Heronetta Management, L.P. 13F Holdings Overview (16 Positions)

CIK: 0001588225

Sector-focusedMomentum followerQuality / disciplined sizing

Total reported value

$109.6M

Reporting period: 2026-03-31 · Number of holdings: 16

Heronetta Management, L.P. disclosed 16 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $109.6M and a quarterly turnover rate of 66.1%.

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Personality snowflake

Concentration: 51.65
Portfolio Stability: 66.14
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 32
Sizing Uniformity: 89.34

Heronetta Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.129 — mathematically equivalent to about 8 equally-sized positions, well below its 16 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.07), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 6.6 percentage-point tilt) — a pattern consistent with a momentum-following approach.

Recent moves

Add WMB
+0.5%　$3.3M
Add EPD
-0.3%　$2.8M
Add MPLX
+0.1%　$1.2M
Add ET
-0.4%　$2.2M
Trim ENB
-92.0%　-$11.6M
Add OKE
-0.4%　$2.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	EPD	Enterprise Products Partners	Stock-Energy	17.10%	+7.90%	-0.28%
2	MPLX	Mplx LP	Stock-Energy	16.88%	+6.89%	+0.12%
3	WMB	Williams Cos INC	Stock-Energy	16.70%	+8.01%	+0.50%
4	ET	Energy Transfer LP	Stock-Energy	14.08%	+6.43%	-0.36%
5	OKE	Oneok INC	Stock-Energy	11.62%	+5.61%	-0.42%
6	WES	Western Midstream Partners L	Stock-Energy	7.75%	+3.04%	—
7	PAGP	Plains Gp Holdings Lp-cl A	Stock-Energy	4.01%	+1.98%	-1.25%
8	HESM	Hess Midstream LP - Class A	Stock-Other	3.28%	+1.41%	-1.49%
9	KMI	Kinder Morgan INC	Stock-Energy	2.72%	+1.31%	—
10	TRGP	Targa Resources CORP	Stock-Energy	2.37%	+1.28%	+0.98%
11	ENB	Enbridge INC	Stock-Energy	0.77%	-6.41%	-91.98%
12	PBA	Pembina Pipeline CORP	Stock-Energy	0.72%	-5.11%	-91.05%
13	TRP	Tc Energy CORP	Stock-Energy	0.68%	-5.17%	-91.39%
14	LNG	Cheniere Energy INC	Stock-Energy	0.65%	+0.37%	—
15	AM	Antero Midstream CORP	Stock-Energy	0.35%	+0.18%	—
16	CQP	Cheniere Energy Partners LP	Stock-Other	0.34%	+0.16%	—

Portfolio Performance

Performance for Q3 2026

—

Performance Last 4 Quarters

—

Based on 31% of reported portfolio value with available pricing

Stdev: +9.3%
Beta: +0.53
Alpha: +5.5%
Max Drawdown: -2.9%
Annualized Perf: +20.1%
Batting Avg vs S&P: +41.7%
Sortino: +5.1
Stutzer: +0.61
Treynor: +0.35
Sterling: +1.56
Calmar: +6.99
Information Ratio: -0.73
Tracking Error: +8.6%
Stdev Down: +3.7%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +20.1%
Worst 12 Months: +20.1%
Efficiency Ratio: +0.63
Sharpe: +2.02
Stdev Sectors: 0%
Skewness: -0.24
Kurtosis: -1.09
Upside Potential: +6.86

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	16	$109.6M	66	1EPD 2MPLX 3WMB Top holdings2026-03-31 1.EPD 2.MPLX 3.WMB 4.ET 5.OKE 6.WES 7.PAGP 8.HESM 9.KMI 10.TRGP
2025-12-31	25	$172.9M	7	1MPLX 2EPD 3WMB Top holdings2025-12-31 1.MPLX 2.EPD 3.WMB 4.ET 5.ENB 6.OKE 7.TRP 8.PBA 9.CP 10.CNQ
2025-09-30	25	$182.6M	12	1MPLX 2WMB 3EPD Top holdings2025-09-30 1.MPLX 2.WMB 3.EPD 4.ET 5.ENB 6.OKE 7.PBA 8.TRP 9.CP 10.WES
2025-06-30	25	$179.5M	0	1MPLX 2WMB 3EPD Top holdings2025-06-30 1.MPLX 2.WMB 3.EPD 4.ET 5.OKE 6.ENB 7.PBA 8.CP 9.WES 10.TRP
2025-03-31	24	$183.0M	100	1MPLX 2EPD 3WMB Top holdings2025-03-31 1.MPLX 2.EPD 3.WMB 4.ET 5.OKE 6.ENB 7.PBA 8.WES 9.CP 10.CNQ
2024-12-31	24	$175.1M	0	1EPD 2ET 3MPLX Top holdings2024-12-31 1.EPD 2.ET 3.MPLX 4.OKE 5.WMB 6.ENB 7.PBA 8.CP 9.WES 10.CNQ
2024-09-30	23	$163.6M	0	1EPD 2MPLX 3OKE Top holdings2024-09-30 1.EPD 2.MPLX 3.OKE 4.ET 5.WMB 6.PBA 7.ENB 8.CP 9.WES 10.CNQ
2024-06-30	23	$156.3M	0	1EPD 2MPLX 3ET Top holdings2024-06-30 1.EPD 2.MPLX 3.ET 4.OKE 5.WMB 6.PBA 7.CNQ 8.ENB 9.CP 10.WES
2024-03-31	23	$154.9M	0	1EPD 2MPLX 3ET Top holdings2024-03-31 1.EPD 2.MPLX 3.ET 4.OKE 5.WMB 6.CNQ 7.CP 8.CNI 9.ENB 10.PBA
2023-12-31	23	$141.2M	0	1EPD 2MPLX 3ET Top holdings2023-12-31 1.EPD 2.MPLX 3.ET 4.OKE 5.WMB 6.CNQ 7.CP 8.ENB 9.CNI 10.PBA
2023-09-30	23	$136.3M	0	1EPD 2OKE 3MPLX Top holdings2023-09-30 1.EPD 2.OKE 3.MPLX 4.ET 5.WMB 6.CNQ 7.CP 8.ENB 9.CNI 10.PBA
2023-06-30	24	$136.7M	0	1EPD 2MPLX 3ET Top holdings2023-06-30 1.EPD 2.MPLX 3.ET 4.WEP 5.CP 6.WMB 7.ENB 8.CNI 9.CNQ 10.PBA
2023-03-31	24	$136.1M	0	1EPD 2MPLX 3ET Top holdings2023-03-31 1.EPD 2.MPLX 3.ET 4.WEP 5.CP 6.ENB 7.CNI 8.WMB 9.PBA 10.CNQ
2022-12-31	27	$158.6M	0	1EPD 2MPLX 3ET Top holdings2022-12-31 1.EPD 2.MPLX 3.ET 4.WEP 5.WMB 6.ENB 7.CP 8.PBA 9.CNI 10.CNQ
2022-09-30	24	$139.5M	0	1EPD 2MPLX 3ET Top holdings2022-09-30 1.EPD 2.MPLX 3.ET 4.WEP 5.WMB 6.CP 7.ENB 8.CNI 9.PBA 10.CNQ
2022-06-30	24	$143.2M	0	1EPD 2MPLX 3WEP Top holdings2022-06-30 1.EPD 2.MPLX 3.WEP 4.ET 5.WMB 6.ENB 7.CP 8.PBA 9.CNI 10.CNQ
2022-03-31	25	$154.9M	0	1EPD 2MPLX 3ET Top holdings2022-03-31 1.EPD 2.MPLX 3.ET 4.WEP 5.WMB 6.ENB 7.CP 8.CNI 9.CNQ 10.PBA
2021-12-31	25	$132.0M	0	1EPD 2MPLX 3WEP Top holdings2021-12-31 1.EPD 2.MPLX 3.WEP 4.ET 5.CNI 6.CP 7.WMB 8.ENB 9.PBA 10.TRP
2021-09-30	24	$129.8M	0	1EPD 2MPLX 3WEP Top holdings2021-09-30 1.EPD 2.MPLX 3.WEP 4.ET 5.WMB 6.ENB 7.CNI 8.CP 9.PBA 10.TRP
2021-06-30	24	$113.9M	100	1EPD 2MPLX 3WEP Top holdings2021-06-30 1.EPD 2.MPLX 3.WEP 4.CP 5.ET 6.ENB 7.WMB 8.CNI 9.PBA 10.TRP
2021-03-31	24	$119.6M	14	1EPD 2MPLX 3WEP Top holdings2021-03-31 1.EPD 2.MPLX 3.WEP 4.CP 5.ET 6.WMB 7.CNI 8.ENB 9.TRP 10.PBA
2020-12-31	25	$120.0M	23	1EPD 2WEP 3ET Top holdings2020-12-31 1.EPD 2.WEP 3.ET 4.MPLX 5.CP 6.WMB 7.CNI 8.ENB 9.AQN 10.OKE
2020-09-30	25	$97.0M	22	1EPD 2WEP 3CP Top holdings2020-09-30 1.EPD 2.WEP 3.CP 4.CNI 5.ET 6.WMB 7.MPLX 8.ENB 9.TRP 10.AQN
2020-06-30	24	$105.9M	24	1EPD 2WEP 3ET Top holdings2020-06-30 1.EPD 2.WEP 3.ET 4.CP 5.WMB 6.CNI 7.MPLX 8.ENB 9.PBA 10.AQN
2020-03-31	23	$83.8M	59	1EPD 2WEP 3ET Top holdings2020-03-31 1.EPD 2.WEP 3.ET 4.CP 5.ENB 6.CNI 7.WMB 8.AQN 9.FTS 10.MPLX
2019-12-31	25	$153.9M	10	1EPD 2ET 3WEP Top holdings2019-12-31 1.EPD 2.ET 3.WEP 4.OKE 5.MPLX 6.CP 7.ENB 8.WMB 9.PBA 10.CNI
2019-09-30	27	$155.4M	9	1EPD 2ET 3WEP Top holdings2019-09-30 1.EPD 2.ET 3.WEP 4.MPLX 5.OKE 6.WMB 7.ENB 8.CP 9.PAA 10.PBA
2019-06-30	27	$165.4M	11	1EPD 2ET 3WEP Top holdings2019-06-30 1.EPD 2.ET 3.WEP 4.WMB 5.MPLX 6.WES 7.PAA 8.OKE 9.CP 10.ENB
2019-03-31	28	$180.1M	27	1EPD 2ET 3WEP Top holdings2019-03-31 1.EPD 2.ET 3.WEP 4.WMB 5.MPLX 6.WES 7.OKE 8.PAA 9.ENB 10.EQMUSD
2018-12-31	29	$154.2M	28	1EPD 2ET 3WEP Top holdings2018-12-31 1.EPD 2.ET 3.WEP 4.MPLX 5.WMB 6.WES 7.PAA 8.OKE 9.EQMUSD 10.ENB
2018-09-30	31	$178.6M	24	1EPD 2WEP 3ET Top holdings2018-09-30 1.EPD 2.WEP 3.ET 4.ET 5.MPLX 6.WMB 7.EQMUSD 8.WES 9.PAA 10.CP
2018-06-30	33	$175.3M	10	1EPD 2WEP 3ET Top holdings2018-06-30 1.EPD 2.WEP 3.ET 4.ET 5.96949L 6.MPLX 7.WES 8.OKE 9.ENB 10.PAA
2018-03-31	31	$165.9M	13	1EPD 2WEP 3ET Top holdings2018-03-31 1.EPD 2.WEP 3.ET 4.ET 5.MPLX 6.96949L 7.WES 8.PAA 9.EQMUSD 10.84756N
2017-12-31	32	$186.9M	14	1EPD 2WEP 3ET Top holdings2017-12-31 1.EPD 2.WEP 3.ET 4.ET 5.MPLX 6.96949L 7.WES 8.EQMUSD 9.84756N 10.PBA
2017-09-30	32	$180.5M	11	1EPD 2WEP 3ET Top holdings2017-09-30 1.EPD 2.WEP 3.ET 4.MPLX 5.96949L 6.WES 7.84756N 8.CNI 9.EQMUSD 10.PBA
2017-06-30	32	$180.6M	15	1EPD 2WEP 3ET Top holdings2017-06-30 1.EPD 2.WEP 3.ET 4.96949L 5.WES 6.MPLX 7.CNI 8.PAA 9.EQMUSD 10.PBA
2017-03-31	34	$199.7M	8	1EPD 2WEP 3ET Top holdings2017-03-31 1.EPD 2.WEP 3.ET 4.WES 5.PAA 6.96949L 7.MPLX 8.SUN 9.EQMUSD 10.CNI
2016-12-31	34	$193.1M	12	1EPD 2WEP 3ET Top holdings2016-12-31 1.EPD 2.WEP 3.ET 4.PAA 5.WES 6.96949L 7.MPLX 8.SUN 9.ENB 10.EQMUSD
2016-09-30	33	$190.6M	8	1EPD 2WEP 3ET Top holdings2016-09-30 1.EPD 2.WEP 3.ET 4.PAA 5.SUN 6.MPLX 7.ET 8.WES 9.96949L 10.EQMUSD
2016-06-30	33	$186.4M	19	1EPD 2WEP 3SUN Top holdings2016-06-30 1.EPD 2.WEP 3.SUN 4.ET 5.MPLX 6.PAA 7.ET 8.WES 9.96949L 10.EQMUSD
2016-03-31	34	$156.9M	12	1EPD 2WEP 3SUN Top holdings2016-03-31 1.EPD 2.WEP 3.SUN 4.MPLX 5.PAA 6.ET 7.WES 8.CNI 9.EQMUSD 10.PBA
2015-12-31	33	$167.0M	25	1EPD 2WEP 3MPLX Top holdings2015-12-31 1.EPD 2.WEP 3.MPLX 4.SUN 5.ET 6.WES 7.PAA 8.ET 9.96949L 10.EQMUSD
2015-09-30	36	$173.0M	34	1EPD 2WEP 3ET Top holdings2015-09-30 1.EPD 2.WEP 3.ET 4.PAA 5.SUN 6.96949L 7.WES 8.ET 9.570759 10.ENB
2015-06-30	37	$215.4M	13	1EPD 2WEP 3ET Top holdings2015-06-30 1.EPD 2.WEP 3.ET 4.PAA 5.SUN 6.WES 7.570759 8.ENB 9.MPLX 10.TRGP
2015-03-31	37	$216.6M	17	1EPD 2WEP 3ET Top holdings2015-03-31 1.EPD 2.WEP 3.ET 4.PAA 5.SUN 6.570759 7.WES 8.ENB 9.MPLX 10.CP
2014-12-31	35	$224.6M	18	1EPD 2WEP 3ET Top holdings2014-12-31 1.EPD 2.WEP 3.ET 4.PAA 5.570759 6.WES 7.SUN 8.ENB 9.00434L 10.MPLX
2014-09-30	41	$261.2M	13	1EPD 2WEP 3ET Top holdings2014-09-30 1.EPD 2.WEP 3.ET 4.PAA 5.570759 6.TRGP 7.SUN 8.WES 9.00434L 10.ENB
2014-06-30	39	$251.9M	23	1EPD 2WEP 3ET Top holdings2014-06-30 1.EPD 2.WEP 3.ET 4.PAA 5.TRGP 6.570759 7.WES 8.SUN 9.00434L 10.ENB
2014-03-31	38	$215.5M	9	1EPD 2WEP 3PAA Top holdings2014-03-31 1.EPD 2.WEP 3.PAA 4.ET 5.570759 6.WES 7.TRGP 8.SUN 9.00434L 10.DCPUSD
2013-12-31	37	$200.4M	11	1EPD 2WEP 3PAA Top holdings2013-12-31 1.EPD 2.WEP 3.PAA 4.ET 5.570759 6.SUN 7.TRGP 8.WES 9.EP-PC 10.00434L
2013-09-30	37	$186.9M	8	1EPD 2WEP 3PAA Top holdings2013-09-30 1.EPD 2.WEP 3.PAA 4.570759 5.ET 6.EP-PC 7.TRGP 8.WES 9.SUN 10.DCPUSD
2013-06-30	35	$179.9M	13	1EPD 2WEP 3PAA Top holdings2013-06-30 1.EPD 2.WEP 3.PAA 4.EP-PC 5.570759 6.ET 7.TRGP 8.WES 9.DCPUSD 10.ENB

Holding changes this quarter

Heronetta Management, L.P.'s most significant position changes for 2026-03-31: Sold out: Canadian Pacific Kansas City (CP); Sold out: Canadian Natural Resources (CNQ); Sold out: Suncor Energy INC (SU); Sold out: Canadian Natl Railway Co (CNI); Sold out: Fortis INC (FTS).

Position changes disclosed by Heronetta Management, L.P. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	WMB	Williams Cos INC	+8%	+0.50%	Add
2	EPD	Enterprise Products Partners	+7.9%	-0.28%	Trim
3	MPLX	Mplx LP	+6.9%	+0.12%	Add
4	ET	Energy Transfer LP	+6.4%	-0.36%	Trim
5	OKE	Oneok INC	+5.6%	-0.42%	Trim
6	WES	Western Midstream Partners L	+3%	—	Unchanged
7	PAGP	Plains Gp Holdings Lp-cl A	+2%	-1.25%	Trim
8	HESM	Hess Midstream LP - Class A	+1.4%	-1.49%	Trim
9	KMI	Kinder Morgan INC	+1.3%	—	Unchanged
10	TRGP	Targa Resources CORP	+1.3%	+0.98%	Add
11	LNG	Cheniere Energy INC	+0.4%	—	Unchanged
12	AM	Antero Midstream CORP	+0.2%	—	Unchanged
13	CQP	Cheniere Energy Partners LP	+0.2%	—	Unchanged
14	PBA	Pembina Pipeline CORP	-5.1%	-91.05%	Trim
15	TRP	Tc Energy CORP	-5.2%	-91.39%	Trim
16	ENB	Enbridge INC	-6.4%	-91.98%	Trim
17	CP	Canadian Pacific Kansas City	—	EXIT	Sold out
18	CNQ	Canadian Natural Resources	—	EXIT	Sold out
19	SU	Suncor Energy INC	—	EXIT	Sold out
20	CNI	Canadian Natl Railway Co	—	EXIT	Sold out
21	FTS	Fortis INC	—	EXIT	Sold out
22	EMA	Emera INC	—	EXIT	Sold out
23	TAC	Transalta CORP	—	EXIT	Sold out
24	SOBO	South Bow CORP	—	EXIT	Sold out
25	CVE	Cenovus Energy INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-01	13F-HR	View on EDGAR
2025-12-31	2026-02-04	13F-HR	View on EDGAR
2025-09-30	2025-11-12	13F-HR	View on EDGAR
2025-06-30	2025-08-06	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-06	13F-HR	View on EDGAR
2024-09-30	2024-10-31	13F-HR	View on EDGAR
2024-06-30	2024-07-30	13F-HR	View on EDGAR
2024-03-31	2024-05-01	13F-HR	View on EDGAR
2023-12-31	2024-01-25	13F-HR	View on EDGAR
2023-09-30	2023-11-02	13F-HR	View on EDGAR
2023-06-30	2023-08-09	13F-HR	View on EDGAR
2023-03-31	2023-05-10	13F-HR	View on EDGAR
2022-12-31	2023-02-10	13F-HR	View on EDGAR
2022-09-30	2022-10-27	13F-HR	View on EDGAR
2022-06-30	2022-08-05	13F-HR	View on EDGAR
2022-03-31	2022-04-29	13F-HR	View on EDGAR
2021-12-31	2022-02-03	13F-HR	View on EDGAR
2021-09-30	2021-10-27	13F-HR	View on EDGAR
2021-06-30	2021-08-04	13F-HR	View on EDGAR
2021-03-31	2021-04-29	13F-HR	View on EDGAR
2020-12-31	2021-02-10	13F-HR	View on EDGAR
2020-09-30	2020-11-10	13F-HR	View on EDGAR
2020-06-30	2020-07-24	13F-HR	View on EDGAR
2020-03-31	2020-05-08	13F-HR	View on EDGAR
2019-12-31	2020-01-31	13F-HR	View on EDGAR
2019-09-30	2019-11-08	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-04-30	13F-HR	View on EDGAR
2018-12-31	2019-02-12	13F-HR	View on EDGAR
2018-09-30	2018-11-13	13F-HR	View on EDGAR
2018-06-30	2018-07-31	13F-HR	View on EDGAR
2018-03-31	2018-05-14	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR
2017-09-30	2017-10-31	13F-HR	View on EDGAR
2017-06-30	2017-08-11	13F-HR	View on EDGAR
2017-03-31	2017-05-09	13F-HR	View on EDGAR
2016-12-31	2017-02-13	13F-HR	View on EDGAR
2016-09-30	2016-11-14	13F-HR	View on EDGAR
2016-06-30	2016-08-15	13F-HR	View on EDGAR
2016-03-31	2016-05-13	13F-HR	View on EDGAR
2015-12-31	2016-02-05	13F-HR	View on EDGAR
2015-09-30	2015-11-12	13F-HR	View on EDGAR
2015-06-30	2015-08-13	13F-HR	View on EDGAR
2015-03-31	2015-05-12	13F-HR	View on EDGAR
2014-12-31	2015-02-12	13F-HR	View on EDGAR
2014-09-30	2014-11-10	13F-HR	View on EDGAR
2014-06-30	2014-08-13	13F-HR	View on EDGAR
2014-03-31	2014-05-12	13F-HR	View on EDGAR
2013-12-31	2014-01-24	13F-HR	View on EDGAR
2013-09-30	2013-11-15	13F-HR	View on EDGAR
2013-06-30	2013-11-15	13F-HR	View on EDGAR

FAQ

What is Heronetta Management, L.P. and what type of investor is it?

Heronetta Management, L.P. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $109.6M, spread across 16 disclosed positions.

What are Heronetta Management, L.P.'s largest equity positions?

Based on the latest 13F filing, Heronetta Management, L.P.'s top holdings by market value are: 1. Enterprise Products Partners (EPD) — $18.7M (17.1%) 2. Mplx LP (MPLX) — $18.5M (16.9%) 3. Williams Cos INC (WMB) — $18.3M (16.7%) 4. Energy Transfer LP (ET) — $15.4M (14.1%) 5. Oneok INC (OKE) — $12.7M (11.6%)

What changes did Heronetta Management, L.P. make in its most recent portfolio filing?

In the latest reported quarter, Heronetta Management, L.P. made 20 notable position adjustments: 0 new positions were initiated, 3 existing holdings were added to, 8 positions were partially reduced, and 9 were completely exited. The largest of these moves: Sold out: Canadian Pacific Kansas City (CP); Sold out: Canadian Natural Resources (CNQ); Sold out: Suncor Energy INC (SU); Sold out: Canadian Natl Railway Co (CNI); Sold out: Fortis INC (FTS)

What sectors does Heronetta Management, L.P. focus on?

Heronetta Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio: • Energy: 100.0%

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Heronetta Management, L.P. 13F Holdings Overview (16 Positions)

CIK: 0001588225

Sector-focusedMomentum followerQuality / disciplined sizing

Total reported value

$109.6M

Reporting period: 2026-03-31 · Number of holdings: 16

Heronetta Management, L.P. disclosed 16 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $109.6M and a quarterly turnover rate of 66.1%.

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Personality snowflake

Concentration: 51.65
Portfolio Stability: 66.14
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 32
Sizing Uniformity: 89.34

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.07), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent moves

Add WMB
+0.5%　$3.3M
Add EPD
-0.3%　$2.8M
Add MPLX
+0.1%　$1.2M
Add ET
-0.4%　$2.2M
Trim ENB
-92.0%　-$11.6M
Add OKE
-0.4%　$2.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	EPD	Enterprise Products Partners	Stock-Energy	17.10%	+7.90%	-0.28%
2	MPLX	Mplx LP	Stock-Energy	16.88%	+6.89%	+0.12%
3	WMB	Williams Cos INC	Stock-Energy	16.70%	+8.01%	+0.50%
4	ET	Energy Transfer LP	Stock-Energy	14.08%	+6.43%	-0.36%
5	OKE	Oneok INC	Stock-Energy	11.62%	+5.61%	-0.42%
6	WES	Western Midstream Partners L	Stock-Energy	7.75%	+3.04%	—
7	PAGP	Plains Gp Holdings Lp-cl A	Stock-Energy	4.01%	+1.98%	-1.25%
8	HESM	Hess Midstream LP - Class A	Stock-Other	3.28%	+1.41%	-1.49%
9	KMI	Kinder Morgan INC	Stock-Energy	2.72%	+1.31%	—
10	TRGP	Targa Resources CORP	Stock-Energy	2.37%	+1.28%	+0.98%
11	ENB	Enbridge INC	Stock-Energy	0.77%	-6.41%	-91.98%
12	PBA	Pembina Pipeline CORP	Stock-Energy	0.72%	-5.11%	-91.05%
13	TRP	Tc Energy CORP	Stock-Energy	0.68%	-5.17%	-91.39%
14	LNG	Cheniere Energy INC	Stock-Energy	0.65%	+0.37%	—
15	AM	Antero Midstream CORP	Stock-Energy	0.35%	+0.18%	—
16	CQP	Cheniere Energy Partners LP	Stock-Other	0.34%	+0.16%	—

Portfolio Performance

Performance for Q3 2026

—

Performance Last 4 Quarters

—

Based on 31% of reported portfolio value with available pricing

Stdev: +9.3%
Beta: +0.53
Alpha: +5.5%
Max Drawdown: -2.9%
Annualized Perf: +20.1%
Batting Avg vs S&P: +41.7%
Sortino: +5.1
Stutzer: +0.61
Treynor: +0.35
Sterling: +1.56
Calmar: +6.99
Information Ratio: -0.73
Tracking Error: +8.6%
Stdev Down: +3.7%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +20.1%
Worst 12 Months: +20.1%
Efficiency Ratio: +0.63
Sharpe: +2.02
Stdev Sectors: 0%
Skewness: -0.24
Kurtosis: -1.09
Upside Potential: +6.86

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	16	$109.6M	66	1EPD 2MPLX 3WMB Top holdings2026-03-31 1.EPD 2.MPLX 3.WMB 4.ET 5.OKE 6.WES 7.PAGP 8.HESM 9.KMI 10.TRGP
2025-12-31	25	$172.9M	7	1MPLX 2EPD 3WMB Top holdings2025-12-31 1.MPLX 2.EPD 3.WMB 4.ET 5.ENB 6.OKE 7.TRP 8.PBA 9.CP 10.CNQ
2025-09-30	25	$182.6M	12	1MPLX 2WMB 3EPD Top holdings2025-09-30 1.MPLX 2.WMB 3.EPD 4.ET 5.ENB 6.OKE 7.PBA 8.TRP 9.CP 10.WES
2025-06-30	25	$179.5M	0	1MPLX 2WMB 3EPD Top holdings2025-06-30 1.MPLX 2.WMB 3.EPD 4.ET 5.OKE 6.ENB 7.PBA 8.CP 9.WES 10.TRP
2025-03-31	24	$183.0M	100	1MPLX 2EPD 3WMB Top holdings2025-03-31 1.MPLX 2.EPD 3.WMB 4.ET 5.OKE 6.ENB 7.PBA 8.WES 9.CP 10.CNQ
2024-12-31	24	$175.1M	0	1EPD 2ET 3MPLX Top holdings2024-12-31 1.EPD 2.ET 3.MPLX 4.OKE 5.WMB 6.ENB 7.PBA 8.CP 9.WES 10.CNQ
2024-09-30	23	$163.6M	0	1EPD 2MPLX 3OKE Top holdings2024-09-30 1.EPD 2.MPLX 3.OKE 4.ET 5.WMB 6.PBA 7.ENB 8.CP 9.WES 10.CNQ
2024-06-30	23	$156.3M	0	1EPD 2MPLX 3ET Top holdings2024-06-30 1.EPD 2.MPLX 3.ET 4.OKE 5.WMB 6.PBA 7.CNQ 8.ENB 9.CP 10.WES
2024-03-31	23	$154.9M	0	1EPD 2MPLX 3ET Top holdings2024-03-31 1.EPD 2.MPLX 3.ET 4.OKE 5.WMB 6.CNQ 7.CP 8.CNI 9.ENB 10.PBA
2023-12-31	23	$141.2M	0	1EPD 2MPLX 3ET Top holdings2023-12-31 1.EPD 2.MPLX 3.ET 4.OKE 5.WMB 6.CNQ 7.CP 8.ENB 9.CNI 10.PBA
2023-09-30	23	$136.3M	0	1EPD 2OKE 3MPLX Top holdings2023-09-30 1.EPD 2.OKE 3.MPLX 4.ET 5.WMB 6.CNQ 7.CP 8.ENB 9.CNI 10.PBA
2023-06-30	24	$136.7M	0	1EPD 2MPLX 3ET Top holdings2023-06-30 1.EPD 2.MPLX 3.ET 4.WEP 5.CP 6.WMB 7.ENB 8.CNI 9.CNQ 10.PBA
2023-03-31	24	$136.1M	0	1EPD 2MPLX 3ET Top holdings2023-03-31 1.EPD 2.MPLX 3.ET 4.WEP 5.CP 6.ENB 7.CNI 8.WMB 9.PBA 10.CNQ
2022-12-31	27	$158.6M	0	1EPD 2MPLX 3ET Top holdings2022-12-31 1.EPD 2.MPLX 3.ET 4.WEP 5.WMB 6.ENB 7.CP 8.PBA 9.CNI 10.CNQ
2022-09-30	24	$139.5M	0	1EPD 2MPLX 3ET Top holdings2022-09-30 1.EPD 2.MPLX 3.ET 4.WEP 5.WMB 6.CP 7.ENB 8.CNI 9.PBA 10.CNQ
2022-06-30	24	$143.2M	0	1EPD 2MPLX 3WEP Top holdings2022-06-30 1.EPD 2.MPLX 3.WEP 4.ET 5.WMB 6.ENB 7.CP 8.PBA 9.CNI 10.CNQ
2022-03-31	25	$154.9M	0	1EPD 2MPLX 3ET Top holdings2022-03-31 1.EPD 2.MPLX 3.ET 4.WEP 5.WMB 6.ENB 7.CP 8.CNI 9.CNQ 10.PBA
2021-12-31	25	$132.0M	0	1EPD 2MPLX 3WEP Top holdings2021-12-31 1.EPD 2.MPLX 3.WEP 4.ET 5.CNI 6.CP 7.WMB 8.ENB 9.PBA 10.TRP
2021-09-30	24	$129.8M	0	1EPD 2MPLX 3WEP Top holdings2021-09-30 1.EPD 2.MPLX 3.WEP 4.ET 5.WMB 6.ENB 7.CNI 8.CP 9.PBA 10.TRP
2021-06-30	24	$113.9M	100	1EPD 2MPLX 3WEP Top holdings2021-06-30 1.EPD 2.MPLX 3.WEP 4.CP 5.ET 6.ENB 7.WMB 8.CNI 9.PBA 10.TRP
2021-03-31	24	$119.6M	14	1EPD 2MPLX 3WEP Top holdings2021-03-31 1.EPD 2.MPLX 3.WEP 4.CP 5.ET 6.WMB 7.CNI 8.ENB 9.TRP 10.PBA
2020-12-31	25	$120.0M	23	1EPD 2WEP 3ET Top holdings2020-12-31 1.EPD 2.WEP 3.ET 4.MPLX 5.CP 6.WMB 7.CNI 8.ENB 9.AQN 10.OKE
2020-09-30	25	$97.0M	22	1EPD 2WEP 3CP Top holdings2020-09-30 1.EPD 2.WEP 3.CP 4.CNI 5.ET 6.WMB 7.MPLX 8.ENB 9.TRP 10.AQN
2020-06-30	24	$105.9M	24	1EPD 2WEP 3ET Top holdings2020-06-30 1.EPD 2.WEP 3.ET 4.CP 5.WMB 6.CNI 7.MPLX 8.ENB 9.PBA 10.AQN
2020-03-31	23	$83.8M	59	1EPD 2WEP 3ET Top holdings2020-03-31 1.EPD 2.WEP 3.ET 4.CP 5.ENB 6.CNI 7.WMB 8.AQN 9.FTS 10.MPLX
2019-12-31	25	$153.9M	10	1EPD 2ET 3WEP Top holdings2019-12-31 1.EPD 2.ET 3.WEP 4.OKE 5.MPLX 6.CP 7.ENB 8.WMB 9.PBA 10.CNI
2019-09-30	27	$155.4M	9	1EPD 2ET 3WEP Top holdings2019-09-30 1.EPD 2.ET 3.WEP 4.MPLX 5.OKE 6.WMB 7.ENB 8.CP 9.PAA 10.PBA
2019-06-30	27	$165.4M	11	1EPD 2ET 3WEP Top holdings2019-06-30 1.EPD 2.ET 3.WEP 4.WMB 5.MPLX 6.WES 7.PAA 8.OKE 9.CP 10.ENB
2019-03-31	28	$180.1M	27	1EPD 2ET 3WEP Top holdings2019-03-31 1.EPD 2.ET 3.WEP 4.WMB 5.MPLX 6.WES 7.OKE 8.PAA 9.ENB 10.EQMUSD
2018-12-31	29	$154.2M	28	1EPD 2ET 3WEP Top holdings2018-12-31 1.EPD 2.ET 3.WEP 4.MPLX 5.WMB 6.WES 7.PAA 8.OKE 9.EQMUSD 10.ENB
2018-09-30	31	$178.6M	24	1EPD 2WEP 3ET Top holdings2018-09-30 1.EPD 2.WEP 3.ET 4.ET 5.MPLX 6.WMB 7.EQMUSD 8.WES 9.PAA 10.CP
2018-06-30	33	$175.3M	10	1EPD 2WEP 3ET Top holdings2018-06-30 1.EPD 2.WEP 3.ET 4.ET 5.96949L 6.MPLX 7.WES 8.OKE 9.ENB 10.PAA
2018-03-31	31	$165.9M	13	1EPD 2WEP 3ET Top holdings2018-03-31 1.EPD 2.WEP 3.ET 4.ET 5.MPLX 6.96949L 7.WES 8.PAA 9.EQMUSD 10.84756N
2017-12-31	32	$186.9M	14	1EPD 2WEP 3ET Top holdings2017-12-31 1.EPD 2.WEP 3.ET 4.ET 5.MPLX 6.96949L 7.WES 8.EQMUSD 9.84756N 10.PBA
2017-09-30	32	$180.5M	11	1EPD 2WEP 3ET Top holdings2017-09-30 1.EPD 2.WEP 3.ET 4.MPLX 5.96949L 6.WES 7.84756N 8.CNI 9.EQMUSD 10.PBA
2017-06-30	32	$180.6M	15	1EPD 2WEP 3ET Top holdings2017-06-30 1.EPD 2.WEP 3.ET 4.96949L 5.WES 6.MPLX 7.CNI 8.PAA 9.EQMUSD 10.PBA
2017-03-31	34	$199.7M	8	1EPD 2WEP 3ET Top holdings2017-03-31 1.EPD 2.WEP 3.ET 4.WES 5.PAA 6.96949L 7.MPLX 8.SUN 9.EQMUSD 10.CNI
2016-12-31	34	$193.1M	12	1EPD 2WEP 3ET Top holdings2016-12-31 1.EPD 2.WEP 3.ET 4.PAA 5.WES 6.96949L 7.MPLX 8.SUN 9.ENB 10.EQMUSD
2016-09-30	33	$190.6M	8	1EPD 2WEP 3ET Top holdings2016-09-30 1.EPD 2.WEP 3.ET 4.PAA 5.SUN 6.MPLX 7.ET 8.WES 9.96949L 10.EQMUSD
2016-06-30	33	$186.4M	19	1EPD 2WEP 3SUN Top holdings2016-06-30 1.EPD 2.WEP 3.SUN 4.ET 5.MPLX 6.PAA 7.ET 8.WES 9.96949L 10.EQMUSD
2016-03-31	34	$156.9M	12	1EPD 2WEP 3SUN Top holdings2016-03-31 1.EPD 2.WEP 3.SUN 4.MPLX 5.PAA 6.ET 7.WES 8.CNI 9.EQMUSD 10.PBA
2015-12-31	33	$167.0M	25	1EPD 2WEP 3MPLX Top holdings2015-12-31 1.EPD 2.WEP 3.MPLX 4.SUN 5.ET 6.WES 7.PAA 8.ET 9.96949L 10.EQMUSD
2015-09-30	36	$173.0M	34	1EPD 2WEP 3ET Top holdings2015-09-30 1.EPD 2.WEP 3.ET 4.PAA 5.SUN 6.96949L 7.WES 8.ET 9.570759 10.ENB
2015-06-30	37	$215.4M	13	1EPD 2WEP 3ET Top holdings2015-06-30 1.EPD 2.WEP 3.ET 4.PAA 5.SUN 6.WES 7.570759 8.ENB 9.MPLX 10.TRGP
2015-03-31	37	$216.6M	17	1EPD 2WEP 3ET Top holdings2015-03-31 1.EPD 2.WEP 3.ET 4.PAA 5.SUN 6.570759 7.WES 8.ENB 9.MPLX 10.CP
2014-12-31	35	$224.6M	18	1EPD 2WEP 3ET Top holdings2014-12-31 1.EPD 2.WEP 3.ET 4.PAA 5.570759 6.WES 7.SUN 8.ENB 9.00434L 10.MPLX
2014-09-30	41	$261.2M	13	1EPD 2WEP 3ET Top holdings2014-09-30 1.EPD 2.WEP 3.ET 4.PAA 5.570759 6.TRGP 7.SUN 8.WES 9.00434L 10.ENB
2014-06-30	39	$251.9M	23	1EPD 2WEP 3ET Top holdings2014-06-30 1.EPD 2.WEP 3.ET 4.PAA 5.TRGP 6.570759 7.WES 8.SUN 9.00434L 10.ENB
2014-03-31	38	$215.5M	9	1EPD 2WEP 3PAA Top holdings2014-03-31 1.EPD 2.WEP 3.PAA 4.ET 5.570759 6.WES 7.TRGP 8.SUN 9.00434L 10.DCPUSD
2013-12-31	37	$200.4M	11	1EPD 2WEP 3PAA Top holdings2013-12-31 1.EPD 2.WEP 3.PAA 4.ET 5.570759 6.SUN 7.TRGP 8.WES 9.EP-PC 10.00434L
2013-09-30	37	$186.9M	8	1EPD 2WEP 3PAA Top holdings2013-09-30 1.EPD 2.WEP 3.PAA 4.570759 5.ET 6.EP-PC 7.TRGP 8.WES 9.SUN 10.DCPUSD
2013-06-30	35	$179.9M	13	1EPD 2WEP 3PAA Top holdings2013-06-30 1.EPD 2.WEP 3.PAA 4.EP-PC 5.570759 6.ET 7.TRGP 8.WES 9.DCPUSD 10.ENB

Holding changes this quarter

Position changes disclosed by Heronetta Management, L.P. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	WMB	Williams Cos INC	+8%	+0.50%	Add
2	EPD	Enterprise Products Partners	+7.9%	-0.28%	Trim
3	MPLX	Mplx LP	+6.9%	+0.12%	Add
4	ET	Energy Transfer LP	+6.4%	-0.36%	Trim
5	OKE	Oneok INC	+5.6%	-0.42%	Trim
6	WES	Western Midstream Partners L	+3%	—	Unchanged
7	PAGP	Plains Gp Holdings Lp-cl A	+2%	-1.25%	Trim
8	HESM	Hess Midstream LP - Class A	+1.4%	-1.49%	Trim
9	KMI	Kinder Morgan INC	+1.3%	—	Unchanged
10	TRGP	Targa Resources CORP	+1.3%	+0.98%	Add
11	LNG	Cheniere Energy INC	+0.4%	—	Unchanged
12	AM	Antero Midstream CORP	+0.2%	—	Unchanged
13	CQP	Cheniere Energy Partners LP	+0.2%	—	Unchanged
14	PBA	Pembina Pipeline CORP	-5.1%	-91.05%	Trim
15	TRP	Tc Energy CORP	-5.2%	-91.39%	Trim
16	ENB	Enbridge INC	-6.4%	-91.98%	Trim
17	CP	Canadian Pacific Kansas City	—	EXIT	Sold out
18	CNQ	Canadian Natural Resources	—	EXIT	Sold out
19	SU	Suncor Energy INC	—	EXIT	Sold out
20	CNI	Canadian Natl Railway Co	—	EXIT	Sold out
21	FTS	Fortis INC	—	EXIT	Sold out
22	EMA	Emera INC	—	EXIT	Sold out
23	TAC	Transalta CORP	—	EXIT	Sold out
24	SOBO	South Bow CORP	—	EXIT	Sold out
25	CVE	Cenovus Energy INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-01	13F-HR	View on EDGAR
2025-12-31	2026-02-04	13F-HR	View on EDGAR
2025-09-30	2025-11-12	13F-HR	View on EDGAR
2025-06-30	2025-08-06	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-06	13F-HR	View on EDGAR
2024-09-30	2024-10-31	13F-HR	View on EDGAR
2024-06-30	2024-07-30	13F-HR	View on EDGAR
2024-03-31	2024-05-01	13F-HR	View on EDGAR
2023-12-31	2024-01-25	13F-HR	View on EDGAR
2023-09-30	2023-11-02	13F-HR	View on EDGAR
2023-06-30	2023-08-09	13F-HR	View on EDGAR
2023-03-31	2023-05-10	13F-HR	View on EDGAR
2022-12-31	2023-02-10	13F-HR	View on EDGAR
2022-09-30	2022-10-27	13F-HR	View on EDGAR
2022-06-30	2022-08-05	13F-HR	View on EDGAR
2022-03-31	2022-04-29	13F-HR	View on EDGAR
2021-12-31	2022-02-03	13F-HR	View on EDGAR
2021-09-30	2021-10-27	13F-HR	View on EDGAR
2021-06-30	2021-08-04	13F-HR	View on EDGAR
2021-03-31	2021-04-29	13F-HR	View on EDGAR
2020-12-31	2021-02-10	13F-HR	View on EDGAR
2020-09-30	2020-11-10	13F-HR	View on EDGAR
2020-06-30	2020-07-24	13F-HR	View on EDGAR
2020-03-31	2020-05-08	13F-HR	View on EDGAR
2019-12-31	2020-01-31	13F-HR	View on EDGAR
2019-09-30	2019-11-08	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-04-30	13F-HR	View on EDGAR
2018-12-31	2019-02-12	13F-HR	View on EDGAR
2018-09-30	2018-11-13	13F-HR	View on EDGAR
2018-06-30	2018-07-31	13F-HR	View on EDGAR
2018-03-31	2018-05-14	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR
2017-09-30	2017-10-31	13F-HR	View on EDGAR
2017-06-30	2017-08-11	13F-HR	View on EDGAR
2017-03-31	2017-05-09	13F-HR	View on EDGAR
2016-12-31	2017-02-13	13F-HR	View on EDGAR
2016-09-30	2016-11-14	13F-HR	View on EDGAR
2016-06-30	2016-08-15	13F-HR	View on EDGAR
2016-03-31	2016-05-13	13F-HR	View on EDGAR
2015-12-31	2016-02-05	13F-HR	View on EDGAR
2015-09-30	2015-11-12	13F-HR	View on EDGAR
2015-06-30	2015-08-13	13F-HR	View on EDGAR
2015-03-31	2015-05-12	13F-HR	View on EDGAR
2014-12-31	2015-02-12	13F-HR	View on EDGAR
2014-09-30	2014-11-10	13F-HR	View on EDGAR
2014-06-30	2014-08-13	13F-HR	View on EDGAR
2014-03-31	2014-05-12	13F-HR	View on EDGAR
2013-12-31	2014-01-24	13F-HR	View on EDGAR
2013-09-30	2013-11-15	13F-HR	View on EDGAR
2013-06-30	2013-11-15	13F-HR	View on EDGAR