LSP Investment Advisors, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), LSP Investment Advisors, LLC reported 21 stock positions worth $116.4 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 26.9% of the portfolio, followed by Eqt (EQT, 22.2%) and Expand Energy (EXE, 17.4%). Compared with Q4 2024, it opened 3 new positions and sold out of 3. The biggest buy was a new position in Eqt (EQT) and the biggest sale an exit from Xcel Energy (XEL).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001728850
Portfolio Value
$116.4M (Q1 2025)
SEC Filing
0001172661-25-002316 ↗ filed May 15, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $185.5M Q1 2024 Q2 2024: $176.1M Q2 2024 Q3 2024: $185.7M Q3 2024 Q4 2024: $143.3M Q4 2024 Q1 2025: $116.4M $116.4M Q1 2025 Q2 2025: $139.4M Q2 2025 Q3 2025: $166.4M Q3 2025 Q4 2025: $188.1M Q4 2025 Q1 2026: $137.7M Q1 2026 Q2 2026: $108.9M Q2 2026

Holdings 21 stocks · $116.4M
SPY SS SPDR S&P 500 ETF Trust-US 26.91% 55,990 $31.3M No change
EQT Eqt Corp. 22.20% 483,500 $25.8M New
EXE Expand Energy Corp. 17.39% 181,817 $20.2M No change
EEM iShares MSCI Emerging Market 4.09% 108,830 $4.8M No change
AR Antero Resources Corp. 3.29% 94,700 $3.8M New
CRK Comstock Resources Inc. 3.20% 183,000 $3.7M New
GOOG Alphabet Inc. Class C 2.87% 21,400 $3.3M No change
GDX Vaneck Gold Miners ETF 2.78% 70,500 $3.2M No change
MSFT Microsoft Corp. 2.67% 8,280 $3.1M No change
IWM iShares Russell 2000 ETF 2.66% 15,500 $3.1M No change
BATL Battalion Oil Corp. 2.65% 2,369,769 $3.1M No change
AMZN Amazon.com Inc. 2.32% 14,200 $2.7M No change
HCC Warrior Met Coal Inc. 1.87% 45,600 $2.2M No change
EWJ iShares MSCI Japan ETF 1.77% 30,000 $2.1M No change
GDXJ Vaneck Junior Gold Miners 0.67% 13,584 $777K No change
HOOD Robinhood Markets Inc. Class A 0.55% 15,364 $639K No change
EXC Exelon Corp. 0.53% 13,274 $612K No change
CNP Centerpoint Energy Inc. 0.51% 16,250 $589K No change
CEG Constellation Energy 0.38% 2,208 $445K No change
PEG Public Service Enterprise GP 0.38% 5,350 $440K No change
DUK Duke Energy Corp. 0.32% 3,060 $373K No change

Portfolio Sells Q4 2024 → Q1 2025
XEL Xcel Energy Inc. Sold out 0.00% −33.08
SM SM Energy Co. Sold out 0.00% −8.23
OTLY Oatly Group AB Sold out 0.00% −0.07

Portfolio Buys Q4 2024 → Q1 2025
EQT Eqt Corp. New 22.20% +22.20
AR Antero Resources Corp. New 3.29% +3.29
CRK Comstock Resources Inc. New 3.20% +3.20

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 18$108.9MEXE, EQT, GPOR, SPY, GOOG
Q1 2026 19$137.7MEXE, EQT, GPOR, SPY, GDX
Q4 2025 21$188.1MEXE, EQT, GPOR, SPY, CRK
Q3 2025 22$166.4MEQT, SPY, EXE, GPOR, CRK
Q2 2025 20$139.4MSPY, EQT, EXE, CRK, EEM
Q1 2025 21$116.4MSPY, EQT, EXE, EEM, AR
Q4 2024 21$143.3MXEL, SPY, EXE, SM, EEM
Q3 2024 26$185.7MXEL, SPY, ARCH, BATL, EXE
Q2 2024 27$176.1MSPY, ARCH, XEL, VTLE, SM
Q1 2024 26$185.5MARCH, SPY, XEL, BATL, SM