LSP Investment Advisors, LLC
Long book
$137.7M
Q1 2026
Positions
19
Top-10 weight
95%
concentration
Last quarter
-8.0%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsLSP Investment Advisors, LLC is a concentrated fundamental stock-picker, specialised in energy (85% of the long book), running a $137.7M US long book across 19 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: EXPAND ENERGY CORP, EQT CORP, GULFPORT ENERGY CORP, SS SPDR S&P 500 ETF TRUST-US, VANECK GOLD MINERS ETF.
Over the last 9 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.6%
Q2 2024
+15.3%
Q3 2024
-4.3%
Q4 2024
-0.2%
Q1 2025
+10.9%
Q2 2025
+0.7%
Q3 2025
+4.2%
Q4 2025
+7.3%
Q1 2026
-8.0%
Sector allocation
Energy 85%
Technology 9%
Utilities 3%
Consumer discretionary 3%
Financials 0%
Long book by quarter
What does LSP Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EXE EXPAND ENERGY CORP | Energy | 319.7K | $35.1M | 25.5% | -37.3% |
| EQT EQT CORP | Energy | 530.3K | $33.7M | 24.5% | -30.6% |
| GPOR GULFPORT ENERGY CORP | Energy | 98.8K | $20.9M | 15.2% | -9.4% |
| GOOG ALPHABET INC-CL C | Technology | 21.4K | $6.1M | 4.5% | Held |
| MSFT MICROSOFT CORP | Technology | 8.3K | $3.1M | 2.2% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 14.2K | $3.0M | 2.1% | Held |
| CNP CENTERPOINT ENERGY INC | Utilities | 16.3K | $701K | 0.5% | Held |
| EXC EXELON CORP | Utilities | 13.3K | $651K | 0.5% | Held |
| CEG CONSTELLATION ENERGY | Utilities | 2.2K | $617K | 0.4% | Held |
| PEG PUBLIC SERVICE ENTERPRISE GP | Utilities | 5.3K | $433K | 0.3% | Held |
| DUK DUKE ENERGY CORP | Utilities | 3.1K | $401K | 0.3% | Held |
| HOOD ROBINHOOD MARKETS INC - A | Financials | 4.4K | $302K | 0.2% | Held |
| D DOMINION ENERGY INC | Utilities | 3.4K | $207K | 0.2% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 19 | $137.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 21 | $188.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 22 | $166.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 20 | $139.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 21 | $116.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 21 | $143.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 26 | $185.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 27 | $176.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 26 | $185.5M | canonical | SEC ↗ |
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