Encompass Capital Advisors LLC
Long book
$2.45B
Q1 2026
Positions
56
Top-10 weight
43%
concentration
Last quarter
+1.8%
SPY +14.8%
Turnover
63%
of book per quarter
Strategy in plain words
auto-generated from filingsEncompass Capital Advisors LLC is a diversified fundamental manager, running a $2.45B US long book across 56 positions.
The portfolio is moderately concentrated (top 10 ≈ 43% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: SABLE OFFSHORE CORP, T1 ENERGY INC, ATLAS ENERGY SOLUTIONS INC, SOLARIS ENERGY INFRASTRUCTUR, NATIONAL ENERGY SERVICES REU.
Over the last 9 quarters its long book ran on average 1.3pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.7%
Q2 2024
-1.7%
Q3 2024
+9.5%
Q4 2024
-11.4%
Q1 2025
+6.6%
Q2 2025
+15.1%
Q3 2025
+11.6%
Q4 2025
+20.8%
Q1 2026
+1.8%
Sector allocation
Energy 38%
Industrials 35%
Technology 10%
Materials 8%
Other 3%
Utilities 2%
Consumer discretionary 2%
Consumer staples 1%
Long book by quarter
What does Encompass Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SOC SABLE OFFSHORE CORP | Energy | 13.4M | $222.2M | 9.1% | -0.3% |
| TE T1 ENERGY INC | Technology | 35.0M | $153.5M | 6.3% | Held |
| AESI ATLAS ENERGY SOLUTIONS INC | Energy | 9.1M | $119.9M | 4.9% | New |
| SEI SOLARIS ENERGY INFRASTRUCTUR | Industrials | 1.8M | $98.9M | 4.0% | -31.6% |
| NESR NATIONAL ENERGY SERVICES REU | Energy | 4.3M | $91.5M | 3.7% | -40.0% |
| CENX CENTURY ALUMINUM COMPANY | Industrials | 1.6M | $91.0M | 3.7% | +210.4% |
| BTE BAYTEX ENERGY CORP | Energy | 20.1M | $89.7M | 3.7% | +43.9% |
| KEX KIRBY CORP | Industrials | 469.6K | $62.4M | 2.5% | -27.7% |
| ALM ALMONTY INDUSTRIES INC | Materials | 4.3M | $62.3M | 2.5% | +47.9% |
| CSTM CONSTELLIUM SE | Industrials | 2.5M | $60.9M | 2.5% | -46.8% |
| ODFL OLD DOMINION FREIGHT LINE | Industrials | 310.1K | $60.6M | 2.5% | New |
| NXT NEXTPOWER INC-CL A | Technology | 484.3K | $58.4M | 2.4% | -3.1% |
| FPS FORGENT POWER SOLUTIONS-CL A | Industrials | 1.9M | $56.4M | 2.3% | New |
| CEG CONSTELLATION ENERGY | Utilities | 200.0K | $55.9M | 2.3% | New |
| PSX PHILLIPS 66 | Energy | 304.7K | $55.5M | 2.3% | New |
| CNR CORE NATURAL RESOURCES INC | Materials | 500.0K | $52.4M | 2.1% | +122.2% |
| WTTR SELECT WATER SOLUTIONS INC | Energy | 3.1M | $47.2M | 1.9% | -1.1% |
| MUSA MURPHY USA INC | Consumer discretionary | 90.0K | $44.5M | 1.8% | New |
| OCW CMB TECH NV | — | 3.5M | $44.3M | 1.8% | +40.0% |
| UEC URANIUM ENERGY CORP | Materials | 3.0M | $40.5M | 1.7% | New |
| AA ALCOA CORP | Industrials | 605.1K | $40.1M | 1.6% | -20.7% |
| WHD CACTUS INC - A | Industrials | 765.5K | $36.3M | 1.5% | New |
| TBN TAMBORAN RESOURCES CORP | Energy | 713.7K | $35.7M | 1.5% | Held |
| PDS PRECISION DRILLING CORP | Energy | 351.2K | $34.5M | 1.4% | -36.9% |
| PR PERMIAN RESOURCES CORP-CL A | Energy | 1.6M | $34.1M | 1.4% | New |
| PWR QUANTA SERVICES INC | Industrials | 60.0K | $32.9M | 1.3% | New |
| MATX MATSON INC | Industrials | 199.8K | $32.8M | 1.3% | New |
| CSX CSX CORP | Industrials | 785.8K | $32.3M | 1.3% | New |
| ASPI ASP ISOTOPES INC | Other | 6.9M | $30.6M | 1.2% | New |
| MWH SOLV ENERGY INC-CL A | Industrials | 1.0M | $30.0M | 1.2% | New |
| NUE NUCOR CORP | Industrials | 175.0K | $29.6M | 1.2% | -44.2% |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 451.4K | $29.3M | 1.2% | New |
| PARR PAR PACIFIC HOLDINGS INC | Energy | 460.4K | $28.8M | 1.2% | New |
| KNX KNIGHT-SWIFT TRANSPORTATION | Industrials | 500.0K | $28.8M | 1.2% | New |
| VTOL BRISTOW GROUP INC | Industrials | 587.4K | $27.5M | 1.1% | -16.0% |
| TTI TETRA TECHNOLOGIES INC | Energy | 3.2M | $27.3M | 1.1% | +10.7% |
| ENPH ENPHASE ENERGY INC | Technology | 720.3K | $27.2M | 1.1% | New |
| FLOC FLOWCO HOLDINGS INC-CL A | Industrials | 1.3M | $26.3M | 1.1% | -15.2% |
| DVN DEVON ENERGY CORP | Energy | 517.6K | $26.0M | 1.1% | New |
| RNGR RANGER ENERGY SERVICES-CL A | Energy | 1.5M | $25.8M | 1.1% | -0.2% |
| LIN LINDE PLC | Materials | 50.0K | $24.8M | 1.0% | New |
| DAR DARLING INGREDIENTS INC | Consumer staples | 400.0K | $24.7M | 1.0% | New |
| VNOM VIPER ENERGY INC-CL A | Energy | 464.6K | $21.8M | 0.9% | -65.5% |
| SM SM ENERGY CO | Energy | 697.8K | $21.8M | 0.9% | New |
| POWL POWELL INDUSTRIES INC | Industrials | 40.0K | $21.6M | 0.9% | New |
| NVGS NAVIGATOR HOLDINGS LTD | Industrials | 1.0M | $20.0M | 0.8% | +62.7% |
| ECO OKEANIS ECO TANKERS CORP | Industrials | 377.4K | $19.1M | 0.8% | -53.4% |
| STLD STEEL DYNAMICS INC | Industrials | 100.0K | $18.0M | 0.7% | New |
| STNG SCORPIO TANKERS INC | Industrials | 200.0K | $14.9M | 0.6% | Held |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 300.1K | $13.3M | 0.5% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 61 | $3.34B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 50 | $2.45B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 56 | $2.84B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 65 | $2.74B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 67 | $2.61B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 61 | $2.66B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 56 | $2.05B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 58 | $1.85B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 57 | $1.84B | canonical | SEC ↗ |
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