First Reserve GP XIII Ltd

First Reserve GP XIII Ltd is a diversified fundamental manager, specialised in energy (100% of the long book), running a $52.9M US long book across 1 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: VITESSE ENERGY INC.

Over the last 9 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.