RI
Recurrent Investment Advisors LLC — 13F Portfolio Report & Top Holdings (Q2 2026)
Recurrent Investment Advisors LLCCIK: 0001803146
Diversified strategySector-focusedMomentum follower
Total reported value
$1.6B
Reporting period: 2026-06-30 · Number of holdings: 71
Recurrent Investment Advisors LLC disclosed 71 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.6B and a quarterly turnover rate of 20.8%.
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Personality snowflake
- Concentration
- 17.84
- Portfolio Stability
- 20.79
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 85.18
Recurrent Investment Advisors LLC's disclosed holdings carry a Herfindahl concentration index of 0.045 — mathematically equivalent to about 22 equally-sized positions, well below its 71 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.48), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim SU
-24.4% -$39.2M
Trim CVE
-18.3% -$37.0M
New buy MPLX
Trim VNOM
-52.7% -$26.6M
Add ENB
+89.6% $22.7M
New buy VG
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TRGP | Targa Resources CORP | Stock-Energy | 7.83% | +0.71% | -0.25% | |
| 2 | CVE | Cenovus Energy Inc | Stock-Energy | 7.61% | -2.00% | -18.28% | |
| 3 | ET | Energy Transfer LP | Stock-Energy | 7.04% | +0.58% | +6.71% | |
| 4 | OKE | Oneok Inc | Stock-Energy | 6.26% | -0.03% | +0.34% | |
| 5 | KMI | Kinder Morgan, Inc. | Stock-Energy | 5.12% | +0.21% | +6.09% | |
| 6 | MUSA | Murphy USA Inc | Stock-Consumer Disc | 4.88% | +0.55% | +0.10% | |
| 7 | SUN | Sunoco LP | Stock-Other | 4.82% | +0.80% | +11.83% | |
| 8 | EPD | Enterprise Products Partners | Stock-Energy | 4.64% | +0.82% | +21.24% | |
| 9 | LNG | Cheniere Energy Inc | Stock-Energy | 4.47% | -0.66% | +0.43% | |
| 10 | PBA | Pembina Pipeline CORP | Stock-Energy | 4.32% | +0.28% | +0.27% | |
| 11 | PSX | Phillips 66 | Stock-Energy | 4.23% | -0.31% | -2.67% | |
| 12 | SU | Suncor Energy Inc | Stock-Energy | 3.89% | -2.25% | -24.37% | |
| 13 | WMB | Williams Cos Inc | Stock-Energy | 3.52% | +0.18% | — | |
| 14 | DTM | Dt Midstream Inc | Stock-Energy | 3.24% | +0.36% | -0.00% | |
| 15 | WES | Western Midstream Partners L | Stock-Energy | 3.08% | +0.27% | -0.13% | |
| 16 | ENB | Enbridge Inc | Stock-Energy | 2.97% | +1.45% | +89.62% | |
| 17 | PAGP | Plains Gp Holdings Lp-cl A | Stock-Energy | 2.71% | -0.38% | -15.70% | |
| 18 | SOBO | South Bow CORP | Stock-Other | 2.53% | +0.20% | -0.20% | |
| 19 | PBF | Pbf Energy Inc-class A | Stock-Energy | 2.06% | -0.81% | -27.26% | |
| 20 | MPLX | Mplx LP | Stock-Energy | 1.90% | +1.90% | NEW | |
| 21 | VG | Venture Global Inc-cl A | Stock-Energy | 1.40% | +1.40% | NEW | |
| 22 | MPC | Marathon Petroleum CORP | Stock-Energy | 1.36% | -1.30% | -52.59% | |
| 23 | VNOM | Viper Energy Inc-cl A | Stock-Energy | 1.23% | -1.57% | -52.69% | |
| 24 | B | Barrick Mining CORP | Stock-Materials | 0.64% | -0.04% | +0.04% | |
| 25 | DOW | Dow Inc | Stock-Materials | 0.62% | -0.22% | +9.13% | |
| 26 | WLK | Westlake CORP | Stock-Materials | 0.58% | -0.21% | +14.17% | |
| 27 | EMN | Eastman Chemical Co | Stock-Materials | 0.56% | +0.16% | +55.91% | |
| 28 | NEM | Newmont CORP | Stock-Materials | 0.56% | -0.07% | — | |
| 29 | HUN | Huntsman CORP | Stock-Materials | 0.52% | +0.09% | +47.87% | |
| 30 | XOM | Exxon Mobil CORP | Stock-Energy | 0.49% | -0.11% | +0.02% | |
| 31 | LYB | LyondellBasell Industries N.V. | Stock-Materials | 0.47% | -0.14% | +15.32% | |
| 32 | CVX | Chevron CORP | Stock-Energy | 0.44% | -0.10% | +0.00% | |
| 33 | NTR | Nutrien LTD | Stock-Materials | 0.29% | -0.04% | -0.01% | |
| 34 | KGC | Kinross Gold CORP | Stock-Materials | 0.24% | +0.24% | NEW | |
| 35 | MTDR | Matador Resources Co | Stock-Energy | 0.24% | -0.05% | +0.07% | |
| 36 | NUE | Nucor CORP | Stock-Materials | 0.23% | +0.06% | +0.04% | |
| 37 | COP | Conocophillips | Stock-Energy | 0.22% | -0.05% | — | |
| 38 | FCX | Freeport-mcmoran Inc | Stock-Materials | 0.20% | +0.01% | -0.06% | |
| 39 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 0.19% | +0.03% | — | |
| 40 | VALE | Vale Sa-sp Adr | Stock-Materials | 0.18% | -0.01% | +0.03% | |
| 41 | RIO | Rio Tinto Plc-spon Adr | Stock-Materials | 0.16% | +0.01% | -0.01% | |
| 42 | HAL | Halliburton Co | Stock-Energy | 0.16% | -0.01% | +0.02% | |
| 43 | CNQ | Canadian Natural Resources | Stock-Energy | 0.15% | -0.02% | — | |
| 44 | BHP | Bhp Group Ltd-spon Adr | Stock-Materials | 0.14% | +0.02% | -0.03% | |
| 45 | FANG | Diamondback Energy Inc | Stock-Energy | 0.13% | -0.01% | — | |
| 46 | SUNC | Sunococorp LLC | Stock-Other | 0.11% | +0.05% | +69.57% | |
| 47 | SHEL | Shell Plc-adr | Stock-Energy | 0.10% | -0.02% | +0.79% | |
| 48 | DAR | Darling Ingredients Inc | Stock-Consumer Staples | 0.09% | -0.01% | — | |
| 49 | CRH | CRH plc | Stock-Materials | 0.09% | +0.03% | +44.11% | |
| 50 | EXE | Expand Energy CORP | Stock-Energy | 0.09% | +0.03% | +61.48% |
1–50 of 71
Portfolio Performance
Performance for Q3 2026
+12.9%
Performance Last 4 Quarters
+50.6%
- Stdev
- +16.5%
- Beta
- +0.24
- Alpha
- +22.2%
- Max Drawdown
- -9.9%
- Annualized Perf
- +29.1%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +3.6
- Stutzer
- +0.49
- Treynor
- +1.11
- Sterling
- +1.8
- Calmar
- +2.95
- Information Ratio
- +0.38
- Tracking Error
- +18.9%
- Stdev Down
- +7.5%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +55%
- Worst 12 Months
- +4.5%
- Efficiency Ratio
- +0.79
- Sharpe
- +1.65
- Stdev Sectors
- +31.9%
- Skewness
- +0.07
- Kurtosis
- -0.09
- Upside Potential
- +5.04
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 71 | $1.6B | 21 | ||
| 2026 Q1 | 67 | $1.7B | 33 | ||
| 2025 Q4 | 71 | $1.4B | 21 | ||
| 2025 Q3 | 64 | $1.3B | 33 | ||
| 2025 Q2 | 64 | $1.2B | 0 | ||
| 2025 Q1 | 65 | $1.2B | 100 | ||
| 2024 Q4 | 65 | $1.1B | 0 | ||
| 2024 Q3 | 54 | $1.0B | 0 | ||
| 2024 Q2 | 51 | $949.9M | 0 | ||
| 2024 Q1 | 50 | $862.5M | 0 | ||
| 2023 Q4 | 44 | $681.7M | 0 | ||
| 2023 Q3 | 51 | $681.0M | 0 | ||
| 2023 Q2 | 53 | $590.8M | 0 | ||
| 2023 Q1 | 43 | $505.7M | 0 | ||
| 2022 Q4 | 53 | $468.8M | 0 | ||
| 2022 Q3 | 42 | $370.6M | 0 | ||
| 2022 Q2 | 49 | $329.8M | 0 | ||
| 2022 Q1 | 40 | $315.0M | 0 | ||
| 2021 Q4 | 42 | $247.9M | 0 | ||
| 2021 Q3 | 41 | $227.7M | 0 | ||
| 2021 Q2 | 43 | $198.4M | 89 | ||
| 2021 Q1 | 44 | $158.0M | 22 | ||
| 2020 Q4 | 43 | $134.7M | 39 | ||
| 2020 Q3 | 40 | $93.9M | 18 | ||
| 2020 Q2 | 39 | $106.2M | 72 | ||
| 2020 Q1 | 34 | $53.3M | 44 | ||
| 2019 Q4 | 44 | $78.4M | 0 |
Holding changes this quarter
Recurrent Investment Advisors LLC's most significant position changes for 2026-06-30: New buy: Mplx LP (MPLX); New buy: Venture Global Inc-cl A (VG); New buy: Kinross Gold CORP (KGC); New buy: Bp Plc-spons Adr (BP); Trim: Suncor Energy Inc (SU) — shares -24.37%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MPLX | Mplx LP | +1.9% | NEW | New buy |
| 2 | ENB | Enbridge Inc | +1.5% | +89.62% | Add |
| 3 | VG | Venture Global Inc-cl A | +1.4% | NEW | New buy |
| 4 | EPD | Enterprise Products Partners | +0.8% | +21.24% | Add |
| 5 | SUN | Sunoco LP | +0.8% | +11.83% | Add |
| 6 | TRGP | Targa Resources CORP | +0.7% | -0.25% | Trim |
| 7 | ET | Energy Transfer LP | +0.6% | +6.71% | Add |
| 8 | MUSA | Murphy USA Inc | +0.6% | +0.10% | Add |
| 9 | DTM | Dt Midstream Inc | +0.4% | -0.00% | Trim |
| 10 | PBA | Pembina Pipeline CORP | +0.3% | +0.27% | Add |
| 11 | WES | Western Midstream Partners L | +0.3% | -0.13% | Trim |
| 12 | KGC | Kinross Gold CORP | +0.2% | NEW | New buy |
| 13 | KMI | Kinder Morgan, Inc. | +0.2% | +6.09% | Add |
| 14 | SOBO | South Bow CORP | +0.2% | -0.20% | Trim |
| 15 | WMB | Williams Cos Inc | +0.2% | — | Unchanged |
| 16 | EMN | Eastman Chemical Co | +0.2% | +55.91% | Add |
| 17 | HUN | Huntsman CORP | +0.1% | +47.87% | Add |
| 18 | NUE | Nucor CORP | +0.1% | +0.04% | Add |
| 19 | SUNC | Sunococorp LLC | +0.1% | +69.57% | Add |
| 20 | BP | Bp Plc-spons Adr | 0% | NEW | New buy |
| 21 | CRH | CRH plc | 0% | +44.11% | Add |
| 22 | TECK | Teck Resources Ltd-cls B | 0% | — | Unchanged |
| 23 | EXE | Expand Energy CORP | 0% | +61.48% | Add |
| 24 | BHP | Bhp Group Ltd-spon Adr | 0% | -0.03% | Trim |
| 25 | FCX | Freeport-mcmoran Inc | 0% | -0.06% | Trim |
| 26 | SW | Smurfit Westrock Plc | 0% | — | Unchanged |
| 27 | MT | Arcelormittal-ny Registered | 0% | -0.21% | Trim |
| 28 | CCK | Crown Holdings Inc | 0% | — | Unchanged |
| 29 | IP | International Paper Co | 0% | +0.21% | Add |
| 30 | TRP | Tc Energy CORP | 0% | — | Unchanged |
| 31 | RIO | Rio Tinto Plc-spon Adr | 0% | -0.01% | Trim |
| 32 | VLO | Valero Energy CORP | 0% | — | Unchanged |
| 33 | ADM | Archer-daniels-midland Co | 0% | -0.05% | Trim |
| 34 | KNTK | Kinetik Holdings Inc | — | -14.79% | Trim |
| 35 | EOG | Eog Resources Inc | — | — | Unchanged |
| 36 | CCJ | Cameco CORP | — | — | Unchanged |
| 37 | CEG | Constellation Energy | — | — | Unchanged |
| 38 | VST | Vistra CORP | — | — | Unchanged |
| 39 | WY | Weyerhaeuser Co | — | -0.04% | Trim |
| 40 | MLM | Martin Marietta Materials | — | — | Unchanged |
| 41 | HAL | Halliburton Co | 0% | +0.02% | Add |
| 42 | FANG | Diamondback Energy Inc | 0% | — | Unchanged |
| 43 | MOS | Mosaic Co/the | 0% | +0.17% | Add |
| 44 | AA | Alcoa CORP | 0% | -0.20% | Trim |
| 45 | TTE | TotalEnergies SE | 0% | — | Unchanged |
| 46 | DAR | Darling Ingredients Inc | 0% | — | Unchanged |
| 47 | CF | Cf Industries Holdings Inc | 0% | — | Unchanged |
| 48 | VALE | Vale Sa-sp Adr | 0% | +0.03% | Add |
| 49 | CNQ | Canadian Natural Resources | 0% | — | Unchanged |
| 50 | SHEL | Shell Plc-adr | 0% | +0.79% | Add |
1–50 of 71
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is Recurrent Investment Advisors LLC and what type of investor is it?
Recurrent Investment Advisors LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.6B, spread across 71 disclosed positions.
What are Recurrent Investment Advisors LLC's largest equity positions?
Based on the latest 13F filing, Recurrent Investment Advisors LLC's top holdings by market value are:
1. Targa Resources CORP (TRGP) — $126.2M (7.8%)
2. Cenovus Energy Inc (CVE) — $122.6M (7.6%)
3. Energy Transfer LP (ET) — $113.5M (7.0%)
4. Oneok Inc (OKE) — $100.8M (6.3%)
5. Kinder Morgan, Inc. (KMI) — $82.4M (5.1%)
What changes did Recurrent Investment Advisors LLC make in its most recent portfolio filing?
In the latest reported quarter, Recurrent Investment Advisors LLC made 53 notable position adjustments: 4 new positions were initiated, 27 existing holdings were added to, 22 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Mplx LP (MPLX); New buy: Venture Global Inc-cl A (VG); New buy: Kinross Gold CORP (KGC); New buy: Bp Plc-spons Adr (BP); Trim: Suncor Energy Inc (SU) — shares -24.37%
What sectors does Recurrent Investment Advisors LLC focus on?
Recurrent Investment Advisors LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 87.8%
• Materials: 6.4%
• Consumer Discretionary: 5.5%
• Consumer Staples: 0.1%
• Utilities: 0.1%
• Real Estate: 0.0%
Investment Profile
Recurrent Investment Advisors LLC returned an annualized 29.1% over the trailing 36 months — outperforming the S&P 500 by 22.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.24 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 87.8% of the portfolio concentrated in Energy.
Its turnover score has risen from 0 to 21 over the past 4 quarters — a shift toward more active trading.
It has added to its SUN position over the past two quarters (+$42.0M, now $77.6M), while trimming MPC over the same stretch (-$23.9M, still holding $21.9M).
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Developer Access
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