124,833		$-34,407,227	Down ×1
LSTR Landstar System, Inc. - Common Stock	$20,681,000	0.74%	100,000			Up ×1
WAB Westinghouse Air Brake Technologies Corporation Common Stock	$20,220,000	0.72%	75,000			Up ×1
RNGR Ranger Energy Services, Inc. Class A Common Stock	$19,659,928	0.70%	1,227,978		$-6,178,674	Down ×3
Unknown issuer (CUSIP: 31556C106)	$18,270,796	0.65%	625,070			Up ×1
Unknown issuer (CUSIP: N52A8C105)	$18,193,000	0.65%	460,000			Up ×1
RXO RXO, Inc. Common Stock	$16,850,730	0.60%	610,755			Up ×1
PWR Quanta Services, Inc. Common Stock	$14,400,800	0.51%	20,000		$-18,540,400	Down ×1
ECO Okeanis Eco Tankers Corp. Common Stock	$11,136,514	0.40%	222,197		$-7,957,771	Down ×2
DVN Devon Energy Corporation Common Stock	$10,912,653	0.39%	264,101		$-15,132,979	Down ×1
CMBT CMB.TECH NV Ordinary Shares	$4,679,039	0.17%	334,456		$-39,595,961	Down ×1
NVGS Navigator Holdings Ltd. Ordinary Shares (Marshall Islands)	$3,726,000	0.13%	200,000		$-16,265,395	Down ×1
BESS CUSIP: 84856X205	$2,849,000	0.10%	700,000		$1,358,000
BESSWS CUSIP: 84856X122	$1,900,000	0.07%	1,000,000		$1,187,500
TEWS CUSIP: 35834F112	$67,503	0.00%	355,465		$-11,055
No matches

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
MTUM	$492,818,125	1,437,500	17.53%
MUR	$73,260,000	2,250,000	2.61%
PUMP	$65,599,635	4,574,591	2.33%
BKR	$63,770,277	1,149,014	2.27%
PTEN	$54,355,441	5,921,072	1.93%
VG	$50,085,000	4,500,000	1.78%
FCEL	$49,186,059	1,365,900	1.75%
CLF	$48,016,939	5,113,625	1.71%
NSC	$45,615,550	145,000	1.62%
Unknown issuer (CUSIP: 27005A105)	$39,489,151	1,858,313	1.40%
CNI	$38,725,887	325,000	1.38%
MEOH	$36,510,326	791,123	1.30%
Unknown issuer (CUSIP: 296013105)	$27,550,000	1,900,000	0.98%
NBR	$26,463,150	315,000	0.94%
SBLK	$24,033,625	962,500	0.85%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
TE	Price move only	+0	+$178.0M
SOC	Bought more	+1.0M	-$177.7M
SEI	Bought more	+770K	+$103.8M
CENX	Trimmed	-651K	-$49.6M
PSX	Trimmed	-180K	-$34.4M
FPS	Trimmed	-1.5M	-$32.7M
KEX	Trimmed	-204K	-$26.3M
OXY	Bought more	+687K	+$25.9M
NXT	Trimmed	-204K	-$25.0M
POWL	Bought more	+119K	+$23.9M

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

Exited positions

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.

Security	Quarter	Shares before	Value before	Price since exit
ARKK	Dec. 31, 2025	6,922,500	$597,411,750
LNG	June 30, 2026	1,556,100	$441,558,936	15.2%
XOP	June 30, 2026	1,390,000	$252,743,700
VST	Sept. 30, 2025	775,000	$150,202,750	-18.1%
FLR	Sept. 30, 2025	2,591,170	$132,849,286	23.6%
UAL	March 31, 2026	1,167,000	$130,493,940	21.5%
FANG	March 31, 2026	746,343	$112,197,743	-6.5%
ENPH	Sept. 30, 2025	2,709,700	$107,439,605	-4.2%
LYB	June 30, 2026	1,274,000	$102,633,440	11.9%
EXE	Sept. 30, 2025	799,646	$93,510,603	-17.0%
FSLR	Dec. 31, 2025	421,026	$92,848,864	-31.2%
UEC	Dec. 31, 2025	6,769,688	$90,307,638	No longer tracked
BTE	June 30, 2026	20,071,614	$89,694,763	17.3%
WMB	Dec. 31, 2025	1,298,275	$82,245,721	20.4%
GEV	June 30, 2025	252,140	$76,973,299	94.5%
FANG	June 30, 2025	471,944	$75,454,407	34.6%
VRN	June 30, 2025	10,789,335	$71,453,544	No longer tracked
NFE	June 30, 2025	8,516,219	$70,769,780	66.0%
OVV	June 30, 2025	1,635,482	$69,998,630	61.6%
KGS	Dec. 31, 2025	1,736,009	$64,180,253	48.3%
EQT	Sept. 30, 2025	1,099,379	$64,115,783	-3.6%
DVN	June 30, 2025	1,699,493	$63,561,038	51.0%
ALM	June 30, 2026	4,300,839	$62,276,149	-21.3%
FCX	June 30, 2025	1,642,421	$62,182,059	67.4%
HP	March 31, 2026	2,081,644	$59,701,550	9.9%
CEG	June 30, 2026	200,000	$55,850,000	20.9%
MTDR	March 31, 2026	1,254,678	$53,248,534	-16.3%
SCCO	June 30, 2026	308,100	$53,011,686	20.0%
MGY	Dec. 31, 2025	2,182,088	$52,086,441	9.4%
TS	Dec. 31, 2025	1,432,704	$51,247,822	47.9%
VLO	June 30, 2025	378,330	$49,966,043	211.9%
BP	Dec. 31, 2025	1,449,093	$49,935,745	29.6%
CNI	June 30, 2025	500,000	$48,709,565	13.8%
FTI	June 30, 2025	1,500,000	$47,535,000	102.9%
WTTR	June 30, 2026	3,085,249	$47,204,310	0.1%
WFRD	March 31, 2026	599,274	$46,899,183	-15.5%
PWR	Sept. 30, 2025	122,914	$46,471,325	73.6%
GLNG	Dec. 31, 2025	1,140,969	$46,106,557	34.5%
MUSA	June 30, 2026	90,000	$44,457,300	-4.8%
PPTA	Sept. 30, 2025	3,608,369	$43,805,600	1.9%
CMC	March 31, 2026	599,871	$41,523,071	5.7%
UAL	June 30, 2025	600,000	$41,430,000	40.5%
UNP	June 30, 2025	175,000	$41,342,000	20.2%
SHLS	March 31, 2026	4,823,369	$40,998,637	29.0%
UEC	June 30, 2026	3,000,000	$40,500,000	No longer tracked
INSW	Dec. 31, 2025	874,204	$40,283,320	139.9%
AA	June 30, 2026	605,149	$40,139,533	-17.2%
JBHT	March 31, 2026	205,000	$39,839,700	6.6%
MTDR	Sept. 30, 2025	779,431	$37,194,447	17.8%
MEOH	Sept. 30, 2025	1,118,102	$37,009,176	52.9%
GXO	March 31, 2026	698,974	$36,793,991	-10.5%
RRC	Sept. 30, 2025	899,670	$36,589,579	6.3%
DINO	Dec. 31, 2025	697,632	$36,514,059	148.7%
CHRD	March 31, 2026	391,127	$36,257,473	-3.3%
BWXT	Sept. 30, 2025	250,000	$36,015,000	-21.0%
SLI	March 31, 2026	8,053,722	$36,000,137	No longer tracked
PRIM	March 31, 2026	289,907	$35,989,055	-40.6%
TBN	June 30, 2026	713,698	$35,677,763	6.7%
YPF	June 30, 2025	999,047	$35,006,607	62.7%
ORA	March 31, 2026	312,675	$34,541,207	-16.8%
CF	June 30, 2026	265,400	$34,459,536	7.2%
CCJ	March 31, 2026	375,000	$34,308,750	-14.4%
CMC	Sept. 30, 2025	699,756	$34,225,066	13.3%
FDX	June 30, 2025	140,000	$34,129,200	27.2%
PR	June 30, 2026	1,597,811	$34,065,331	21.4%
X	June 30, 2025	800,000	$33,808,000	No longer tracked
HCC	March 31, 2026	375,791	$33,133,492	-0.8%
CSX	June 30, 2026	785,800	$32,257,090	-0.1%
NRG	Sept. 30, 2025	199,924	$32,103,796	-36.0%
HBM	June 30, 2025	4,132,062	$31,360,554	154.0%
GGB	June 30, 2025	10,610,617	$30,134,152	75.3%
MWH	June 30, 2026	1,000,400	$30,042,012	-22.1%
NUE	June 30, 2026	175,000	$29,592,500	12.7%
TGS	Dec. 31, 2025	1,404,472	$29,536,046	-13.0%
PARR	June 30, 2026	460,393	$28,839,018	55.0%
KNX	June 30, 2026	500,000	$28,790,000	-17.0%
FRO	Sept. 30, 2025	1,733,496	$28,446,669	131.5%
NXE	Dec. 31, 2025	3,151,178	$28,214,773	2.5%
STLD	June 30, 2025	220,407	$27,568,508	86.1%
VTOL	June 30, 2026	587,364	$27,541,498	-2.4%
WHD	June 30, 2025	599,095	$27,456,524	46.8%
WFRD	June 30, 2025	510,830	$27,354,947	58.9%
ENPH	June 30, 2026	720,288	$27,234,089	-31.1%
GATX	Dec. 31, 2025	149,946	$26,210,561	0.8%
NSC	Sept. 30, 2025	99,956	$25,585,737	5.3%
LIN	June 30, 2026	50,000	$24,788,000	-5.6%
DAR	June 30, 2026	400,000	$24,740,000	12.0%
HLX	Sept. 30, 2025	3,806,807	$23,754,476	No longer tracked
SLB	June 30, 2025	551,153	$23,038,195	47.9%
CEG	Dec. 31, 2025	69,938	$23,014,498	-15.0%
BKR	Sept. 30, 2025	599,767	$22,995,067	17.3%
DTM	Dec. 31, 2025	195,690	$22,124,711	4.1%
KNX	Sept. 30, 2025	500,000	$22,115,000	63.6%
TRN	June 30, 2025	779,039	$21,859,834	-3.0%
VNOM	June 30, 2026	464,604	$21,831,742	-1.9%
CDLR	Dec. 31, 2025	1,053,393	$21,752,565	18.6%
BTU	Dec. 31, 2025	809,460	$21,466,879	-14.4%
GFR	Dec. 31, 2025	4,619,563	$21,342,381	30.5%
TRN	Dec. 31, 2025	749,510	$21,016,260	-0.9%
DHT	Sept. 30, 2025	1,899,098	$20,529,249	96.8%
KRSPU	June 30, 2026	1,935,615	$20,517,519	No longer tracked
ARCB	March 31, 2026	275,000	$20,402,250	30.4%
EGO	Sept. 30, 2025	1,000,000	$20,340,000	33.4%
GPRE	Dec. 31, 2025	2,239,642	$19,686,453	54.7%
TMC	March 31, 2026	3,000,000	$18,510,000	-20.8%
STLD	June 30, 2026	100,043	$18,007,740	3.8%
B	March 31, 2026	400,000	$17,420,000	-0.2%
TNK	June 30, 2025	449,689	$17,209,598	142.7%
AAL	Dec. 31, 2025	1,499,265	$16,851,739	-15.2%
ARRY	Sept. 30, 2025	2,839,204	$16,751,304	-50.2%
SGML	March 31, 2026	1,248,175	$16,463,428	-21.3%
STNG	June 30, 2026	200,000	$14,932,000	24.5%
RS	June 30, 2025	49,986	$14,433,458	27.9%
BORR	March 31, 2026	3,554,800	$14,325,844	-27.0%
AGI	June 30, 2026	300,065	$13,331,888	7.9%
METC	Sept. 30, 2025	1,000,000	$13,140,000	-75.2%
NUE	Sept. 30, 2025	100,000	$12,954,000	85.4%
ARCB	Sept. 30, 2025	164,355	$12,656,979	83.5%
GTE	Sept. 30, 2025	2,387,614	$11,388,919	No longer tracked
INR	Dec. 31, 2025	849,113	$11,131,871	-8.4%
CSX	Dec. 31, 2025	297,749	$10,573,067	31.0%
HOND	June 30, 2025	946,165	$10,005,695	No longer tracked
AA	June 30, 2025	268,923	$8,202,152	46.3%
AUGO	Dec. 31, 2025	199,700	$7,430,837	71.9%
XPRO	June 30, 2025	661,503	$6,575,340	88.9%
USAR	June 30, 2026	465,000	$6,224,025	-36.3%
PARR	Dec. 31, 2025	151,517	$5,366,732	147.3%
AESI	Sept. 30, 2025	373,148	$4,988,989	11.8%
ASPI	Dec. 31, 2025	500,000	$4,810,000	-46.7%
URG	Dec. 31, 2025	2,528,941	$4,526,804	No longer tracked
PPTA	March 31, 2026	168,750	$4,085,438	-26.7%
METCB	Sept. 30, 2025	41,820	$342,088	-73.5%

Person profile: Encompass Capital Advisors LLC