Kayne Anderson Capital Advisors LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Kayne Anderson Capital Advisors LP reported 42 stock positions worth $4.3 billion. Its top holding was Williams Cos (WMB) at 11.6% of the portfolio, followed by Energy Transfer (ET, 10.2%) and Enterprise Products Partners (EPD, 9.7%). Compared with Q1 2025, it opened 5 new positions, sold out of 7, added to 13 and reduced 24. The biggest buy was Cheniere Energy (LNG, shares +4%) and the biggest sale Western Midstream Partners L (WES, shares −25%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0000949615
Portfolio Value
$4.3B (Q2 2025)
SEC Filing
0001140361-25-030255 ↗ filed Aug 11, 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 Q1 2025 Q2 2025: $4.3B $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 42 stocks · $4.3B
WMB Williams Cos Inc. 11.62% 7,933,275 $498.3M Add +0.2%
ET Energy Transfer LP 10.17% 24,064,316 $436.3M Reduce -0.4%
EPD Enterprise Products Partners 9.73% 13,448,640 $417.0M Reduce -0.8%
MPLX MPLX LP 9.15% 7,619,104 $392.5M Reduce -2.2%
LNG Cheniere Energy Inc. 8.84% 1,557,360 $379.2M Add +4.2%
KMI Kinder Morgan Inc. 7.38% 10,769,870 $316.6M Reduce -0.1%
OKE Oneok Inc. 6.58% 3,458,508 $282.3M Add +24.1%
TRGP Targa Resources Corp. 5.27% 1,298,376 $226.0M Reduce -7.3%
TRP TC Energy Corp. 5.25% 4,616,856 $225.3M Add +3.2%
ENB Enbridge Inc. 3.27% 3,098,857 $140.4M Add +5.5%
WES Western Midstream Partners L 3.09% 3,429,135 $132.7M Reduce -25.1%
PBA Pembina Pipeline Corp. 2.81% 3,208,500 $120.4M Reduce -17.7%
HESM Hess Midstream LP Class A 2.53% 2,812,481 $108.3M Reduce -2.5%
DTM DT Midstream Inc. 2.24% 873,199 $96.0M Add +28.9%
PAA Plains All Amer Pipeline LP 2.19% 5,119,534 $93.8M Reduce -7.3%
PWR Quanta Services Inc. 1.27% 144,325 $54.6M Reduce -7.2%
AM Antero Midstream Corp. 1.25% 2,825,423 $53.5M Reduce -4.0%
ETR Entergy Corp. 1.15% 593,705 $49.3M Reduce -8.7%
SRE Sempra 1.11% 627,068 $47.5M Reduce -4.8%
APD Air Products & Chemicals Inc. 0.94% 143,520 $40.5M Reduce -24.7%
LIN Linde PLC 0.92% 83,760 $39.3M Add +26.8%
AROC Archrock Inc. 0.33% 561,352 $13.9M Reduce -65.9%
EE Excelerate Energy Inc. Class A 0.30% 440,876 $12.9M New
KYN Kayne Anderson Energy Infra 0.24% 808,748 $10.3M Reduce -49.9%
PPL PPL Corp. 0.22% 283,893 $9.6M Add +3.1%
EXC Exelon Corp. 0.20% 202,024 $8.8M Reduce -23.7%
NEE Nextera Energy Inc. 0.20% 124,619 $8.7M New
KNRG Smplfy KYN Andr En & Infr CR filed as SIMPLIFY EXCHANGE TRADED FUN 0.18% 298,594 $7.6M New
VST Vistra Corp. 0.17% 38,687 $7.5M Add +57.3%
FSLR First Solar Inc. 0.17% 45,031 $7.5M Add +15.2%
TLN Talen Energy Corp. 0.16% 24,141 $7.0M Reduce -6.0%
NRG NRG Energy Inc. 0.15% 38,938 $6.3M Reduce -8.9%
XEL Xcel Energy Inc. 0.14% 86,410 $5.9M Reduce -54.7%
PEG Public Service Enterprise GP 0.13% 65,709 $5.5M Reduce -24.0%
AQN Algonquin Power & Utilities 0.11% 803,975 $4.6M New
GEV GE Vernova Inc. 0.11% 8,702 $4.6M Add +10.1%
CEG Constellation Energy 0.10% 13,891 $4.5M Add +4.7%
PAGP Plains GP Holdings LP 0.09% 195,239 $3.8M Reduce -66.5%
NFG National Fuel Gas Co. 0.07% 36,807 $3.1M New
CCJ Cameco Corp. 0.07% 41,410 $3.1M Add +2.5%
GLP Global Partners LP 0.04% 31,925 $1.7M Reduce -8.8%
KGS Kodiak Gas Services Inc. 0.04% 45,705 $1.6M Reduce -91.0%

Options reported separately and not counted above: SELECT SECTOR SPDR TR puts ($18.7M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $13.4M (not counted above)
SecurityClassShares / PrincipalValueChange
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 202,997$7.6MReduce -32.3%
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 122,000$5.7MNew

Total filed on the 13F, all lines: $4.3B.

Portfolio Sells Q1 2025 → Q2 2025
WES Western Midstream Partners L Reduce -25.1% 3.09% −1.06
KNTK Kinetik Holdings Inc. Sold out 0.00% −0.96
TRGP Targa Resources Corp. Reduce -7.3% 5.27% −0.95
PBA Pembina Pipeline Corp. Reduce -17.7% 2.81% −0.66
AROC Archrock Inc. Reduce -65.9% 0.33% −0.63
EPD Enterprise Products Partners Reduce -0.8% 9.73% −0.55
KGS Kodiak Gas Services Inc. Reduce -91.0% 0.04% −0.38
APD Air Products & Chemicals Inc. Reduce -24.7% 0.94% −0.30
PAA Plains All Amer Pipeline LP Reduce -7.3% 2.19% −0.26
KYN Kayne Anderson Energy Infra Reduce -49.9% 0.24% −0.22
PAGP Plains GP Holdings LP Reduce -66.5% 0.09% −0.19
HESM Hess Midstream LP Class A Reduce -2.5% 2.53% −0.18
PCG P G & E Corp. Sold out 0.00% −0.18
XEL Xcel Energy Inc. Reduce -54.7% 0.14% −0.16
MTZ Mastec Inc. Sold out 0.00% −0.12
EVRG Evergy Inc. Sold out 0.00% −0.12
MPLX MPLX LP Reduce -2.2% 9.15% −0.09
ETR Entergy Corp. Reduce -8.7% 1.15% −0.08
ENPH Enphase Energy Inc. Sold out 0.00% −0.07
EXC Exelon Corp. Reduce -23.7% 0.20% −0.07
ARRY Array Technologies Inc. Sold out 0.00% −0.04
PEG Public Service Enterprise GP Reduce -24.0% 0.13% −0.03
SUN Sunoco LP Sold out 0.00% −0.01
GLP Global Partners LP Reduce -8.8% 0.04% −0.00
TLN Talen Energy Corp. Reduce -6.0% 0.16% +0.05
NRG NRG Energy Inc. Reduce -8.9% 0.15% +0.06
SRE Sempra Reduce -4.8% 1.11% +0.07
AM Antero Midstream Corp. Reduce -4.0% 1.25% +0.07
ET Energy Transfer LP Reduce -0.4% 10.17% +0.21
PWR Quanta Services Inc. Reduce -7.2% 1.27% +0.40
KMI Kinder Morgan Inc. Reduce -0.1% 7.38% +0.56

Portfolio Buys Q1 2025 → Q2 2025
LNG Cheniere Energy Inc. Add +4.2% 8.84% +1.17
WMB Williams Cos Inc. Add +0.2% 11.62% +1.13
DTM DT Midstream Inc. Add +28.9% 2.24% +0.79
TRP TC Energy Corp. Add +3.2% 5.25% +0.57
OKE Oneok Inc. Add +24.1% 6.58% +0.45
ENB Enbridge Inc. Add +5.5% 3.27% +0.39
EE Excelerate Energy Inc. Class A New 0.30% +0.30
LIN Linde PLC Add +26.8% 0.92% +0.23
NEE Nextera Energy Inc. New 0.20% +0.20
KNRG Smplfy KYN Andr En & Infr CR New 0.18% +0.18
VST Vistra Corp. Add +57.3% 0.17% +0.11
AQN Algonquin Power & Utilities New 0.11% +0.11
NFG National Fuel Gas Co. New 0.07% +0.07
FSLR First Solar Inc. Add +15.2% 0.17% +0.06
GEV GE Vernova Inc. Add +10.1% 0.11% +0.05
CEG Constellation Energy Add +4.7% 0.10% +0.05
CCJ Cameco Corp. Add +2.5% 0.07% +0.03
PPL PPL Corp. Add +3.1% 0.22% +0.00

Options Activity Q1 2025 → Q2 2025
SELECT SECTOR SPDR TR put New 2,200 $18.7M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal Sold out 12,195,000 $8.9Mbefore exit
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Reduce -32.3% 202,997 $7.6M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 New 122,000 $5.7M

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