Beach Investment Counsel Inc.

Q1 2025Q4 2024Q2 2024Q1 2024

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 15, 2024), Beach Investment Counsel Inc. reported 225 stock positions worth $808.5 million. Its top holding was Enterprise Products Partners (EPD) at 7.7% of the portfolio, followed by Energy Transfer (ET, 5.7%) and Nextera Energy (NEE, 5.3%). Compared with Q2 2024, it opened 3 new positions, sold out of 11, added to 4 and reduced 109. The biggest buy was Cheniere Energy (LNG, shares +103%) and the biggest sale XPLR Infrastructure (XIFR, shares −62%).

Most Recent 13F: Q1 2025
Location: WEST CONSHOHOCKEN, PA
CIK: 0001058800
Portfolio Value: $808.5M (Q3 2024)
SEC Filing: 0001058800-24-000004 ↗ filed Oct 15, 2024

Holdings Value

Holdings 225 stocks · $808.5M


EPD Enterprise Products Partners	7.68%	2,134,324	$62.1M	Reduce -2.1%
ET Energy Transfer LP	5.69%	2,867,465	$46.0M	Reduce -2.8%
NEE Nextera Energy Inc.	5.27%	503,856	$42.6M	Reduce -1.9%
VST Vistra Corp.	5.24%	357,068	$42.3M	Reduce -1.5%
MPLX MPLX LP	4.83%	878,756	$39.1M	Reduce -2.3%
AMZN Amazon.com Inc.	4.44%	192,728	$35.9M	Reduce -3.0%
GOOGL Alphabet Inc. Class A	3.96%	193,103	$32.0M	Reduce -2.4%
HR Healthcare Realty Trust Inc.	3.61%	1,606,306	$29.2M	Reduce -2.4%
MSFT Microsoft Corp.	2.83%	53,194	$22.9M	Reduce -2.4%
KO The Coca-Cola Co.	2.67%	300,163	$21.6M	Reduce -2.6%
APO Apollo Global Management Inc.	2.41%	156,289	$19.5M	Reduce -2.0%
JPM JPMorgan Chase & Co.	2.41%	92,549	$19.5M	Reduce -1.3%
META Meta Platforms Inc. Class A	2.29%	32,374	$18.5M	Reduce -2.1%
AAPL Apple Inc.	2.19%	75,955	$17.7M	Reduce -1.3%
CRH CRH PLC	2.03%	176,547	$16.4M	Reduce -2.0%
C Citigroup Inc.	1.89%	244,423	$15.3M	Reduce -1.9%
LNG Cheniere Energy Inc.	1.86%	83,749	$15.1M	Add +103.0%
MA Mastercard Inc. Class A	1.83%	29,925	$14.8M	Reduce -2.2%
CWEN Clearway Energy Inc. Class C	1.79%	470,765	$14.4M	Reduce -1.7%
BSX Boston Scientific Corp.	1.71%	164,867	$13.8M	Reduce -2.2%
XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP	1.58%	462,552	$12.8M	Reduce -61.8%
V Visa Inc. Class A	1.43%	41,970	$11.5M	Reduce -2.5%
CAT Caterpillar Inc.	1.16%	24,019	$9.4M	Add +43.4%
HHH Howard Hughes Holdings Inc.	1.12%	117,258	$9.1M	Reduce -1.0%
DTE DTE Energy Company	1.07%	67,571	$8.7M	Reduce -2.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP	1.05%	213,307	$8.5M	Reduce -1.8%
KKR KKR & Co. Inc.	1.02%	63,400	$8.3M	No change
SPY SS SPDR S&P 500 ETF Trust-US	0.95%	13,410	$7.7M	No change
PCG P G & E Corp.	0.93%	378,655	$7.5M	Reduce -1.8%
CNP Centerpoint Energy Inc.	0.92%	252,113	$7.4M	Reduce -26.8%
BAESY Bae Systems PLC -Spon ADR	0.87%	106,302	$7.1M	Reduce -2.7%
PNC PNC Financial Services Group	0.81%	35,610	$6.6M	Reduce -2.5%
JNJ Johnson & Johnson	0.80%	39,845	$6.5M	Reduce -2.5%
KW Kennedy-Wilson Holdings Inc.	0.76%	556,125	$6.1M	Reduce -0.8%
BX Blackstone Inc.	0.73%	38,446	$5.9M	Reduce -0.7%
MDLZ Mondelez International Inc. Class A	0.71%	77,696	$5.7M	Reduce -48.0%
WY Weyerhaeuser Co.	0.64%	152,315	$5.2M	Reduce -1.6%
NSRGY Nestle SA-Spons ADR	0.59%	47,787	$4.8M	Reduce -59.4%
MRK Merck & Co. Inc.	0.59%	41,673	$4.7M	Reduce -0.9%
PPL PPL Corp.	0.58%	141,609	$4.7M	Reduce -1.9%
TMO Thermo Fisher Scientific Inc.	0.55%	7,235	$4.5M	Reduce -0.1%
PG The Procter & Gamble Co.	0.53%	24,873	$4.3M	Reduce -0.9%
GOOG Alphabet Inc. Class C	0.49%	23,610	$3.9M	Reduce -5.2%
NVS Novartis AG-Sponsored ADR	0.48%	33,842	$3.9M	Reduce -1.0%
BIP Brookfield Infrastructure Pa	0.45%	104,323	$3.7M	Reduce -1.4%
NVDA Nvidia Corp.	0.45%	29,825	$3.6M	Reduce -8.0%
BRK.B Berkshire Hathaway Inc. Class B	0.43%	7,537	$3.5M	Reduce -8.3%
LLY Eli Lilly & Co.	0.42%	3,830	$3.4M	No change
UL Unilever PLC	0.36%	44,641	$2.9M	Reduce -3.3%
PEP Pepsico Inc.	0.36%	17,045	$2.9M	No change
COST Costco Wholesale Corp.	0.35%	3,205	$2.8M	Reduce -3.2%
WMB Williams Cos Inc.	0.35%	62,228	$2.8M	No change
RHHBY Roche Holdings Ltd.-Spons ADR	0.35%	69,940	$2.8M	Reduce -0.4%
NGG National Grid PLC-SP ADR	0.34%	39,998	$2.8M	Reduce -1.1%
SIEGY Siemens AG-Spons ADR	0.31%	24,871	$2.5M	No change
BUD Anheuser-Busch Inbev-SPN ADR	0.31%	37,790	$2.5M	Reduce -0.5%
UBS UBS Group AG-Reg	0.31%	80,756	$2.5M	No change
ENGIY Engie-Spon ADR	0.30%	142,150	$2.5M	Reduce -1.7%
MDT Medtronic PLC	0.28%	24,932	$2.2M	Reduce -4.3%
PAGP Plains GP Holdings LP	0.28%	121,128	$2.2M	No change
CSCO Cisco Systems Inc.	0.28%	41,918	$2.2M	Reduce -1.2%
DTEGY Deutsche Telekom AG-Spon ADR	0.27%	73,244	$2.2M	Reduce -0.9%
UNP Union Pacific Corp.	0.24%	7,861	$1.9M	Reduce -2.0%
FDX FedEx Corp.	0.23%	6,868	$1.9M	Reduce -52.0%
AXP American Express Co.	0.23%	6,860	$1.9M	Reduce -7.7%
CCS Century Communities Inc.	0.22%	17,357	$1.8M	Reduce -5.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.22%	18,370	$1.8M	Reduce -4.4%
ADP Automatic Data Processing	0.21%	6,059	$1.7M	No change
IYW iShares Ustechnology ETF	0.18%	9,800	$1.5M	No change
PLD Prologis Inc.	0.18%	11,357	$1.4M	No change
SYY Sysco Corp.	0.18%	18,320	$1.4M	No change
XOM Exxon Mobil Corp.	0.17%	11,572	$1.4M	Reduce -1.6%
DHLGY DHL AG - ADR filed as DEUTSCHE POST ADR	0.16%	29,723	$1.3M	Reduce -1.0%
PFE Pfizer Inc.	0.16%	43,517	$1.3M	Reduce -2.1%
ORCL Oracle Corp.	0.14%	6,700	$1.1M	No change
VEOEY Veolia Environnement-ADR	0.14%	69,350	$1.1M	Reduce -3.5%
DOC Healthpeak Properties Inc.	0.13%	44,745	$1.0M	Reduce -9.5%
CVX Chevron Corp.	0.13%	6,939	$1.0M	Reduce -9.3%
RTX RTX Corp.	0.13%	8,352	$1.0M	Reduce -6.5%
IBDRY Iberdrola SA-Sponsored ADR	0.12%	15,175	$941K	Reduce -2.9%
CB Chubb Ltd.	0.11%	3,026	$873K	Reduce -11.6%
GWW WW Grainger Inc. filed as GRAINGER W W INC	0.10%	798	$829K	Reduce -5.9%
SPGI S&P Global Inc.	0.10%	1,600	$827K	No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.10%	3,646	$806K	Reduce -1.4%
EMR Emerson Electric Co.	0.09%	6,950	$760K	Reduce -86.9%
DE Deere & Co.	0.09%	1,775	$741K	Reduce -13.0%
LDOS Leidos Holdings Inc.	0.09%	4,520	$737K	No change
BNPQY BNP Paribas-ADR	0.09%	21,400	$735K	Add +13.2%
KMI Kinder Morgan Inc.	0.09%	31,505	$696K	No change
BRK.A Berkshire Hathaway Inc. Class A	0.09%	1	$691K	No change
OKE Oneok Inc.	0.08%	7,495	$683K	No change
FMX Fomento Economico Mex-SP ADR	0.08%	6,550	$647K	No change
CVS CVS Health Corp.	0.08%	9,679	$609K	Reduce -1.9%
LIN Linde PLC	0.07%	1,250	$596K	No change
DUOL Duolingo	0.07%	2,083	$587K	New
KMB Kimberly-Clark Corp.	0.07%	4,109	$585K	Reduce -11.3%
EONGY E.on SE -Sponsored ADR filed as E ON AG	0.07%	39,100	$584K	No change
AIG American International Group	0.06%	7,142	$523K	No change
BIPC Brookfield Infrastructure-A	0.06%	11,594	$504K	Reduce -1.4%
MET Metlife Inc.	0.06%	6,100	$503K	Reduce -3.2%

Show all 225 holdings

Portfolio Sells Q2 2024 → Q3 2024


XIFR XPLR Infrastructure LP	Reduce -61.8%	1.58%	−2.54
SHEL Shell PLC-ADR	Reduce -96.3%	0.04%	−1.07
NSRGY Nestle SA-Spons ADR	Reduce -59.4%	0.59%	−0.89
EMR Emerson Electric Co.	Reduce -86.9%	0.09%	−0.62
MDLZ Mondelez International Inc. Class A	Reduce -48.0%	0.71%	−0.50
GOOGL Alphabet Inc. Class A	Reduce -2.4%	3.96%	−0.48
CNP Centerpoint Energy Inc.	Reduce -26.8%	0.92%	−0.40
FCX Freeport-McMoran Inc.	Sold out	0.00%	−0.35
FDX FedEx Corp.	Reduce -52.0%	0.23%	−0.30
AMZN Amazon.com Inc.	Reduce -3.0%	4.44%	−0.29
ET Energy Transfer LP	Reduce -2.8%	5.69%	−0.20
MSFT Microsoft Corp.	Reduce -2.4%	2.83%	−0.17
EPD Enterprise Products Partners	Reduce -2.1%	7.68%	−0.10
GOOG Alphabet Inc. Class C	Reduce -5.2%	0.49%	−0.07
MRK Merck & Co. Inc.	Reduce -0.9%	0.59%	−0.06
C Citigroup Inc.	Reduce -1.9%	1.89%	−0.06
NVDA Nvidia Corp.	Reduce -8.0%	0.45%	−0.04
BAESY Bae Systems PLC -Spon ADR	Reduce -2.7%	0.87%	−0.03
CVX Chevron Corp.	Reduce -9.3%	0.13%	−0.02
BAC Bank of America Corp.	Reduce -1.8%	1.05%	−0.02
SEG Seaport Entertainment Group	Reduce -38.9%	0.03%	−0.02
DIS The Walt Disney Co.	Reduce -4.4%	0.22%	−0.02
SCHW Schwab (charles) Corp.	Reduce -3.3%	0.06%	−0.01
DEO Diageo PLC-Sponsored ADR	Reduce -80.8%	0.00%	−0.01
TXN Texas Instruments Inc.	Sold out	0.00%	−0.01
CMI Cummins Inc.	Reduce -37.3%	0.03%	−0.01
MKL Markel Group Inc.	Reduce -41.2%	0.01%	−0.01
BA The Boeing Co.	Reduce -8.7%	0.03%	−0.01
LSXMK Liberty Media Corp.-Liber-New	Sold out	0.00%	−0.01
USB US Bancorp	Sold out	0.00%	−0.01
CMCSA Comcast Corp. Class A	Reduce -42.1%	0.01%	−0.01
KMB Kimberly-Clark Corp.	Reduce -11.3%	0.07%	−0.01
LUV Southwest Airlines Co.	Reduce -37.3%	0.01%	−0.01
TGT Target Corp.	Reduce -43.4%	0.01%	−0.01
EL Estee Lauder Companies Class A	Sold out	0.00%	−0.01
FWONK Liberty Media Corp. Class C	Reduce -87.9%	0.00%	−0.01
GT Goodyear Tire & Rubber Co.	Sold out	0.00%	−0.00
IWF iShares Russell 1000 Growth	Reduce -11.1%	0.06%	−0.00
EFA iShares MSCI Eafe ETF	Sold out	0.00%	−0.00
LBRDK Liberty Broadband-C	Reduce -87.9%	0.00%	−0.00
LSXMA Liberty Media Corp. Class A New	Sold out	0.00%	−0.00
LLYVK Liberty Media Corp.-Liberty-C	Reduce -89.3%	0.00%	−0.00
OTIS Otis Worldwide Corp.	Reduce -42.1%	0.01%	−0.00
SLB SLB Ltd.	Reduce -51.6%	0.00%	−0.00
WMT Walmart Inc.	Reduce -28.0%	0.02%	−0.00
GEHC GE Healthcare Technology	Reduce -47.9%	0.00%	−0.00
SOLV Solventum Corp.	Reduce -83.7%	0.00%	−0.00
DE Deere & Co.	Reduce -13.0%	0.09%	−0.00
FWONA Liberty Media Corp. Class A	Reduce -87.8%	0.00%	−0.00
BF.B Brown-Forman Corp. Class B	Sold out	0.00%	−0.00

Portfolio Buys Q2 2024 → Q3 2024


LNG Cheniere Energy Inc.	Add +103.0%	1.86%	+0.97
CAT Caterpillar Inc.	Add +43.4%	1.16%	+0.47
DUOL Duolingo	New	0.07%	+0.07
BNPQY BNP Paribas-ADR	Add +13.2%	0.09%	+0.02
SNN Smith & Nephew PLC -Spon ADR	New	0.01%	+0.01
SIRI Sirius XM Holdings Inc.	New	0.01%	+0.01
B Barrick Gold Corp.	Add +66.3%	0.01%	+0.01

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q1 2025	117	$679.4M	EPD, ET, MPLX, VST, AMZN
Q4 2024	120	$739.9M	EPD, ET, VST, MPLX, AMZN
Q3 2024	225	$808.5M	EPD, ET, NEE, VST, MPLX
Q2 2024	232	$812.1M	EPD, ET, AMZN, MPLX, NEE
Q1 2024	143	$810.8M	EPD, ET, XIFR, MPLX, NEE