Fractal Investments LLC
Long book
$845.0M
Q1 2026
Positions
81
Top-10 weight
77%
concentration
Last quarter
+2.9%
SPY +14.8%
Turnover
19%
of book per quarter
Strategy in plain words
auto-generated from filingsFractal Investments LLC is a diversified fundamental manager, running a $845.0M US long book across 81 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: MPLX LP, ENERGY TRANSFER LP, PLAINS ALL AMER PIPELINE LP, ENTERPRISE PRODUCTS PARTNERS, WESTERN MIDSTREAM PARTNERS L.
Over the last 9 quarters its long book ran on average 0.8pp per quarter ahead of the S&P 500, beating the index in 5 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
+4.9%
Q2 2024
+3.3%
Q3 2024
+9.4%
Q4 2024
+8.8%
Q1 2025
-3.0%
Q2 2025
-0.5%
Q3 2025
+3.4%
Q4 2025
+18.5%
Q1 2026
+2.9%
Sector allocation
Utilities 59%
Energy 36%
Consumer discretionary 2%
Industrials 1%
Materials 1%
Technology 1%
Other 0%
Healthcare 0%
Long book by quarter
What does Fractal Investments own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MPLX MPLX LP | Energy | 2.1M | $117.1M | 13.9% | Held |
| ET ENERGY TRANSFER LP | Utilities | 4.8M | $93.0M | 11.0% | +0.5% |
| PAA PLAINS ALL AMER PIPELINE LP | Energy | 3.6M | $81.0M | 9.6% | Held |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 1.8M | $69.5M | 8.2% | Held |
| WES WESTERN MIDSTREAM PARTNERS L | Utilities | 1.6M | $65.0M | 7.7% | Held |
| WMB WILLIAMS COS INC | Utilities | 814.0K | $59.2M | 7.0% | Held |
| HESM HESS MIDSTREAM LP - CLASS A | Energy | 1.2M | $46.1M | 5.5% | Held |
| TRP TC ENERGY CORP | Utilities | 649.0K | $40.6M | 4.8% | Held |
| SUN SUNOCO LP | Energy | 616.5K | $40.1M | 4.7% | Held |
| TRGP TARGA RESOURCES CORP | Utilities | 158.4K | $39.7M | 4.7% | Held |
| KMI KINDER MORGAN INC | Utilities | 1.0M | $35.1M | 4.2% | +22.5% |
| DTM DT MIDSTREAM INC | Utilities | 231.0K | $31.1M | 3.7% | Held |
| LNG CHENIERE ENERGY INC | Utilities | 67.4K | $19.1M | 2.3% | -14.3% |
| OKE ONEOK INC | Utilities | 156.6K | $14.2M | 1.7% | Held |
| CQP CHENIERE ENERGY PARTNERS LP | Utilities | 194.1K | $12.5M | 1.5% | Held |
| NGL NGL ENERGY PARTNERS LP | Utilities | 832.5K | $10.3M | 1.2% | Held |
| GLP GLOBAL PARTNERS LP | Consumer discretionary | 195.2K | $8.2M | 1.0% | Held |
| GEL GENESIS ENERGY L.P. | Energy | 343.2K | $6.1M | 0.7% | Held |
| AM ANTERO MIDSTREAM CORP | Utilities | 190.4K | $4.3M | 0.5% | New |
| SPH SUBURBAN PROPANE PARTNERS LP | Consumer discretionary | 214.9K | $4.2M | 0.5% | Held |
| ENB ENBRIDGE INC | Energy | 67.5K | $3.7M | 0.4% | Held |
| GEV GE VERNOVA INC | Industrials | 3.9K | $3.4M | 0.4% | Held |
| SNDK SANDISK CORP | Technology | 4.4K | $2.8M | 0.3% | Held |
| Q QNITY ELECTRONICS INC | Technology | 17.0K | $2.0M | 0.2% | +41.7% |
| SOLS SOLSTICE ADV MATERIALS INC | Materials | 25.1K | $1.9M | 0.2% | Held |
| WLKP WESTLAKE CHEMICAL PARTNERS L | Other | 80.4K | $1.8M | 0.2% | Held |
| XOM EXXON MOBIL CORP | Energy | 9.7K | $1.6M | 0.2% | +23.5% |
| NEM NEWMONT CORP | Materials | 15.2K | $1.6M | 0.2% | -10.5% |
| SMC SUMMIT MIDSTREAM CORP | Utilities | 45.0K | $1.4M | 0.2% | Held |
| CF CF INDUSTRIES HOLDINGS INC | Other | 10.3K | $1.3M | 0.2% | Held |
| KNTK KINETIK HOLDINGS INC | Utilities | 27.5K | $1.3M | 0.2% | Held |
| SU SUNCOR ENERGY INC | Energy | 16.4K | $1.1M | 0.1% | +156.3% |
| PHIN PHINIA INC | Industrials | 14.9K | $1.0M | 0.1% | Held |
| AEM AGNICO EAGLE MINES LTD | Materials | 4.8K | $976K | 0.1% | Held |
| GEHC GE HEALTHCARE TECHNOLOGY | Healthcare | 12.6K | $897K | 0.1% | Held |
| FCX FREEPORT-MCMORAN INC | Materials | 15.1K | $886K | 0.1% | Held |
| CVX CHEVRON CORP | Energy | 4.2K | $869K | 0.1% | Held |
| CR CRANE CO | Industrials | 4.9K | $838K | 0.1% | Held |
| VLTO VERALTO CORP | Technology | 8.8K | $778K | 0.1% | Held |
| SCCO SOUTHERN COPPER CORP | Materials | 4.4K | $753K | 0.1% | +0.8% |
| B BARRICK MINING CORP | Materials | 16.4K | $669K | 0.1% | Held |
| PH PARKER HANNIFIN CORP | Industrials | 730 | $654K | 0.1% | Held |
| COP CONOCOPHILLIPS | Energy | 4.5K | $593K | 0.1% | Held |
| NTR NUTRIEN LTD | Other | 7.7K | $581K | 0.1% | Held |
| ECG EVERUS CONSTRUCTION GROUP | Industrials | 4.9K | $578K | 0.1% | Held |
| MPC MARATHON PETROLEUM CORP | Energy | 2.3K | $559K | 0.1% | Held |
| ESAB ESAB CORP | Industrials | 5.8K | $558K | 0.1% | Held |
| CEG CONSTELLATION ENERGY | Utilities | 2.0K | $554K | 0.1% | -50.2% |
| NATL NCR ATLEOS CORP | Technology | 12.7K | $553K | 0.1% | Held |
| MLI MUELLER INDUSTRIES INC | Industrials | 4.9K | $546K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 13, 2026 | 81 | $845.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 27, 2026 | 80 | $716.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 27, 2025 | 77 | $692.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 7, 2025 | 76 | $701.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 6, 2025 | 73 | $719.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 27, 2025 | 76 | $653.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 30, 2024 | 83 | $591.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 30, 2024 | 82 | $574.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 81 | $550.7M | canonical | SEC ↗ |
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