Merewether Investment Management, LP
Long book
$5.16B
Q1 2026
Positions
79
Top-10 weight
35%
concentration
Last quarter
-4.0%
SPY +14.8%
Turnover
44%
of book per quarter
Strategy in plain words
auto-generated from filingsMerewether Investment Management, LP is a diversified fundamental manager, running a $5.16B US long book across 79 positions.
The portfolio is moderately concentrated (top 10 ≈ 35% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: COTERRA ENERGY INC, OVINTIV INC, DARLING INGREDIENTS INC, SUNCOR ENERGY INC, VISTRA CORP.
Over the last 9 quarters its long book ran on average 2.3pp per quarter ahead of the S&P 500, beating the index in 6 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
+3.7%
Q2 2024
+7.8%
Q3 2024
+3.6%
Q4 2024
+4.1%
Q1 2025
+7.5%
Q2 2025
+11.9%
Q3 2025
+3.9%
Q4 2025
+22.9%
Q1 2026
-4.0%
Sector allocation
Energy 31%
Utilities 28%
Industrials 13%
Materials 8%
Consumer staples 7%
Other 7%
Technology 6%
Financials 0%
Long book by quarter
What does Merewether Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CTRA COTERRA ENERGY INC | — | 7.3M | $256.6M | 5.0% | +252.1% |
| OVV OVINTIV INC | Energy | 4.3M | $254.3M | 4.9% | +18.6% |
| DAR DARLING INGREDIENTS INC | Consumer staples | 3.3M | $205.6M | 4.0% | +278.6% |
| SU SUNCOR ENERGY INC | Energy | 3.1M | $205.2M | 4.0% | -5.3% |
| VST VISTRA CORP | Utilities | 1.1M | $167.7M | 3.2% | +180.8% |
| TRGP TARGA RESOURCES CORP | Utilities | 648.4K | $162.6M | 3.1% | -13.5% |
| BG BUNGE GLOBAL SA | Consumer staples | 1.1M | $142.3M | 2.8% | -1.2% |
| SRE SEMPRA | Utilities | 1.4M | $137.3M | 2.7% | -8.7% |
| PR PERMIAN RESOURCES CORP-CL A | Energy | 6.1M | $131.1M | 2.5% | -1.8% |
| LNG CHENIERE ENERGY INC | Utilities | 459.5K | $130.4M | 2.5% | +31.8% |
| NRG NRG ENERGY INC | Utilities | 890.9K | $130.2M | 2.5% | +16.4% |
| CNP CENTERPOINT ENERGY INC | Utilities | 3.0M | $127.4M | 2.5% | +1.9% |
| CVE CENOVUS ENERGY INC | Energy | 4.8M | $126.6M | 2.5% | +129.8% |
| ETR ENTERGY CORP | Utilities | 1.1M | $123.0M | 2.4% | -39.1% |
| XEL XCEL ENERGY INC | Utilities | 1.5M | $121.7M | 2.4% | -29.3% |
| WMB WILLIAMS COS INC | Utilities | 1.7M | $121.4M | 2.4% | -28.7% |
| DTM DT MIDSTREAM INC | Utilities | 835.0K | $112.5M | 2.2% | -19.9% |
| NVT NVENT ELECTRIC PLC | Industrials | 950.3K | $112.4M | 2.2% | -28.8% |
| HUBB HUBBELL INC | Technology | 216.3K | $106.2M | 2.1% | +110.2% |
| PRIM PRIMORIS SERVICES CORP | Industrials | 674.8K | $96.5M | 1.9% | -13.7% |
| TTE TOTALENERGIES SE | Energy | 949.8K | $86.4M | 1.7% | New |
| CNR CORE NATURAL RESOURCES INC | Materials | 726.6K | $76.1M | 1.5% | +114.1% |
| MPC MARATHON PETROLEUM CORP | Energy | 310.5K | $75.8M | 1.5% | New |
| MTZ MASTEC INC | Industrials | 223.1K | $71.8M | 1.4% | -60.8% |
| COP CONOCOPHILLIPS | Energy | 522.2K | $68.9M | 1.3% | New |
| EQT EQT CORP | Energy | 1.1M | $68.1M | 1.3% | +26.6% |
| DINO HF SINCLAIR CORP | Energy | 1.1M | $65.8M | 1.3% | New |
| VG VENTURE GLOBAL INC-CL A | Utilities | 4.2M | $65.5M | 1.3% | New |
| ST SENSATA TECHNOLOGIES HOLDING | Technology | 1.8M | $63.3M | 1.2% | +98.6% |
| FCX FREEPORT-MCMORAN INC | Materials | 998.8K | $58.7M | 1.1% | -47.7% |
| FTI TECHNIPFMC PLC | Industrials | 836.3K | $57.8M | 1.1% | -44.7% |
| IAG IAMGOLD CORP | Materials | 3.0M | $55.6M | 1.1% | -11.5% |
| LYB LYONDELLBASELL INDU-CL A | Other | 654.7K | $52.7M | 1.0% | New |
| FANG DIAMONDBACK ENERGY INC | Energy | 266.1K | $52.6M | 1.0% | -58.4% |
| Q QNITY ELECTRONICS INC | Technology | 433.3K | $50.0M | 1.0% | -50.7% |
| NUE NUCOR CORP | Industrials | 293.1K | $49.6M | 1.0% | +43.8% |
| SOLS SOLSTICE ADV MATERIALS INC | Materials | 642.5K | $48.9M | 0.9% | New |
| EXE EXPAND ENERGY CORP | Energy | 431.7K | $47.4M | 0.9% | -67.5% |
| BKV BKV CORPORATION | Energy | 1.6M | $47.0M | 0.9% | -1.8% |
| RAL RALLIANT CORP | Technology | 1.1M | $46.3M | 0.9% | New |
| WTTR SELECT WATER SOLUTIONS INC | Energy | 2.9M | $44.2M | 0.9% | New |
| LGN LEGENCE CORP-CL A | Industrials | 726.3K | $41.0M | 0.8% | -36.0% |
| AR ANTERO RESOURCES CORP | Energy | 951.2K | $40.4M | 0.8% | +30.7% |
| CGAU CENTERRA GOLD INC | Materials | 2.3M | $40.1M | 0.8% | +0.5% |
| XOM EXXON MOBIL CORP | Energy | 233.3K | $39.6M | 0.8% | -66.7% |
| CMI CUMMINS INC | Industrials | 73.5K | $39.6M | 0.8% | -30.7% |
| SDRL SEADRILL LIMITED | Energy | 867.3K | $39.5M | 0.8% | New |
| NE NOBLE CORP PLC | Energy | 779.2K | $38.2M | 0.7% | New |
| JHX JAMES HARDIE IND PLC | Industrials | 2.0M | $37.1M | 0.7% | +123.3% |
| FNV FRANCO-NEVADA CORP | Materials | 144.0K | $35.6M | 0.7% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 79 | $5.16B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 77 | $4.35B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 70 | $4.18B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 63 | $3.47B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 54 | $2.75B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 52 | $2.50B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 46 | $2.17B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 44 | $1.90B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 44 | $1.88B | canonical | SEC ↗ |
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