Kayne Anderson Capital Advisors LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Kayne Anderson Capital Advisors LP reported 45 stock positions worth $4.5 billion. Its top holding was Williams Cos (WMB) at 10.7% of the portfolio, followed by Enterprise Products Partners (EPD, 9.3%) and Energy Transfer (ET, 9.1%). Compared with Q2 2025, it opened 6 new positions, sold out of 3, added to 13 and reduced 22. The biggest buy was a new position in Mach Natural Resources (MNR) and the biggest sale Hess Midstream Class A (HESM, shares −52%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0000949615
Portfolio Value
$4.5B (Q3 2025)
SEC Filing
0001140361-25-041415 ↗ filed Nov 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 Q4 2024 Q1 2025: $4.5B Q1 2025 Q2 2025: $4.3B Q2 2025 Q3 2025: $4.5B $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 · $4.5B
WMB Williams Cos Inc. 10.70% 7,622,814 $482.9M Reduce -3.9%
EPD Enterprise Products Partners 9.26% 13,356,060 $417.6M Reduce -0.7%
ET Energy Transfer LP 9.12% 23,966,952 $411.3M Reduce -0.4%
LNG Cheniere Energy Inc. 8.27% 1,586,927 $372.9M Add +1.9%
MPLX MPLX LP 8.01% 7,233,767 $361.3M Reduce -5.1%
KMI Kinder Morgan Inc. 7.81% 12,452,111 $352.5M Add +15.6%
TRP TC Energy Corp. 6.47% 5,361,657 $291.7M Add +16.1%
OKE Oneok Inc. 5.76% 3,562,032 $259.9M Add +3.0%
MNR Mach Natural Resources LP 5.61% 19,187,581 $252.9M New
ENB Enbridge Inc. 5.15% 4,607,157 $232.5M Add +48.7%
TRGP Targa Resources Corp. 3.83% 1,030,133 $172.6M Reduce -20.7%
WES Western Midstream Partners L 2.98% 3,418,843 $134.3M Reduce -0.3%
DTM DT Midstream Inc. 2.17% 866,991 $98.0M Reduce -0.7%
PAA Plains All Amer Pipeline LP 1.94% 5,119,534 $87.3M No change
SRE Sempra 1.93% 969,238 $87.2M Add +54.6%
PBA Pembina Pipeline Corp. 1.59% 1,767,889 $71.5M Reduce -44.9%
AM Antero Midstream Corp. 1.55% 3,602,274 $70.0M Add +27.5%
ETR Entergy Corp. 1.29% 622,876 $58.0M Add +4.9%
HESM Hess Midstream LP Class A 1.04% 1,362,975 $47.1M Reduce -51.5%
LIN Linde PLC 0.88% 83,475 $39.7M Reduce -0.3%
PWR Quanta Services Inc. 0.86% 93,642 $38.8M Reduce -35.1%
APD Air Products & Chemicals Inc. 0.60% 99,667 $27.2M Reduce -30.6%
EE Excelerate Energy Inc. Class A 0.44% 781,623 $19.7M Add +77.3%
PPL PPL Corp. 0.37% 452,711 $16.8M Add +59.5%
AROC Archrock Inc. 0.32% 553,647 $14.6M Reduce -1.4%
XEL Xcel Energy Inc. 0.25% 142,420 $11.5M Add +64.8%
KYN Kayne Anderson Energy Infra 0.22% 808,748 $10.0M No change
NRG NRG Energy Inc. 0.20% 55,472 $9.0M Add +42.5%
NFG National Fuel Gas Co. 0.19% 95,206 $8.8M Add +158.7%
EXC Exelon Corp. 0.17% 175,249 $7.9M Reduce -13.3%
KNRG Smplfy KYN Andr En & Infr CR filed as SIMPLIFY EXCHANGE TRADED FUN 0.17% 298,594 $7.8M No change
TLN Talen Energy Corp. 0.15% 15,951 $6.8M Reduce -33.9%
VST Vistra Corp. 0.13% 29,783 $5.8M Reduce -23.0%
GEV GE Vernova Inc. 0.11% 8,392 $5.2M Reduce -3.6%
FSLR First Solar Inc. 0.10% 19,612 $4.3M Reduce -56.5%
AQN Algonquin Power & Utilities 0.09% 780,103 $4.2M Reduce -3.0%
PAGP Plains GP Holdings LP 0.07% 179,048 $3.3M Reduce -8.3%
GNRC Generac Holdings Inc. 0.05% 12,897 $2.2M New
KGS Kodiak Gas Services Inc. 0.03% 41,899 $1.5M Reduce -8.3%
GLP Global Partners LP 0.03% 31,925 $1.5M No change
CCJ Cameco Corp. 0.03% 13,681 $1.1M Reduce -67.0%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.02% 10,887 $806K New
EOSE Eos Energy Enterprises Inc. 0.01% 41,526 $473K New
ARRY Array Technologies Inc. 0.01% 48,072 $392K New
SHLS Shoals Technologies Group -A 0.01% 51,026 $378K New

Options reported separately and not counted above: SELECT SECTOR SPDR TR puts ($17.9M), XOP puts ($3.4M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $23.2M (not counted above)
SecurityClassShares / PrincipalValueChange
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 327,997$12.9MAdd +61.6%
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 182,000$9.1MAdd +49.2%
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 25,000$1.2MNew

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

Portfolio Sells Q2 2025 → Q3 2025
HESM Hess Midstream LP Class A Reduce -51.5% 1.04% −1.48
TRGP Targa Resources Corp. Reduce -20.7% 3.83% −1.45
PBA Pembina Pipeline Corp. Reduce -44.9% 1.59% −1.22
MPLX MPLX LP Reduce -5.1% 8.01% −1.14
ET Energy Transfer LP Reduce -0.4% 9.12% −1.06
WMB Williams Cos Inc. Reduce -3.9% 10.70% −0.92
EPD Enterprise Products Partners Reduce -0.7% 9.26% −0.47
PWR Quanta Services Inc. Reduce -35.1% 0.86% −0.41
APD Air Products & Chemicals Inc. Reduce -30.6% 0.60% −0.34
NEE Nextera Energy Inc. Sold out 0.00% −0.20
PEG Public Service Enterprise GP Sold out 0.00% −0.13
WES Western Midstream Partners L Reduce -0.3% 2.98% −0.12
CEG Constellation Energy Sold out 0.00% −0.10
FSLR First Solar Inc. Reduce -56.5% 0.10% −0.08
DTM DT Midstream Inc. Reduce -0.7% 2.17% −0.07
CCJ Cameco Corp. Reduce -67.0% 0.03% −0.05
VST Vistra Corp. Reduce -23.0% 0.13% −0.05
LIN Linde PLC Reduce -0.3% 0.88% −0.04
EXC Exelon Corp. Reduce -13.3% 0.17% −0.03
PAGP Plains GP Holdings LP Reduce -8.3% 0.07% −0.02
AQN Algonquin Power & Utilities Reduce -3.0% 0.09% −0.01
TLN Talen Energy Corp. Reduce -33.9% 0.15% −0.01
AROC Archrock Inc. Reduce -1.4% 0.32% −0.00
KGS Kodiak Gas Services Inc. Reduce -8.3% 0.03% −0.00
GEV GE Vernova Inc. Reduce -3.6% 0.11% +0.01

Portfolio Buys Q2 2025 → Q3 2025
MNR Mach Natural Resources LP New 5.61% +5.61
ENB Enbridge Inc. Add +48.7% 5.15% +1.88
TRP TC Energy Corp. Add +16.1% 6.47% +1.21
SRE Sempra Add +54.6% 1.93% +0.83
KMI Kinder Morgan Inc. Add +15.6% 7.81% +0.43
AM Antero Midstream Corp. Add +27.5% 1.55% +0.30
PPL PPL Corp. Add +59.5% 0.37% +0.15
ETR Entergy Corp. Add +4.9% 1.29% +0.14
EE Excelerate Energy Inc. Class A Add +77.3% 0.44% +0.14
NFG National Fuel Gas Co. Add +158.7% 0.19% +0.12
XEL Xcel Energy Inc. Add +64.8% 0.25% +0.12
NRG NRG Energy Inc. Add +42.5% 0.20% +0.05
GNRC Generac Holdings Inc. New 0.05% +0.05
NXT Nextpower Inc. New 0.02% +0.02
EOSE Eos Energy Enterprises Inc. New 0.01% +0.01
ARRY Array Technologies Inc. New 0.01% +0.01
SHLS Shoals Technologies Group -A New 0.01% +0.01
LNG Cheniere Energy Inc. Add +1.9% 8.27% −0.58
OKE Oneok Inc. Add +3.0% 5.76% −0.82

Options Activity Q2 2025 → Q3 2025
SELECT SECTOR SPDR TR put Reduce -9.1% 2,000 $17.9M
XOP SS SPDR S&P Og Exp & Prod put New 255 $3.4M

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

Notes & Other Activity Q2 2025 → Q3 2025
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Add +61.6% 327,997 $12.9M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Add +49.2% 182,000 $9.1M
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 New 25,000 $1.2M

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