Recurrent Investment Advisors LLC Quarterly 13F Holdings Update

CIK: 0001803146

Diversified strategySector-focusedMomentum follower

Total reported value

$1.7B

Reporting period: 2026-03-31 · Number of holdings: 67

Recurrent Investment Advisors LLC disclosed 67 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.7B and a quarterly turnover rate of 33.4%.

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Personality snowflake

Concentration: 18.83
Portfolio Stability: 33.41
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 85.21

Recurrent Investment Advisors LLC's disclosed holdings carry a Herfindahl concentration index of 0.047 — mathematically equivalent to about 21 equally-sized positions, well below its 67 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.

Recent moves

Add KMI
+63.6%　$40.7M
Add CVE
-8.9%　$48.5M
Add SUN
+51.5%　$31.2M
Add LNG
+13.5%　$33.7M
Trim WES
-15.2%　-$6.2M
Add MUSA
+23.2%　$24.2M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	CVE	Cenovus Energy INC	Stock-Energy	9.61%	+1.40%	-8.86%
2	TRGP	Targa Resources CORP	Stock-Energy	7.12%	-0.09%	-10.74%
3	ET	Energy Transfer LP	Stock-Energy	6.46%	-0.06%	+3.94%
4	OKE	Oneok INC	Stock-Energy	6.29%	+0.02%	+0.28%
5	SU	Suncor Energy INC	Stock-Energy	6.14%	+0.29%	-13.93%
6	LNG	Cheniere Energy INC	Stock-Energy	5.13%	+1.33%	+13.46%
7	KMI	Kinder Morgan INC	Stock-Energy	4.91%	+1.89%	+63.61%
8	PSX	Phillips 66	Stock-Energy	4.54%	+0.20%	-8.95%
9	MUSA	Murphy USA INC	Stock-Consumer Disc	4.33%	+0.80%	+23.20%
10	PBA	Pembina Pipeline CORP	Stock-Energy	4.04%	-0.17%	+0.28%
11	SUN	Sunoco LP	Stock-Other	4.02%	+1.39%	+51.47%
12	EPD	Enterprise Products Partners	Stock-Energy	3.82%	-0.21%	-1.48%
13	WMB	Williams Cos INC	Stock-Energy	3.34%	-0.04%	+0.29%
14	PAGP	Plains Gp Holdings Lp-cl A	Stock-Energy	3.09%	-0.35%	-12.65%
15	DTM	Dt Midstream INC	Stock-Energy	2.88%	-0.25%	+0.39%
16	PBF	Pbf Energy Inc-class A	Stock-Energy	2.87%	+0.36%	-19.83%
17	WES	Western Midstream Partners L	Stock-Energy	2.81%	-1.10%	-15.23%
18	VNOM	Viper Energy Inc-cl A	Stock-Energy	2.80%	+0.74%	+36.91%
19	MPC	Marathon Petroleum CORP	Stock-Energy	2.66%	-0.73%	-35.75%
20	SOBO	South Bow CORP	Stock-Other	2.33%	-0.46%	-15.29%
21	ENB	Enbridge INC	Stock-Energy	1.52%	-0.12%	+0.52%
22	DOW	Dow INC	Stock-Materials	0.84%	+0.47%	+55.25%
23	WLK	Westlake CORP	Stock-Materials	0.79%	+0.38%	+49.13%
24	B	Barrick Mining CORP	Stock-Materials	0.68%	—	+2.20%
25	NEM	Newmont CORP	Stock-Materials	0.63%	-0.07%	+2.64%
26	LYB	LyondellBasell Industries N.V.	Stock-Materials	0.61%	+0.42%	+110.48%
27	XOM	Exxon Mobil CORP	Stock-Energy	0.60%	+0.09%	+1.57%
28	CVX	Chevron CORP	Stock-Energy	0.54%	+0.06%	+0.94%
29	HUN	Huntsman CORP	Stock-Materials	0.43%	+0.25%	+117.61%
30	EMN	Eastman Chemical Co	Stock-Materials	0.40%	+0.21%	+118.76%
31	NTR	Nutrien LTD	Stock-Materials	0.33%	+0.02%	+4.59%
32	MTDR	Matador Resources Co	Stock-Energy	0.29%	+0.08%	+14.50%
33	COP	Conocophillips	Stock-Energy	0.27%	+0.04%	+2.10%
34	VALE	Vale Sa-sp Adr	Stock-Materials	0.19%	+0.01%	+4.64%
35	FCX	Freeport-mcmoran INC	Stock-Materials	0.19%	-0.14%	-40.13%
36	CNQ	Canadian Natural Resources	Stock-Energy	0.17%	+0.02%	—
37	HAL	Halliburton Co	Stock-Energy	0.17%	+0.02%	+1.66%
38	NUE	Nucor CORP	Stock-Materials	0.17%	—	+2.47%
39	TECK	Teck Resources Ltd-cls B	Stock-Materials	0.16%	—	+2.80%
40	RIO	Rio Tinto Plc-spon Adr	Stock-Materials	0.15%	—	+4.61%
41	FANG	Diamondback Energy INC	Stock-Energy	0.14%	+0.01%	—
42	SHEL	Shell Plc-adr	Stock-Energy	0.12%	+0.01%	+4.66%
43	BHP	Bhp Group Ltd-spon Adr	Stock-Materials	0.12%	—	+4.60%
44	DAR	Darling Ingredients INC	Stock-Consumer Staples	0.10%	+0.02%	-9.61%
45	PKX	Posco Holdings INC -spon Adr	Stock-Other	0.09%	—	—
46	MOS	Mosaic Co/the	Stock-Materials	0.08%	—	+4.61%
47	TTE	Totalenergies Se	Stock-Other	0.08%	+0.02%	+5.58%
48	ALB	Albemarle CORP	Stock-Materials	0.07%	—	-18.80%
49	EXE	Expand Energy CORP	Stock-Energy	0.06%	—	—
50	CF	Cf Industries Holdings INC	Stock-Materials	0.06%	+0.02%	+5.15%

1–50 of 67

Portfolio Performance

Performance for Q3 2026

+6.4%

Performance Last 4 Quarters

+57.1%

Based on 58% of reported portfolio value with available pricing

Stdev: +17%
Beta: +0.23
Alpha: +24.5%
Max Drawdown: -9.6%
Annualized Perf: +31.2%
Batting Avg vs S&P: +50%
Sortino: +3.56
Stutzer: +0.49
Treynor: +1.23
Sterling: +2.02
Calmar: +3.26
Information Ratio: +0.53
Tracking Error: +19.5%
Stdev Down: +8.1%
Winning Months %: +75%
Losing Months %: +25%
Best 12 Months: +59.6%
Worst 12 Months: +6.3%
Efficiency Ratio: +0.83
Sharpe: +1.69
Stdev Sectors: +32.2%
Skewness: -0.11
Kurtosis: +0.13
Upside Potential: +4.9

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	67	$1.7B	33	1CVE 2TRGP 3ET Top holdings2026-03-31 1.CVE 2.TRGP 3.ET 4.OKE 5.SU 6.LNG 7.KMI 8.PSX 9.MUSA 10.PBA
2025-12-31	71	$1.4B	21	1CVE 2TRGP 3ET Top holdings2025-12-31 1.CVE 2.TRGP 3.ET 4.OKE 5.KEY 6.SU 7.PSX 8.PBA 9.EPD 10.WES
2025-09-30	64	$1.3B	33	1CVE 2ET 3TRGP Top holdings2025-09-30 1.CVE 2.ET 3.TRGP 4.OKE 5.SU 6.PBA 7.PSX 8.LNG 9.EPD 10.MPC
2025-06-30	64	$1.2B	0	1CVE 2ET 3OKE Top holdings2025-06-30 1.CVE 2.ET 3.OKE 4.TRGP 5.LNG 6.PBA 7.SU 8.PSX 9.EPD 10.PAGP
2025-03-31	65	$1.2B	100	1ET 2LNG 3PBA Top holdings2025-03-31 1.ET 2.LNG 3.PBA 4.TRGP 5.CVE 6.SU 7.OKE 8.EPD 9.PAGP 10.WES
2024-12-31	65	$1.1B	0	1ET 2LNG 3CVE Top holdings2024-12-31 1.ET 2.LNG 3.CVE 4.OKE 5.TRGP 6.SU 7.PBA 8.EPD 9.WES 10.KMI
2024-09-30	54	$1.0B	0	1ET 2CVE 3PBA Top holdings2024-09-30 1.ET 2.CVE 3.PBA 4.LNG 5.SU 6.OKE 7.TRGP 8.WES 9.PAGP 10.PSX
2024-06-30	51	$949.9M	0	1CVE 2ET 3LNG Top holdings2024-06-30 1.CVE 2.ET 3.LNG 4.PBA 5.SU 6.OKE 7.WES 8.PAGP 9.PSX 10.TRGP
2024-03-31	50	$862.5M	0	1CVE 2ET 3ETRNUSD Top holdings2024-03-31 1.CVE 2.ET 3.ETRNUSD 4.SU 5.PBA 6.PAGP 7.PSX 8.OKE 9.WES 10.LNG
2023-12-31	44	$681.7M	0	1ET 2ETRNUSD 3PBA Top holdings2023-12-31 1.ET 2.ETRNUSD 3.PBA 4.PAGP 5.CVE 6.WES 7.PSX 8.LNG 9.SU 10.KMI
2023-09-30	51	$681.0M	0	1CVE 2ET 3PAGP Top holdings2023-09-30 1.CVE 2.ET 3.PAGP 4.SU 5.PSX 6.PBA 7.ETRNUSD 8.MPC 9.LNG 10.WES
2023-06-30	53	$590.8M	0	1CVE 2ET 3PAGP Top holdings2023-06-30 1.CVE 2.ET 3.PAGP 4.PBA 5.SU 6.MPC 7.LNG 8.PSX 9.WES 10.VLO
2023-03-31	43	$505.7M	0	1ET 2CVE 3PAGP Top holdings2023-03-31 1.ET 2.CVE 3.PAGP 4.PBA 5.MPC 6.VLO 7.LNG 8.PSX 9.WES 10.EPD
2022-12-31	53	$468.8M	0	1CVE 2ET 3PBA Top holdings2022-12-31 1.CVE 2.ET 3.PBA 4.PAGP 5.TRGP 6.PSX 7.MPC 8.WES 9.VNOM 10.VLO
2022-09-30	42	$370.6M	0	1CVE 2ET 3MPC Top holdings2022-09-30 1.CVE 2.ET 3.MPC 4.VNOM 5.PBA 6.PAGP 7.LNG 8.WES 9.PSX 10.VLO
2022-06-30	49	$329.8M	0	1CVE 2ET 3PBA Top holdings2022-06-30 1.CVE 2.ET 3.PBA 4.WES 5.VNOM 6.TRGP 7.PAGP 8.MPC 9.EPD 10.PSX
2022-03-31	40	$315.0M	0	1CVE 2ET 3PBA Top holdings2022-03-31 1.CVE 2.ET 3.PBA 4.VNOM 5.MPC 6.TRGP 7.PAGP 8.WES 9.VLO 10.PSX
2021-12-31	42	$247.9M	0	1CVE 2ET 3PBA Top holdings2021-12-31 1.CVE 2.ET 3.PBA 4.VNOM 5.MPC 6.WES 7.VLO 8.EPD 9.PAGP 10.SU
2021-09-30	41	$227.7M	0	1CVE 2ET 3PBA Top holdings2021-09-30 1.CVE 2.ET 3.PBA 4.VNOM 5.MPC 6.WES 7.EPD 8.PAGP 9.VLO 10.KMI
2021-06-30	43	$198.4M	89	1ET 2CVE 3PBA Top holdings2021-06-30 1.ET 2.CVE 3.PBA 4.EPD 5.KMI 6.MPC 7.WES 8.PAGP 9.VLO 10.VNOM
2021-03-31	44	$158.0M	22	1CVE 2KMI 3EPD Top holdings2021-03-31 1.CVE 2.KMI 3.EPD 4.ET 5.PBA 6.PAGP 7.MPC 8.VLO 9.PSX 10.WMB
2020-12-31	43	$134.7M	39	1EPD 2KMI 3CVE Top holdings2020-12-31 1.EPD 2.KMI 3.CVE 4.PAGP 5.ET 6.PBA 7.MPC 8.PSX 9.WMB 10.WEP
2020-09-30	40	$93.9M	18	1KMI 2EPD 3PBA Top holdings2020-09-30 1.KMI 2.EPD 3.PBA 4.WMB 5.PAGP 6.ET 7.CVE 8.ETRNUSD 9.MPC 10.WEP
2020-06-30	39	$106.2M	72	1KMI 2EPD 3PAGP Top holdings2020-06-30 1.KMI 2.EPD 3.PAGP 4.PBA 5.ET 6.MPC 7.CVE 8.WMB 9.PSX 10.WEP
2020-03-31	34	$53.3M	44	1KMI 2EPD 3WMB Top holdings2020-03-31 1.KMI 2.EPD 3.WMB 4.PBA 5.LNG 6.ET 7.ENB 8.TRP 9.PAGP 10.ETRNUSD
2019-12-31	44	$78.4M	0	1KMI 2ET 3PAGP Top holdings2019-12-31 1.KMI 2.ET 3.PAGP 4.EPD 5.PBA 6.WMB 7.ETRNUSD 8.LNG 9.ENB 10.OKE

Holding changes this quarter

Recurrent Investment Advisors LLC's most significant position changes for 2026-03-31: Sold out: Keycorp (KEY); Sold out: Sealed Air CORP (SDA); Sold out: Bp Plc-spons Adr (BP); Add: Kinder Morgan INC (KMI) — shares +63.61%; Trim: Cenovus Energy INC (CVE) — shares -8.86%.

Position changes disclosed by Recurrent Investment Advisors LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	KMI	Kinder Morgan INC	+1.9%	+63.61%	Add
2	CVE	Cenovus Energy INC	+1.4%	-8.86%	Trim
3	SUN	Sunoco LP	+1.4%	+51.47%	Add
4	LNG	Cheniere Energy INC	+1.3%	+13.46%	Add
5	MUSA	Murphy USA INC	+0.8%	+23.20%	Add
6	VNOM	Viper Energy Inc-cl A	+0.7%	+36.91%	Add
7	DOW	Dow INC	+0.5%	+55.25%	Add
8	LYB	LyondellBasell Industries N.V.	+0.4%	+110.48%	Add
9	WLK	Westlake CORP	+0.4%	+49.13%	Add
10	PBF	Pbf Energy Inc-class A	+0.4%	-19.83%	Trim
11	SU	Suncor Energy INC	+0.3%	-13.93%	Trim
12	HUN	Huntsman CORP	+0.3%	+117.61%	Add
13	EMN	Eastman Chemical Co	+0.2%	+118.76%	Add
14	PSX	Phillips 66	+0.2%	-8.95%	Trim
15	XOM	Exxon Mobil CORP	+0.1%	+1.57%	Add
16	MTDR	Matador Resources Co	+0.1%	+14.50%	Add
17	CVX	Chevron CORP	+0.1%	+0.94%	Add
18	COP	Conocophillips	0%	+2.10%	Add
19	SW	Smurfit Westrock Plc	0%	+113.53%	Add
20	OKE	Oneok INC	0%	+0.28%	Add
21	NTR	Nutrien LTD	0%	+4.59%	Add
22	CNQ	Canadian Natural Resources	0%	—	Unchanged
23	HAL	Halliburton Co	0%	+1.66%	Add
24	DAR	Darling Ingredients INC	0%	-9.61%	Trim
25	CF	Cf Industries Holdings INC	0%	+5.15%	Add
26	IP	International Paper Co	0%	+102.04%	Add
27	TTE	Totalenergies Se	0%	+5.58%	Add
28	SUNC	Sunococorp LLC	0%	+42.41%	Add
29	VALE	Vale Sa-sp Adr	0%	+4.64%	Add
30	FANG	Diamondback Energy INC	0%	—	Unchanged
31	SHEL	Shell Plc-adr	0%	+4.66%	Add
32	RIO	Rio Tinto Plc-spon Adr	—	+4.61%	Add
33	WMB	Williams Cos INC	0%	+0.29%	Add
34	VLO	Valero Energy CORP	0%	-62.70%	Trim
35	ET	Energy Transfer LP	-0.1%	+3.94%	Add
36	NEM	Newmont CORP	-0.1%	+2.64%	Add
37	AA	Alcoa CORP	-0.1%	-56.81%	Trim
38	TRGP	Targa Resources CORP	-0.1%	-10.74%	Trim
39	ENB	Enbridge INC	-0.1%	+0.52%	Add
40	FCX	Freeport-mcmoran INC	-0.1%	-40.13%	Trim
41	PBA	Pembina Pipeline CORP	-0.2%	+0.28%	Add
42	EPD	Enterprise Products Partners	-0.2%	-1.48%	Trim
43	DTM	Dt Midstream INC	-0.3%	+0.39%	Add
44	PAGP	Plains Gp Holdings Lp-cl A	-0.4%	-12.65%	Trim
45	SOBO	South Bow CORP	-0.5%	-15.29%	Trim
46	MPC	Marathon Petroleum CORP	-0.7%	-35.75%	Trim
47	WES	Western Midstream Partners L	-1.1%	-15.23%	Trim
48	KEY	Keycorp	—	EXIT	Sold out
49	SDA	Sealed Air CORP	—	EXIT	Sold out
50	BP	Bp Plc-spons Adr	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-13	13F-HR	View on EDGAR
2025-09-30	2025-11-13	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-08-17	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR

FAQ

What is Recurrent Investment Advisors LLC and what type of investor is it?

Recurrent Investment Advisors LLC 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 $1.7B, spread across 67 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. Cenovus Energy INC (CVE) — $159.6M (9.6%) 2. Targa Resources CORP (TRGP) — $118.3M (7.1%) 3. Energy Transfer LP (ET) — $107.4M (6.5%) 4. Oneok INC (OKE) — $104.5M (6.3%) 5. Suncor Energy INC (SU) — $101.9M (6.1%)

What changes did Recurrent Investment Advisors LLC make in its most recent portfolio filing?

In the latest reported quarter, Recurrent Investment Advisors LLC made 48 notable position adjustments: 0 new positions were initiated, 31 existing holdings were added to, 14 positions were partially reduced, and 3 were completely exited. The largest of these moves: Sold out: Keycorp (KEY); Sold out: Sealed Air CORP (SDA); Sold out: Bp Plc-spons Adr (BP); Add: Kinder Morgan INC (KMI) — shares +63.61%; Trim: Cenovus Energy INC (CVE) — shares -8.86%

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: 88.4% • Materials: 6.5% • Consumer Discretionary: 4.8% • Consumer Staples: 0.1% • Utilities: 0.1% • Real Estate: 0.0%

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Recurrent Investment Advisors LLC Quarterly 13F Holdings Update

CIK: 0001803146

Diversified strategySector-focusedMomentum follower

Total reported value

$1.7B

Reporting period: 2026-03-31 · Number of holdings: 67

Recurrent Investment Advisors LLC disclosed 67 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.7B and a quarterly turnover rate of 33.4%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "R"

Personality snowflake

Concentration: 18.83
Portfolio Stability: 33.41
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 85.21

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.

Recent moves

Add KMI
+63.6%　$40.7M
Add CVE
-8.9%　$48.5M
Add SUN
+51.5%　$31.2M
Add LNG
+13.5%　$33.7M
Trim WES
-15.2%　-$6.2M
Add MUSA
+23.2%　$24.2M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	CVE	Cenovus Energy INC	Stock-Energy	9.61%	+1.40%	-8.86%
2	TRGP	Targa Resources CORP	Stock-Energy	7.12%	-0.09%	-10.74%
3	ET	Energy Transfer LP	Stock-Energy	6.46%	-0.06%	+3.94%
4	OKE	Oneok INC	Stock-Energy	6.29%	+0.02%	+0.28%
5	SU	Suncor Energy INC	Stock-Energy	6.14%	+0.29%	-13.93%
6	LNG	Cheniere Energy INC	Stock-Energy	5.13%	+1.33%	+13.46%
7	KMI	Kinder Morgan INC	Stock-Energy	4.91%	+1.89%	+63.61%
8	PSX	Phillips 66	Stock-Energy	4.54%	+0.20%	-8.95%
9	MUSA	Murphy USA INC	Stock-Consumer Disc	4.33%	+0.80%	+23.20%
10	PBA	Pembina Pipeline CORP	Stock-Energy	4.04%	-0.17%	+0.28%
11	SUN	Sunoco LP	Stock-Other	4.02%	+1.39%	+51.47%
12	EPD	Enterprise Products Partners	Stock-Energy	3.82%	-0.21%	-1.48%
13	WMB	Williams Cos INC	Stock-Energy	3.34%	-0.04%	+0.29%
14	PAGP	Plains Gp Holdings Lp-cl A	Stock-Energy	3.09%	-0.35%	-12.65%
15	DTM	Dt Midstream INC	Stock-Energy	2.88%	-0.25%	+0.39%
16	PBF	Pbf Energy Inc-class A	Stock-Energy	2.87%	+0.36%	-19.83%
17	WES	Western Midstream Partners L	Stock-Energy	2.81%	-1.10%	-15.23%
18	VNOM	Viper Energy Inc-cl A	Stock-Energy	2.80%	+0.74%	+36.91%
19	MPC	Marathon Petroleum CORP	Stock-Energy	2.66%	-0.73%	-35.75%
20	SOBO	South Bow CORP	Stock-Other	2.33%	-0.46%	-15.29%
21	ENB	Enbridge INC	Stock-Energy	1.52%	-0.12%	+0.52%
22	DOW	Dow INC	Stock-Materials	0.84%	+0.47%	+55.25%
23	WLK	Westlake CORP	Stock-Materials	0.79%	+0.38%	+49.13%
24	B	Barrick Mining CORP	Stock-Materials	0.68%	—	+2.20%
25	NEM	Newmont CORP	Stock-Materials	0.63%	-0.07%	+2.64%
26	LYB	LyondellBasell Industries N.V.	Stock-Materials	0.61%	+0.42%	+110.48%
27	XOM	Exxon Mobil CORP	Stock-Energy	0.60%	+0.09%	+1.57%
28	CVX	Chevron CORP	Stock-Energy	0.54%	+0.06%	+0.94%
29	HUN	Huntsman CORP	Stock-Materials	0.43%	+0.25%	+117.61%
30	EMN	Eastman Chemical Co	Stock-Materials	0.40%	+0.21%	+118.76%
31	NTR	Nutrien LTD	Stock-Materials	0.33%	+0.02%	+4.59%
32	MTDR	Matador Resources Co	Stock-Energy	0.29%	+0.08%	+14.50%
33	COP	Conocophillips	Stock-Energy	0.27%	+0.04%	+2.10%
34	VALE	Vale Sa-sp Adr	Stock-Materials	0.19%	+0.01%	+4.64%
35	FCX	Freeport-mcmoran INC	Stock-Materials	0.19%	-0.14%	-40.13%
36	CNQ	Canadian Natural Resources	Stock-Energy	0.17%	+0.02%	—
37	HAL	Halliburton Co	Stock-Energy	0.17%	+0.02%	+1.66%
38	NUE	Nucor CORP	Stock-Materials	0.17%	—	+2.47%
39	TECK	Teck Resources Ltd-cls B	Stock-Materials	0.16%	—	+2.80%
40	RIO	Rio Tinto Plc-spon Adr	Stock-Materials	0.15%	—	+4.61%
41	FANG	Diamondback Energy INC	Stock-Energy	0.14%	+0.01%	—
42	SHEL	Shell Plc-adr	Stock-Energy	0.12%	+0.01%	+4.66%
43	BHP	Bhp Group Ltd-spon Adr	Stock-Materials	0.12%	—	+4.60%
44	DAR	Darling Ingredients INC	Stock-Consumer Staples	0.10%	+0.02%	-9.61%
45	PKX	Posco Holdings INC -spon Adr	Stock-Other	0.09%	—	—
46	MOS	Mosaic Co/the	Stock-Materials	0.08%	—	+4.61%
47	TTE	Totalenergies Se	Stock-Other	0.08%	+0.02%	+5.58%
48	ALB	Albemarle CORP	Stock-Materials	0.07%	—	-18.80%
49	EXE	Expand Energy CORP	Stock-Energy	0.06%	—	—
50	CF	Cf Industries Holdings INC	Stock-Materials	0.06%	+0.02%	+5.15%

1–50 of 67

Portfolio Performance

Performance for Q3 2026

+6.4%

Performance Last 4 Quarters

+57.1%

Based on 58% of reported portfolio value with available pricing

Stdev: +17%
Beta: +0.23
Alpha: +24.5%
Max Drawdown: -9.6%
Annualized Perf: +31.2%
Batting Avg vs S&P: +50%
Sortino: +3.56
Stutzer: +0.49
Treynor: +1.23
Sterling: +2.02
Calmar: +3.26
Information Ratio: +0.53
Tracking Error: +19.5%
Stdev Down: +8.1%
Winning Months %: +75%
Losing Months %: +25%
Best 12 Months: +59.6%
Worst 12 Months: +6.3%
Efficiency Ratio: +0.83
Sharpe: +1.69
Stdev Sectors: +32.2%
Skewness: -0.11
Kurtosis: +0.13
Upside Potential: +4.9

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	67	$1.7B	33	1CVE 2TRGP 3ET Top holdings2026-03-31 1.CVE 2.TRGP 3.ET 4.OKE 5.SU 6.LNG 7.KMI 8.PSX 9.MUSA 10.PBA
2025-12-31	71	$1.4B	21	1CVE 2TRGP 3ET Top holdings2025-12-31 1.CVE 2.TRGP 3.ET 4.OKE 5.KEY 6.SU 7.PSX 8.PBA 9.EPD 10.WES
2025-09-30	64	$1.3B	33	1CVE 2ET 3TRGP Top holdings2025-09-30 1.CVE 2.ET 3.TRGP 4.OKE 5.SU 6.PBA 7.PSX 8.LNG 9.EPD 10.MPC
2025-06-30	64	$1.2B	0	1CVE 2ET 3OKE Top holdings2025-06-30 1.CVE 2.ET 3.OKE 4.TRGP 5.LNG 6.PBA 7.SU 8.PSX 9.EPD 10.PAGP
2025-03-31	65	$1.2B	100	1ET 2LNG 3PBA Top holdings2025-03-31 1.ET 2.LNG 3.PBA 4.TRGP 5.CVE 6.SU 7.OKE 8.EPD 9.PAGP 10.WES
2024-12-31	65	$1.1B	0	1ET 2LNG 3CVE Top holdings2024-12-31 1.ET 2.LNG 3.CVE 4.OKE 5.TRGP 6.SU 7.PBA 8.EPD 9.WES 10.KMI
2024-09-30	54	$1.0B	0	1ET 2CVE 3PBA Top holdings2024-09-30 1.ET 2.CVE 3.PBA 4.LNG 5.SU 6.OKE 7.TRGP 8.WES 9.PAGP 10.PSX
2024-06-30	51	$949.9M	0	1CVE 2ET 3LNG Top holdings2024-06-30 1.CVE 2.ET 3.LNG 4.PBA 5.SU 6.OKE 7.WES 8.PAGP 9.PSX 10.TRGP
2024-03-31	50	$862.5M	0	1CVE 2ET 3ETRNUSD Top holdings2024-03-31 1.CVE 2.ET 3.ETRNUSD 4.SU 5.PBA 6.PAGP 7.PSX 8.OKE 9.WES 10.LNG
2023-12-31	44	$681.7M	0	1ET 2ETRNUSD 3PBA Top holdings2023-12-31 1.ET 2.ETRNUSD 3.PBA 4.PAGP 5.CVE 6.WES 7.PSX 8.LNG 9.SU 10.KMI
2023-09-30	51	$681.0M	0	1CVE 2ET 3PAGP Top holdings2023-09-30 1.CVE 2.ET 3.PAGP 4.SU 5.PSX 6.PBA 7.ETRNUSD 8.MPC 9.LNG 10.WES
2023-06-30	53	$590.8M	0	1CVE 2ET 3PAGP Top holdings2023-06-30 1.CVE 2.ET 3.PAGP 4.PBA 5.SU 6.MPC 7.LNG 8.PSX 9.WES 10.VLO
2023-03-31	43	$505.7M	0	1ET 2CVE 3PAGP Top holdings2023-03-31 1.ET 2.CVE 3.PAGP 4.PBA 5.MPC 6.VLO 7.LNG 8.PSX 9.WES 10.EPD
2022-12-31	53	$468.8M	0	1CVE 2ET 3PBA Top holdings2022-12-31 1.CVE 2.ET 3.PBA 4.PAGP 5.TRGP 6.PSX 7.MPC 8.WES 9.VNOM 10.VLO
2022-09-30	42	$370.6M	0	1CVE 2ET 3MPC Top holdings2022-09-30 1.CVE 2.ET 3.MPC 4.VNOM 5.PBA 6.PAGP 7.LNG 8.WES 9.PSX 10.VLO
2022-06-30	49	$329.8M	0	1CVE 2ET 3PBA Top holdings2022-06-30 1.CVE 2.ET 3.PBA 4.WES 5.VNOM 6.TRGP 7.PAGP 8.MPC 9.EPD 10.PSX
2022-03-31	40	$315.0M	0	1CVE 2ET 3PBA Top holdings2022-03-31 1.CVE 2.ET 3.PBA 4.VNOM 5.MPC 6.TRGP 7.PAGP 8.WES 9.VLO 10.PSX
2021-12-31	42	$247.9M	0	1CVE 2ET 3PBA Top holdings2021-12-31 1.CVE 2.ET 3.PBA 4.VNOM 5.MPC 6.WES 7.VLO 8.EPD 9.PAGP 10.SU
2021-09-30	41	$227.7M	0	1CVE 2ET 3PBA Top holdings2021-09-30 1.CVE 2.ET 3.PBA 4.VNOM 5.MPC 6.WES 7.EPD 8.PAGP 9.VLO 10.KMI
2021-06-30	43	$198.4M	89	1ET 2CVE 3PBA Top holdings2021-06-30 1.ET 2.CVE 3.PBA 4.EPD 5.KMI 6.MPC 7.WES 8.PAGP 9.VLO 10.VNOM
2021-03-31	44	$158.0M	22	1CVE 2KMI 3EPD Top holdings2021-03-31 1.CVE 2.KMI 3.EPD 4.ET 5.PBA 6.PAGP 7.MPC 8.VLO 9.PSX 10.WMB
2020-12-31	43	$134.7M	39	1EPD 2KMI 3CVE Top holdings2020-12-31 1.EPD 2.KMI 3.CVE 4.PAGP 5.ET 6.PBA 7.MPC 8.PSX 9.WMB 10.WEP
2020-09-30	40	$93.9M	18	1KMI 2EPD 3PBA Top holdings2020-09-30 1.KMI 2.EPD 3.PBA 4.WMB 5.PAGP 6.ET 7.CVE 8.ETRNUSD 9.MPC 10.WEP
2020-06-30	39	$106.2M	72	1KMI 2EPD 3PAGP Top holdings2020-06-30 1.KMI 2.EPD 3.PAGP 4.PBA 5.ET 6.MPC 7.CVE 8.WMB 9.PSX 10.WEP
2020-03-31	34	$53.3M	44	1KMI 2EPD 3WMB Top holdings2020-03-31 1.KMI 2.EPD 3.WMB 4.PBA 5.LNG 6.ET 7.ENB 8.TRP 9.PAGP 10.ETRNUSD
2019-12-31	44	$78.4M	0	1KMI 2ET 3PAGP Top holdings2019-12-31 1.KMI 2.ET 3.PAGP 4.EPD 5.PBA 6.WMB 7.ETRNUSD 8.LNG 9.ENB 10.OKE

Holding changes this quarter

Position changes disclosed by Recurrent Investment Advisors LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	KMI	Kinder Morgan INC	+1.9%	+63.61%	Add
2	CVE	Cenovus Energy INC	+1.4%	-8.86%	Trim
3	SUN	Sunoco LP	+1.4%	+51.47%	Add
4	LNG	Cheniere Energy INC	+1.3%	+13.46%	Add
5	MUSA	Murphy USA INC	+0.8%	+23.20%	Add
6	VNOM	Viper Energy Inc-cl A	+0.7%	+36.91%	Add
7	DOW	Dow INC	+0.5%	+55.25%	Add
8	LYB	LyondellBasell Industries N.V.	+0.4%	+110.48%	Add
9	WLK	Westlake CORP	+0.4%	+49.13%	Add
10	PBF	Pbf Energy Inc-class A	+0.4%	-19.83%	Trim
11	SU	Suncor Energy INC	+0.3%	-13.93%	Trim
12	HUN	Huntsman CORP	+0.3%	+117.61%	Add
13	EMN	Eastman Chemical Co	+0.2%	+118.76%	Add
14	PSX	Phillips 66	+0.2%	-8.95%	Trim
15	XOM	Exxon Mobil CORP	+0.1%	+1.57%	Add
16	MTDR	Matador Resources Co	+0.1%	+14.50%	Add
17	CVX	Chevron CORP	+0.1%	+0.94%	Add
18	COP	Conocophillips	0%	+2.10%	Add
19	SW	Smurfit Westrock Plc	0%	+113.53%	Add
20	OKE	Oneok INC	0%	+0.28%	Add
21	NTR	Nutrien LTD	0%	+4.59%	Add
22	CNQ	Canadian Natural Resources	0%	—	Unchanged
23	HAL	Halliburton Co	0%	+1.66%	Add
24	DAR	Darling Ingredients INC	0%	-9.61%	Trim
25	CF	Cf Industries Holdings INC	0%	+5.15%	Add
26	IP	International Paper Co	0%	+102.04%	Add
27	TTE	Totalenergies Se	0%	+5.58%	Add
28	SUNC	Sunococorp LLC	0%	+42.41%	Add
29	VALE	Vale Sa-sp Adr	0%	+4.64%	Add
30	FANG	Diamondback Energy INC	0%	—	Unchanged
31	SHEL	Shell Plc-adr	0%	+4.66%	Add
32	RIO	Rio Tinto Plc-spon Adr	—	+4.61%	Add
33	WMB	Williams Cos INC	0%	+0.29%	Add
34	VLO	Valero Energy CORP	0%	-62.70%	Trim
35	ET	Energy Transfer LP	-0.1%	+3.94%	Add
36	NEM	Newmont CORP	-0.1%	+2.64%	Add
37	AA	Alcoa CORP	-0.1%	-56.81%	Trim
38	TRGP	Targa Resources CORP	-0.1%	-10.74%	Trim
39	ENB	Enbridge INC	-0.1%	+0.52%	Add
40	FCX	Freeport-mcmoran INC	-0.1%	-40.13%	Trim
41	PBA	Pembina Pipeline CORP	-0.2%	+0.28%	Add
42	EPD	Enterprise Products Partners	-0.2%	-1.48%	Trim
43	DTM	Dt Midstream INC	-0.3%	+0.39%	Add
44	PAGP	Plains Gp Holdings Lp-cl A	-0.4%	-12.65%	Trim
45	SOBO	South Bow CORP	-0.5%	-15.29%	Trim
46	MPC	Marathon Petroleum CORP	-0.7%	-35.75%	Trim
47	WES	Western Midstream Partners L	-1.1%	-15.23%	Trim
48	KEY	Keycorp	—	EXIT	Sold out
49	SDA	Sealed Air CORP	—	EXIT	Sold out
50	BP	Bp Plc-spons Adr	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-13	13F-HR	View on EDGAR
2025-09-30	2025-11-13	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-08-17	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR