Fractal Investments LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Fractal Investments LLC reported 73 stock positions worth $719.6 million. Its top holding was MPLX (MPLX) at 16.8% of the portfolio, followed by Energy Transfer (ET, 12.9%) and Plains All Amer Pipeline (PAA, 10.7%). Compared with Q4 2024, it opened 6 new positions, sold out of 9, added to 10 and reduced 4. The biggest buy was MPLX (MPLX, shares +18%) and the biggest sale an exit from Enlink Midstream (ENLC).

Most Recent 13F
Q2 2026
Location
Glastonbury, CT
CIK
0001843590
Portfolio Value
$719.6M (Q1 2025)
SEC Filing
0001667731-25-000594 ↗ filed May 6, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $550.7M Q1 2024 Q2 2024: $574.6M Q2 2024 Q3 2024: $591.6M Q3 2024 Q4 2024: $653.5M Q4 2024 Q1 2025: $719.6M $719.6M Q1 2025 Q2 2025: $701.0M Q2 2025 Q3 2025: $692.7M Q3 2025 Q4 2025: $716.2M Q4 2025 Q1 2026: $845.0M Q1 2026 Q2 2026: $866.9M Q2 2026

Holdings 73 stocks · $719.6M
MPLX MPLX LP 16.78% 2,256,503 $120.8M Add +18.1%
ET Energy Transfer LP 12.94% 5,009,543 $93.1M No change
PAA Plains All Amer Pipeline LP 10.65% 3,832,658 $76.7M Add +0.2%
EPD Enterprise Products Partners 9.86% 2,079,189 $71.0M No change
WES Western Midstream Partners L 8.35% 1,467,506 $60.1M No change
OKE Oneok Inc. 5.88% 426,290 $42.3M Add +90.2%
WMB Williams Cos Inc. 4.91% 591,500 $35.3M Add +11.3%
SUN Sunoco LP 4.46% 552,768 $32.1M No change
TRGP Targa Resources Corp. 4.41% 158,424 $31.8M No change
KMI Kinder Morgan Inc. 4.19% 1,055,966 $30.1M Reduce -8.2%
TRP TC Energy Corp. 3.17% 483,000 $22.8M Add +40.4%
LNG Cheniere Energy Inc. 2.43% 75,585 $17.5M Add +27.7%
CQP Cheniere Energy Partners LP 1.78% 194,126 $12.8M No change
GLP Global Partners LP 1.45% 195,234 $10.4M No change
HESM Hess Midstream LP Class A 1.38% 235,247 $9.9M No change
DTM DT Midstream Inc. 1.33% 99,299 $9.6M No change
GEL Genesis Energy L.P. 0.75% 343,243 $5.4M Add +15.4%
SPH Suburban Propane Partners LP 0.63% 214,864 $4.5M No change
NGL NGL Energy Partners LP 0.53% 832,479 $3.8M No change
WLKP Westlake Chemical Partners L 0.26% 80,400 $1.9M New
GEV GE Vernova Inc. 0.25% 6,000 $1.8M No change
SMC Summit Midstream Corp. 0.21% 45,000 $1.5M No change
KNTK Kinetik Holdings Inc. 0.20% 27,502 $1.4M No change
CEG Constellation Energy 0.15% 5,500 $1.1M No change
GEHC GE Healthcare Technology 0.14% 12,601 $1.0M No change
XOM Exxon Mobil Corp. 0.13% 7,861 $935K No change
SLVM Sylvamo Corp. 0.13% 13,440 $901K New
VLTO Veralto Corp. 0.11% 7,800 $760K No change
CR Crane Co. 0.10% 4,900 $751K No change
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.10% 9,600 $750K Add +88.2%
GLD SPDR Gold Shares 0.10% 2,500 $720K No change
CVX Chevron Corp. 0.10% 4,200 $703K No change
ESAB Esab Corp. 0.09% 5,777 $673K No change
KNF Knife River Corp. 0.08% 6,702 $605K No change
TECK Teck Resources Ltd.-CLS B 0.08% 16,218 $591K No change
ARMK Aramark 0.08% 16,800 $580K No change
FCX Freeport-McMoran Inc. 0.08% 15,068 $570K No change
PHIN Phinia Inc. 0.08% 13,200 $560K No change
BERY Berry Global Group Inc. 0.07% 7,300 $510K New
CAT Caterpillar Inc. 0.07% 1,500 $495K No change
RIO Rio Tinto PLC-Spon ADR 0.07% 8,200 $493K No change
COP Conocophillips 0.07% 4,492 $472K No change
DKL Delek Logistics Partners LP 0.06% 10,559 $457K No change
IP International Paper Co. 0.06% 8,500 $453K No change
INGR Ingredion Inc. 0.06% 3,285 $444K Add +31.4%
PH Parker Hannifin Corp. 0.06% 730 $444K No change
BHP BHP Group Ltd.-Spon ADR 0.06% 9,000 $437K No change
SCCO Southern Copper Corp. 0.05% 4,220 $394K Add +0.7%
MBC Masterbrand Inc. 0.05% 29,328 $383K No change
CARR Carrier Global Corp. 0.05% 6,030 $382K Reduce -41.5%
MLI Mueller Industries Inc. 0.05% 4,926 $375K No change
MMM 3M Co. 0.05% 2,500 $367K No change
AEM Agnico Eagle Mines Ltd. 0.05% 3,309 $359K No change
PKG Packaging Corp. of America 0.05% 1,800 $356K No change
STLD Steel Dynamics Inc. 0.05% 2,694 $337K Reduce -50.5%
NATL NCR Atleos Corp. 0.05% 12,700 $335K No change
MPC Marathon Petroleum Corp. 0.05% 2,291 $334K No change
NTR Nutrien Ltd. 0.05% 6,700 $333K New
B Barrick Gold Corp. 0.04% 16,400 $319K No change
CXT Crane NXT Co. 0.04% 5,880 $302K No change
K Kellanova 0.04% 3,600 $297K No change
RS Reliance Inc. 0.04% 1,000 $289K No change
DE Deere & Co. 0.04% 600 $282K No change
TT Trane Technologies PLC 0.04% 800 $270K No change
GM General Motors Co. 0.04% 5,600 $263K No change
RXO Rxo Inc. 0.03% 13,083 $250K No change
SU Suncor Energy Inc. 0.03% 6,400 $248K No change
NUE Nucor Corp. 0.03% 1,868 $225K No change
OTIS Otis Worldwide Corp. 0.03% 1,979 $204K New
ETN Eaton Corp. PLC 0.03% 749 $204K Reduce -57.2%
ICL Icl Group Ltd. 0.02% 26,500 $151K New
FIP Ftai Infrastructure Inc. 0.02% 33,000 $149K No change
GGB Gerdau SA -Spon ADR 0.01% 33,264 $94K No change

Portfolio Sells Q4 2024 → Q1 2025
ENLC Enlink Midstream LLC Sold out 0.00% −4.62
KMI Kinder Morgan Inc. Reduce -8.2% 4.19% −0.64
SOBO South Bow Corp. Sold out 0.00% −0.18
ETN Eaton Corp. PLC Reduce -57.2% 0.03% −0.06
CARR Carrier Global Corp. Reduce -41.5% 0.05% −0.05
STLD Steel Dynamics Inc. Reduce -50.5% 0.05% −0.05
GE General Electric Sold out 0.00% −0.04
NVT Nvent Electric PLC Sold out 0.00% −0.04
TDG Transdigm Group Inc. Sold out 0.00% −0.04
IR Ingersoll-Rand Inc. Sold out 0.00% −0.03
PSX Phillips 66 Sold out 0.00% −0.03
SXC Suncoke Energy Inc. Sold out 0.00% −0.03
ITW Illinois Tool Works Sold out 0.00% −0.03

Portfolio Buys Q4 2024 → Q1 2025
MPLX MPLX LP Add +18.1% 16.78% +2.79
OKE Oneok Inc. Add +90.2% 5.88% +2.44
TRP TC Energy Corp. Add +40.4% 3.17% +0.72
PAA Plains All Amer Pipeline LP Add +0.2% 10.65% +0.65
WMB Williams Cos Inc. Add +11.3% 4.91% +0.51
LNG Cheniere Energy Inc. Add +27.7% 2.43% +0.48
GEL Genesis Energy L.P. Add +15.4% 0.75% +0.29
WLKP Westlake Chemical Partners L New 0.26% +0.26
SLVM Sylvamo Corp. New 0.13% +0.13
BERY Berry Global Group Inc. New 0.07% +0.07
NTR Nutrien Ltd. New 0.05% +0.05
CF CF Industries Holdings Inc. Add +88.2% 0.10% +0.04
OTIS Otis Worldwide Corp. New 0.03% +0.03
ICL Icl Group Ltd. New 0.02% +0.02
INGR Ingredion Inc. Add +31.4% 0.06% +0.01
SCCO Southern Copper Corp. Add +0.7% 0.05% −0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 80$866.9MET, MPLX, PAA, EPD, WES
Q1 2026 81$845.0MMPLX, ET, PAA, EPD, WES
Q4 2025 80$716.2MMPLX, ET, PAA, WES, EPD
Q3 2025 77$692.7MMPLX, ET, PAA, WES, EPD
Q2 2025 76$701.0MMPLX, ET, PAA, EPD, WES
Q1 2025 73$719.6MMPLX, ET, PAA, EPD, WES
Q4 2024 76$653.5MET, MPLX, PAA, EPD, WES
Q3 2024 83$591.6MMPLX, ET, PAA, EPD, WES
Q2 2024 82$574.6MMPLX, ET, PAA, EPD, WES
Q1 2024 81$550.7MET, MPLX, PAA, EPD, WES