Yaupon Capital Management portfolio

What changed this quarter

106 positions with a change (36 new, 36 added to, 12 trimmed, 22 sold); also, 10 entered through an IPO, 2 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Devon Energy+2.9 ppof portfolioNew
  — → 2.9%
• First Solar+2.1 ppof portfolioNew
  — → 2.1%
• American Electric Power+1.9 ppof portfolioNew
  — → 1.9%
• Legence+1.8 ppof portfolioNew
  — → 1.8%
• Entergy+225%more sharesIncreased
  1.1% → 2.4%
• Kinetik Holdings+1.6 ppof portfolioNew
  — → 1.6%
• Williams Companies+126%more sharesIncreased
  1.7% → 2.7%
• HF Sinclair+9,475%more sharesIncreased
  under 0.1% → 1.5%
• Talen Energy+145%more sharesIncreased
  1.2% → 2.5%
• Freeport-McMoRan+1.5 ppof portfolioNew
  — → 1.5%
• TC Energy−1.4 ppof portfolioSold out
  2.1% → —
• Hut 8−64%fewer sharesReduced
  2.1% → 1.3%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• National Fuel GasNFG4.0%
• Devon EnergyDVN2.9%
• NisourceNI2.8%
• OvintivOVV2.7%
• Williams CompaniesWMB2.7%
• BKVBKV2.5%
• Vistra OperationsVST2.5%
• Talen EnergyTLN2.5%
• Cenovus EnergyCVE2.4%
• EntergyETR2.4%
• First SolarFSLR2.1%
• Permian ResourcesPR2.1%
• Public Service Enterprise GroupPEG1.9%
• Duke EnergyDUK1.9%
• American Electric PowerAEP1.9%
• Forgent Power SolutionsFPS1.9%
• LegenceLGN1.8%
• H2o AmericaHTO1.7%
• Kinetik HoldingsKNTK1.6%
• DTE EnergyDTE1.5%
• HF SinclairDINO1.5%
• American Water WorksAWK1.5%
• Freeport-McMoRanFCX1.5%
• CSXCSX1.4%
• FedEx Freight HoldingFDXF1.4%
• Antero ResourcesAR1.4%
• Nebius GroupNBIS1.3%
• Regal RexnordRRX1.3%
• Cheniere EnergyLNG1.3%
• DT MidstreamDTM1.3%
• Hut 8HUT1.3%
• EQTEQT1.3%
• Norfolk SouthernNSC1.3%
• STMicroelectronicsSTM1.2%
• Targa ResourcesTRGP1.2%
• Primoris ServicesPRIM1.2%
• ATIATI1.2%
• CumminsCMI1.2%
• BPBP1.2%
• Black HillsBKH1.1%
• Plains GP HoldingsPAGP1.1%
• AmerenAEE1.1%
• DPC HoldingsDPC1.0%
• Union PacificUNP1.0%
• TransaltaTAC1.0%
• DeereDE0.9%
• Cipher DigitalCIFR0.9%
• Valero EnergyVLO0.9%
• SOLV EnergyMWH0.9%
• Viper EnergyVNOM0.8%
• Xplr InfrastructureXIFR0.8%
• ConocoPhillipsCOP0.8%
• ShellSHEL0.8%
• Cleveland-cliffsCLF0.7%
• Barrick MiningB0.7%
• SpireSR0.7%
• Tamboran ResourcesTBN0.7%
• Darling IngredientsDAR0.7%
• AESAES0.6%
• Solstice Advanced MaterialsSOLS0.6%
• MGE EnergyMGEE0.5%
• USA Rare EarthUSAR0.5%
• Rice Acquisition Corporation 3KRSP0.5%
• Karbon Capital PartnersKBON0.5%
• Excelerate EnergyEE0.5%
• Fervo EnergyFRVO0.5%
• Kodiak Gas ServicesKGS0.5%
• Rockwell AutomationROK0.5%
• InnioINIO0.5%
• Golar LNGGLNG0.4%
• FTAI AviationFTAI0.4%
• PureCycle TechnologiesPCT0.4%
• EagleRock LandEROK0.4%
• Alussa Energy Acquisition Corp. IIALUB0.4%
• Talon CapitalTLNCU(unit)0.3%
• Century AluminumCENX0.3%
• Sunshine Silver Mining & RefiningSSMR0.3%
• YeswayYSWY0.3%
• Target HospitalityTH0.3%
• Infinity Natural ResourcesINR0.3%
• Northwestern Energy GroupNWE0.3%
• TECK ResourcesTECK0.3%
• NextdecadeNEXT0.3%
• X-EnergyXE0.2%
• CoherentCOHR0.2%
• Select Water SolutionsWTTR0.2%
• Bitdeer Technologies GroupBTDR0.2%
• Lumentum HoldingsLITE0.2%
• Kimbell Royalty PartnersKRP(unit)0.2%
• Aurora InnovationAUR0.2%
• Hennessy Capital Investment Corp. ViiiHCIC0.2%
• TXNM EnergyTXNM0.2%
• Crescent EnergyCRGY0.1%
• ERockEROC0.1%
• QuantinuumQNT0.1%
• Cantor Equity Partners IVCEPF0.1%
• TerawulfWULF0.1%
• WolfspeedWOLF0.1%
• CadelerCDLR0.1%
• Spark I AcquisitionSPKL0.1%