Kayne Anderson Capital Advisors LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Kayne Anderson Capital Advisors LP reported 45 stock positions worth $4.2 billion. Its top holding was Energy Transfer (ET) at 11.2% of the portfolio, followed by Enterprise Products Partners (EPD, 10.2%) and Williams Cos (WMB, 10.1%). Compared with Q3 2024, it opened 5 new positions, sold out of 7, added to 15 and reduced 20. The biggest buy was Energy Transfer (ET, shares +8%) and the biggest sale Western Midstream Partners L (WES, shares −26%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0000949615
Portfolio Value
$4.2B (Q4 2024)
SEC Filing
0001140361-25-003612 ↗ filed Feb 10, 2025

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $3.5B Q1 2024 Q2 2024: $3.7B Q2 2024 Q3 2024: $3.9B Q3 2024 Q4 2024: $4.2B $4.2B Q4 2024 Q1 2025: $4.5B Q1 2025 Q2 2025: $4.3B Q2 2025 Q3 2025: $4.5B Q3 2025 Q4 2025: $4.4B Q4 2025 Q1 2026: $5.2B Q1 2026 Q2 2026: $5.1B Q2 2026

Holdings 45 stocks · $4.2B
ET Energy Transfer LP 11.21% 23,987,750 $469.9M Add +7.7%
EPD Enterprise Products Partners 10.17% 13,588,164 $426.1M Add +16.7%
WMB Williams Cos Inc. 10.07% 7,802,806 $422.3M Reduce -6.3%
LNG Cheniere Energy Inc. 7.12% 1,389,026 $298.5M Add +4.7%
KMI Kinder Morgan Inc. 6.69% 10,233,186 $280.4M Reduce -3.0%
MPLX MPLX LP 6.43% 5,634,573 $269.7M Reduce -1.8%
TRGP Targa Resources Corp. 6.26% 1,468,982 $262.2M Reduce -23.7%
OKE Oneok Inc. 6.14% 2,563,757 $257.4M Reduce -22.3%
TRP TC Energy Corp. 5.38% 4,842,255 $225.3M Add +51.4%
WES Western Midstream Partners L 4.21% 4,590,586 $176.4M Reduce -26.3%
ENB Enbridge Inc. 3.87% 3,826,865 $162.4M Reduce -7.6%
PBA Pembina Pipeline Corp. 3.58% 4,062,772 $150.1M Reduce -2.2%
SRE Sempra 2.36% 1,129,048 $99.0M Add +10.6%
HESM Hess Midstream LP Class A 2.30% 2,608,331 $96.6M Reduce -1.2%
PAA Plains All Amer Pipeline LP 2.30% 5,645,979 $96.4M Reduce -25.1%
ETR Entergy Corp. 1.63% 900,099 $68.2M Add +68.7%
DTM DT Midstream Inc. 1.61% 678,536 $67.5M Reduce -2.0%
APD Air Products & Chemicals Inc. 1.10% 159,295 $46.2M New
KNTK Kinetik Holdings Inc. 1.08% 795,311 $45.1M Reduce -17.1%
AM Antero Midstream Corp. 1.06% 2,948,391 $44.5M Reduce -1.2%
AROC Archrock Inc. 0.96% 1,614,264 $40.2M Add +5.5%
LIN Linde PLC 0.64% 63,666 $26.7M New
KYN Kayne Anderson Energy Infra 0.49% 1,614,122 $20.5M No change
PCG P G & E Corp. 0.39% 813,660 $16.4M Add +31.3%
XEL Xcel Energy Inc. 0.38% 234,178 $15.8M Add +4.5%
PAGP Plains GP Holdings LP 0.34% 782,092 $14.4M Reduce -53.7%
PEG Public Service Enterprise GP 0.30% 149,931 $12.7M Add +12.6%
FSLR First Solar Inc. 0.21% 49,602 $8.7M Add +77.1%
GEV GE Vernova Inc. 0.21% 26,270 $8.6M Add +7.2%
EXC Exelon Corp. 0.19% 214,544 $8.1M Add +16.7%
BEP Brookfield Renewable Partner 0.16% 289,836 $6.6M Reduce -13.4%
ARIS WATER SOLUTIONS INC-A 0.15% 268,541 $6.4M Reduce -66.3%
CWEN Clearway Energy Inc. Class C 0.15% 238,328 $6.2M Add +44.2%
CEG Constellation Energy 0.15% 27,392 $6.1M Add +8.4%
PWR Quanta Services Inc. 0.12% 16,277 $5.1M Reduce -11.3%
ENPH Enphase Energy Inc. 0.11% 66,026 $4.5M New
RNW Renew Energy Global PLC-A 0.11% 663,603 $4.5M Reduce -25.3%
TLN Talen Energy Corp. 0.11% 22,203 $4.5M New
RUN Sunrun Inc. 0.07% 328,569 $3.0M New
KGS Kodiak Gas Services Inc. 0.04% 43,545 $1.8M Reduce -53.4%
SOBO South Bow Corp. 0.04% 71,882 $1.7M Reduce -88.8%
GLP Global Partners LP 0.04% 35,014 $1.6M No change
CCJ Cameco Corp. 0.04% 28,528 $1.5M No change
MTZ Mastec Inc. 0.02% 7,078 $964K No change
SUN Sunoco LP 0.01% 9,431 $485K No change
Other holdings (4): bonds, preferreds, convertibles and warrants · $50.4M (not counted above)
SecurityClassShares / PrincipalValueChange
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 505,441$20.7MReduce -0.6%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 300,000$14.9MNew
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 17,445,000$12.8MNew
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 40,000$2.0MNo change

Total filed on the 13F, all lines: $4.2B.

Portfolio Sells Q3 2024 → Q4 2024
WES Western Midstream Partners L Reduce -26.3% 4.21% −1.91
NEE Nextera Energy Inc. Sold out 0.00% −1.85
OKE Oneok Inc. Reduce -22.3% 6.14% −1.57
TRGP Targa Resources Corp. Reduce -23.7% 6.26% −1.06
PAA Plains All Amer Pipeline LP Reduce -25.1% 2.30% −1.06
PBA Pembina Pipeline Corp. Reduce -2.2% 3.58% −0.82
PAGP Plains GP Holdings LP Reduce -53.7% 0.34% −0.46
ENB Enbridge Inc. Reduce -7.6% 3.87% −0.44
SOBO South Bow Corp. Reduce -88.8% 0.04% −0.35
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) Sold out 0.00% −0.31
AES AES Corp. Sold out 0.00% −0.21
ARIS WATER SOLUTIONS INC-A Reduce -66.3% 0.15% −0.19
MPLX MPLX LP Reduce -1.8% 6.43% −0.11
AM Antero Midstream Corp. Reduce -1.2% 1.06% −0.09
AQN Algonquin Power & Utilities Sold out 0.00% −0.09
HESM Hess Midstream LP Class A Reduce -1.2% 2.30% −0.09
BEP Brookfield Renewable Partner Reduce -13.4% 0.16% −0.08
ATLANTICA JERSEY LTD (AY 4 07/15/25) Sold out 0.00% −0.04
KNTK Kinetik Holdings Inc. Reduce -17.1% 1.08% −0.04
RNW Renew Energy Global PLC-A Reduce -25.3% 0.11% −0.04
KGS Kodiak Gas Services Inc. Reduce -53.4% 0.04% −0.03
PWR Quanta Services Inc. Reduce -11.3% 0.12% −0.02
BEPC Brookfield Renewable Cor-A Sold out 0.00% −0.01
PSX Phillips 66 Sold out 0.00% −0.00
DTM DT Midstream Inc. Reduce -2.0% 1.61% +0.21
WMB Williams Cos Inc. Reduce -6.3% 10.07% +0.32
KMI Kinder Morgan Inc. Reduce -3.0% 6.69% +0.71

Portfolio Buys Q3 2024 → Q4 2024
ET Energy Transfer LP Add +7.7% 11.21% +2.04
TRP TC Energy Corp. Add +51.4% 5.38% +1.47
EPD Enterprise Products Partners Add +16.7% 10.17% +1.47
APD Air Products & Chemicals Inc. New 1.10% +1.10
LNG Cheniere Energy Inc. Add +4.7% 7.12% +1.00
ETR Entergy Corp. Add +68.7% 1.63% +0.73
LIN Linde PLC New 0.64% +0.64
SRE Sempra Add +10.6% 2.36% +0.17
AROC Archrock Inc. Add +5.5% 0.96% +0.16
ENPH Enphase Energy Inc. New 0.11% +0.11
TLN Talen Energy Corp. New 0.11% +0.11
PCG P G & E Corp. Add +31.3% 0.39% +0.08
RUN Sunrun Inc. New 0.07% +0.07
GEV GE Vernova Inc. Add +7.2% 0.21% +0.05
FSLR First Solar Inc. Add +77.1% 0.21% +0.03
CWEN Clearway Energy Inc. Class C Add +44.2% 0.15% +0.02
XEL Xcel Energy Inc. Add +4.5% 0.38% +0.00
EXC Exelon Corp. Add +16.7% 0.19% +0.00
PEG Public Service Enterprise GP Add +12.6% 0.30% −0.00
CEG Constellation Energy Add +8.4% 0.15% −0.02

Notes & Other Activity Q3 2024 → Q4 2024
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Reduce -0.6% 505,441 $20.7M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A New 300,000 $14.9M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal New 17,445,000 $12.8M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 53$5.1BWMB, EPD, ET, LNG, OKE
Q1 2026 48$5.2BEPD, WMB, ET, LNG, MPLX
Q4 2025 42$4.4BWMB, EPD, ET, MPLX, KMI
Q3 2025 45$4.5BWMB, EPD, ET, LNG, MPLX
Q2 2025Amended 42$4.3BWMB, ET, EPD, MPLX, LNG
Q1 2025 44$4.5BWMB, EPD, ET, MPLX, LNG
Q4 2024 45$4.2BET, EPD, WMB, LNG, KMI
Q3 2024 46$3.9BWMB, ET, EPD, OKE, TRGP
Q2 2024 56$3.7BET, WMB, EPD, TRGP, OKE
Q1 2024 61$3.5BET, WMB, EPD, TRGP, OKE