Juniper Capital Advisors, L.P.

Juniper Capital Advisors, L.P. is a diversified fundamental manager, specialised in energy (100% of the long book), running a $332.0M US long book across 2 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: BAYTEX ENERGY CORP, PEDEVCO CORP.

Over the last 9 quarters its long book ran on average 1.2pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.