LSP Investment Advisors, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), LSP Investment Advisors, LLC reported 22 stock positions worth $166.4 million. Its top holding was Eqt (EQT) at 23.4% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 20.6%) and Expand Energy (EXE, 20.4%). Compared with Q2 2025, it opened 2 new positions, added to 4 and reduced 2. The biggest buy was a new position in Gulfport Energy (GPOR) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −8%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001728850
Portfolio Value
$166.4M (Q3 2025)
SEC Filing
0001172661-25-005046 ↗ filed Nov 14, 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 Q1 2025 Q2 2025: $139.4M Q2 2025 Q3 2025: $166.4M $166.4M Q3 2025 Q4 2025: $188.1M Q4 2025 Q1 2026: $137.7M Q1 2026 Q2 2026: $108.9M Q2 2026

Holdings 22 stocks · $166.4M
EQT Eqt Corp. 23.40% 715,500 $38.9M Add +23.9%
SPY SS SPDR S&P 500 ETF Trust-US 20.57% 51,390 $34.2M Reduce -8.2%
EXE Expand Energy Corp. 20.39% 319,417 $33.9M Add +40.8%
GPOR Gulfport Energy Corp. 5.10% 46,900 $8.5M New
CRK Comstock Resources Inc. 4.52% 378,900 $7.5M Add +33.9%
EEM iShares MSCI Emerging Market 3.49% 108,830 $5.8M No change
AR Antero Resources Corp. 3.30% 163,600 $5.5M Add +72.8%
GDX Vaneck Gold Miners ETF 3.24% 70,500 $5.4M No change
GOOG Alphabet Inc. Class C 3.13% 21,400 $5.2M No change
MSFT Microsoft Corp. 2.58% 8,280 $4.3M No change
IWM iShares Russell 2000 ETF 2.25% 15,500 $3.8M No change
AMZN Amazon.com Inc. 1.87% 14,200 $3.1M No change
BATL Battalion Oil Corp. 1.72% 2,369,769 $2.9M No change
EWJ iShares MSCI Japan ETF 1.45% 30,000 $2.4M No change
GDXJ Vaneck Junior Gold Miners 0.81% 13,584 $1.3M No change
CEG Constellation Energy 0.44% 2,208 $727K No change
CNP Centerpoint Energy Inc. 0.38% 16,250 $631K No change
HOOD Robinhood Markets Inc. Class A 0.38% 4,364 $625K Reduce -44.5%
EXC Exelon Corp. 0.36% 13,274 $597K No change
PEG Public Service Enterprise GP 0.27% 5,350 $447K No change
DUK Duke Energy Corp. 0.23% 3,060 $379K No change
D Dominion Energy Inc. 0.12% 3,350 $205K New

Portfolio Sells Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -8.2% 20.57% −4.24
HOOD Robinhood Markets Inc. Class A Reduce -44.5% 0.38% −0.15

Portfolio Buys Q2 2025 → Q3 2025
GPOR Gulfport Energy Corp. New 5.10% +5.10
EXE Expand Energy Corp. Add +40.8% 20.39% +1.37
AR Antero Resources Corp. Add +72.8% 3.30% +0.56
D Dominion Energy Inc. New 0.12% +0.12
EQT Eqt Corp. Add +23.9% 23.40% −0.76
CRK Comstock Resources Inc. Add +33.9% 4.52% −1.10

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