Kayne Anderson Capital Advisors LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Kayne Anderson Capital Advisors LP reported 44 stock positions worth $4.5 billion. Its top holding was Williams Cos (WMB) at 10.5% of the portfolio, followed by Enterprise Products Partners (EPD, 10.3%) and Energy Transfer (ET, 10.0%). Compared with Q4 2024, it opened 5 new positions, sold out of 6, added to 17 and reduced 19. The biggest buy was MPLX (MPLX, shares +38%) and the biggest sale Sempra (SRE, shares −42%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0000949615
Portfolio Value
$4.5B (Q1 2025)
SEC Filing
0001140361-25-017304 ↗ filed May 5, 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 Q4 2024 Q1 2025: $4.5B $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 44 stocks · $4.5B
WMB Williams Cos Inc. 10.49% 7,916,565 $473.1M Add +1.5%
EPD Enterprise Products Partners 10.27% 13,564,583 $463.1M Reduce -0.2%
ET Energy Transfer LP 9.97% 24,170,455 $449.3M Add +0.8%
MPLX MPLX LP 9.24% 7,788,063 $416.8M Add +38.2%
LNG Cheniere Energy Inc. 7.67% 1,494,901 $345.9M Add +7.6%
KMI Kinder Morgan Inc. 6.83% 10,786,581 $307.7M Add +5.4%
TRGP Targa Resources Corp. 6.23% 1,400,135 $280.7M Reduce -4.7%
OKE Oneok Inc. 6.13% 2,787,580 $276.6M Add +8.7%
TRP TC Energy Corp. 4.69% 4,474,699 $211.3M Reduce -7.6%
WES Western Midstream Partners L 4.16% 4,575,487 $187.4M Reduce -0.3%
PBA Pembina Pipeline Corp. 3.46% 3,899,001 $156.1M Reduce -4.0%
ENB Enbridge Inc. 2.89% 2,937,480 $130.2M Reduce -23.2%
HESM Hess Midstream LP Class A 2.71% 2,885,110 $122.0M Add +10.6%
PAA Plains All Amer Pipeline LP 2.45% 5,521,539 $110.4M Reduce -2.2%
DTM DT Midstream Inc. 1.45% 677,417 $65.4M Reduce -0.2%
APD Air Products & Chemicals Inc. 1.25% 190,575 $56.2M Add +19.6%
ETR Entergy Corp. 1.23% 650,353 $55.6M Reduce -27.8%
AM Antero Midstream Corp. 1.18% 2,943,624 $53.0M Reduce -0.2%
SRE Sempra 1.04% 658,373 $47.0M Reduce -41.7%
AROC Archrock Inc. 0.96% 1,647,222 $43.2M Add +2.0%
KNTK Kinetik Holdings Inc. 0.96% 830,122 $43.1M Add +4.4%
PWR Quanta Services Inc. 0.88% 155,495 $39.5M Add +855.3%
LIN Linde PLC 0.68% 66,056 $30.8M Add +3.8%
KYN Kayne Anderson Energy Infra 0.46% 1,614,122 $20.7M No change
KGS Kodiak Gas Services Inc. 0.42% 509,073 $19.0M Add +1069.1%
XEL Xcel Energy Inc. 0.30% 190,758 $13.5M Reduce -18.5%
PAGP Plains GP Holdings LP 0.28% 581,933 $12.4M Reduce -25.6%
EXC Exelon Corp. 0.27% 264,882 $12.2M Add +23.5%
PPL PPL Corp. 0.22% 275,254 $9.9M New
PCG P G & E Corp. 0.18% 463,495 $8.0M Reduce -43.0%
PEG Public Service Enterprise GP 0.16% 86,468 $7.1M Reduce -42.3%
MTZ Mastec Inc. 0.12% 45,816 $5.3M Add +547.3%
EVRG Evergy Inc. 0.12% 75,876 $5.2M New
TLN Talen Energy Corp. 0.11% 25,673 $5.1M Add +15.6%
FSLR First Solar Inc. 0.11% 39,080 $4.9M Reduce -21.2%
NRG NRG Energy Inc. 0.09% 42,754 $4.1M New
ENPH Enphase Energy Inc. 0.07% 51,747 $3.2M Reduce -21.6%
VST Vistra Corp. 0.06% 24,597 $2.9M New
CEG Constellation Energy 0.06% 13,270 $2.7M Reduce -51.6%
GEV GE Vernova Inc. 0.05% 7,904 $2.4M Reduce -69.9%
GLP Global Partners LP 0.04% 35,014 $1.9M No change
CCJ Cameco Corp. 0.04% 40,407 $1.7M Add +41.6%
ARRY Array Technologies Inc. 0.04% 326,871 $1.6M New
SUN Sunoco LP 0.01% 9,431 $548K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $22.4M (not counted above)
SecurityClassShares / PrincipalValueChange
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 299,994$13.4MReduce 0.0%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 12,195,000$8.9MReduce -30.1%

Total filed on the 13F, all lines: $4.5B.

Portfolio Sells Q4 2024 → Q1 2025
SRE Sempra Reduce -41.7% 1.04% −1.32
ENB Enbridge Inc. Reduce -23.2% 2.89% −0.99
TRP TC Energy Corp. Reduce -7.6% 4.69% −0.69
ETR Entergy Corp. Reduce -27.8% 1.23% −0.40
PCG P G & E Corp. Reduce -43.0% 0.18% −0.22
DTM DT Midstream Inc. Reduce -0.2% 1.45% −0.16
BEP Brookfield Renewable Partner Sold out 0.00% −0.16
ARIS WATER SOLUTIONS INC-A Sold out 0.00% −0.15
GEV GE Vernova Inc. Reduce -69.9% 0.05% −0.15
CWEN Clearway Energy Inc. Class C Sold out 0.00% −0.15
PEG Public Service Enterprise GP Reduce -42.3% 0.16% −0.14
PBA Pembina Pipeline Corp. Reduce -4.0% 3.46% −0.12
RNW Renew Energy Global PLC-A Sold out 0.00% −0.11
FSLR First Solar Inc. Reduce -21.2% 0.11% −0.10
CEG Constellation Energy Reduce -51.6% 0.06% −0.09
XEL Xcel Energy Inc. Reduce -18.5% 0.30% −0.08
RUN Sunrun Inc. Sold out 0.00% −0.07
PAGP Plains GP Holdings LP Reduce -25.6% 0.28% −0.07
WES Western Midstream Partners L Reduce -0.3% 4.16% −0.05
SOBO South Bow Corp. Sold out 0.00% −0.04
ENPH Enphase Energy Inc. Reduce -21.6% 0.07% −0.04
TRGP Targa Resources Corp. Reduce -4.7% 6.23% −0.03
EPD Enterprise Products Partners Reduce -0.2% 10.27% +0.10
AM Antero Midstream Corp. Reduce -0.2% 1.18% +0.11
PAA Plains All Amer Pipeline LP Reduce -2.2% 2.45% +0.15

Portfolio Buys Q4 2024 → Q1 2025
MPLX MPLX LP Add +38.2% 9.24% +2.81
PWR Quanta Services Inc. Add +855.3% 0.88% +0.75
LNG Cheniere Energy Inc. Add +7.6% 7.67% +0.55
WMB Williams Cos Inc. Add +1.5% 10.49% +0.42
HESM Hess Midstream LP Class A Add +10.6% 2.71% +0.40
KGS Kodiak Gas Services Inc. Add +1069.1% 0.42% +0.38
PPL PPL Corp. New 0.22% +0.22
APD Air Products & Chemicals Inc. Add +19.6% 1.25% +0.14
KMI Kinder Morgan Inc. Add +5.4% 6.83% +0.14
EVRG Evergy Inc. New 0.12% +0.12
MTZ Mastec Inc. Add +547.3% 0.12% +0.10
NRG NRG Energy Inc. New 0.09% +0.09
EXC Exelon Corp. Add +23.5% 0.27% +0.08
VST Vistra Corp. New 0.06% +0.06
LIN Linde PLC Add +3.8% 0.68% +0.05
ARRY Array Technologies Inc. New 0.04% +0.04
TLN Talen Energy Corp. Add +15.6% 0.11% +0.01
CCJ Cameco Corp. Add +41.6% 0.04% +0.00
AROC Archrock Inc. Add +2.0% 0.96% 0.00
OKE Oneok Inc. Add +8.7% 6.13% −0.01
KNTK Kinetik Holdings Inc. Add +4.4% 0.96% −0.12
ET Energy Transfer LP Add +0.8% 9.97% −1.25

Notes & Other Activity Q4 2024 → Q1 2025
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Sold out 505,441 $20.7Mbefore exit
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Reduce 0.0% 299,994 $13.4M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal Reduce -30.1% 12,195,000 $8.9M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Sold out 40,000 $2.0Mbefore exit

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