TORTOISE CAPITAL ADVISORS, L.L.C.
Long book
$9.60B
Q1 2026
Positions
90
Top-10 weight
66%
concentration
Last quarter
+1.5%
SPY +14.8%
Turnover
19%
of book per quarter
Strategy in plain words
auto-generated from filingsTORTOISE CAPITAL ADVISORS, L.L.C. is a diversified fundamental manager, specialised in utilities (74% of the long book), running a $9.60B US long book across 90 positions.
The portfolio is concentrated: the top 10 names carry 66% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: TARGA RESOURCES CORP, WILLIAMS COS INC, ENERGY TRANSFER LP, MPLX LP, CHENIERE ENERGY INC.
Over the last 9 quarters its long book ran on average 1.3pp 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
+6.4%
Q2 2024
+7.5%
Q3 2024
+10.2%
Q4 2024
+7.8%
Q1 2025
-1.8%
Q2 2025
+0.4%
Q3 2025
-0.2%
Q4 2025
+20.3%
Q1 2026
+1.5%
Sector allocation
Utilities 76%
Energy 22%
Technology 1%
Industrials 0%
Financials 0%
Other 0%
Real estate 0%
Consumer discretionary 0%
Long book by quarter
What does TORTOISE CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TRGP TARGA RESOURCES CORP | Utilities | 3.5M | $889.3M | 9.3% | +4.7% |
| WMB WILLIAMS COS INC | Utilities | 11.5M | $836.9M | 8.7% | +1.2% |
| ET ENERGY TRANSFER LP | Utilities | 39.5M | $761.6M | 7.9% | +2.0% |
| MPLX MPLX LP | Energy | 13.3M | $756.8M | 7.9% | -0.4% |
| LNG CHENIERE ENERGY INC | Utilities | 2.6M | $725.8M | 7.6% | +11.5% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 14.9M | $562.4M | 5.9% | +4.1% |
| OKE ONEOK INC | Utilities | 6.1M | $550.7M | 5.7% | +5.4% |
| TRP TC ENERGY CORP | Utilities | 8.0M | $501.3M | 5.2% | -12.8% |
| DTM DT MIDSTREAM INC | Utilities | 3.0M | $405.0M | 4.2% | +0.9% |
| ENB ENBRIDGE INC | Energy | 6.7M | $362.6M | 3.8% | -5.1% |
| WES WESTERN MIDSTREAM PARTNERS L | Utilities | 8.8M | $361.5M | 3.8% | +2.8% |
| KMI KINDER MORGAN INC | Utilities | 7.9M | $263.3M | 2.7% | -14.2% |
| AM ANTERO MIDSTREAM CORP | Utilities | 11.2M | $254.4M | 2.7% | -2.1% |
| PAA PLAINS ALL AMER PIPELINE LP | Energy | 10.8M | $241.0M | 2.5% | +13.1% |
| PBA PEMBINA PIPELINE CORP | Energy | 4.0M | $177.8M | 1.9% | +3.4% |
| HESM HESS MIDSTREAM LP - CLASS A | Energy | 4.5M | $173.6M | 1.8% | +1.0% |
| CEG CONSTELLATION ENERGY | Utilities | 396.8K | $110.8M | 1.2% | +84.4% |
| SRE SEMPRA | Utilities | 1.1M | $109.8M | 1.1% | -29.5% |
| EVRG EVERGY INC | Utilities | 1.3M | $103.8M | 1.1% | -7.1% |
| CWEN CLEARWAY ENERGY INC-C | Utilities | 2.6M | $101.5M | 1.1% | -1.7% |
| VST VISTRA CORP | Utilities | 476.2K | $71.6M | 0.7% | +17.7% |
| CQP CHENIERE ENERGY PARTNERS LP | Utilities | 1.1M | $71.5M | 0.7% | +1.3% |
| NRG NRG ENERGY INC | Utilities | 395.3K | $57.8M | 0.6% | +23.2% |
| SUN SUNOCO LP | Energy | 815.5K | $53.0M | 0.6% | +1.9% |
| ETR ENTERGY CORP | Utilities | 428.8K | $48.2M | 0.5% | +9.2% |
| TLN TALEN ENERGY CORP | Utilities | 139.0K | $44.4M | 0.5% | +19.1% |
| EQT EQT CORP | Energy | 692.7K | $44.1M | 0.5% | +4.7% |
| KGS KODIAK GAS SERVICES INC | Utilities | 726.2K | $42.4M | 0.4% | +0.8% |
| MPC MARATHON PETROLEUM CORP | Energy | 169.7K | $41.4M | 0.4% | +512.3% |
| VLO VALERO ENERGY CORP | Energy | 167.4K | $41.4M | 0.4% | +435.2% |
| EE EXCELERATE ENERGY INC-A | Utilities | 1.2M | $39.5M | 0.4% | +1.5% |
| XEL XCEL ENERGY INC | Utilities | 440.6K | $35.0M | 0.4% | +10.4% |
| CNP CENTERPOINT ENERGY INC | Utilities | 776.8K | $33.5M | 0.3% | +0.6% |
| NI NISOURCE INC | Utilities | 696.2K | $32.5M | 0.3% | -0.7% |
| SOBO SOUTH BOW CORP | Energy | 960.1K | $32.0M | 0.3% | +1.9% |
| DTE DTE ENERGY COMPANY | Utilities | 123.2K | $18.0M | 0.2% | +0.9% |
| KNTK KINETIK HOLDINGS INC | Utilities | 367.8K | $17.8M | 0.2% | +1.4% |
| WEC WEC ENERGY GROUP INC | Utilities | 152.4K | $17.6M | 0.2% | -1.4% |
| CMS CMS ENERGY CORP | Utilities | 223.9K | $17.4M | 0.2% | +3.3% |
| CORZ CORE SCIENTIFIC INC | Financials | 1.1M | $16.6M | 0.2% | +7.9% |
| CVX CHEVRON CORP | Energy | 78.3K | $16.2M | 0.2% | New |
| EXE EXPAND ENERGY CORP | Energy | 143.2K | $15.7M | 0.2% | -47.2% |
| AR ANTERO RESOURCES CORP | Energy | 366.0K | $15.5M | 0.2% | -0.7% |
| PSX PHILLIPS 66 | Energy | 80.7K | $14.7M | 0.2% | -26.3% |
| CTRA COTERRA ENERGY INC | — | 403.4K | $14.2M | 0.1% | +11.3% |
| OVV OVINTIV INC | Energy | 230.2K | $13.7M | 0.1% | +0.1% |
| FRMI FERMI INC | Real estate | 2.3M | $13.3M | 0.1% | +110.4% |
| FANG DIAMONDBACK ENERGY INC | Energy | 51.7K | $10.2M | 0.1% | New |
| DELL DELL TECHNOLOGIES -C | Technology | 61.3K | $10.1M | 0.1% | +78.5% |
| CIEN CIENA CORP | Technology | 25.4K | $9.9M | 0.1% | -2.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 108 | $9.60B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 104 | $7.86B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 100 | $7.75B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 73 | $7.67B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 56 | $8.27B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 51 | $7.81B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 105 | $7.76B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 110 | $7.56B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 114 | $7.16B | canonical | SEC ↗ |
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