LSP Investment Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), LSP Investment Advisors, LLC reported 21 stock positions worth $188.1 million. Its top holding was Expand Energy (EXE) at 29.9% of the portfolio, followed by Eqt (EQT, 21.8%) and Gulfport Energy (GPOR, 12.1%). Compared with Q3 2025, it sold out of 1, added to 5 and reduced 1. The biggest buy was Expand Energy (EXE, shares +60%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001728850
- Portfolio Value
- $188.1M (Q4 2025)
- SEC Filing
- 0001172661-26-001077 ↗ filed Feb 17, 2026
Holdings Value
Holdings 21 stocks · $188.1M
| EXE Expand Energy Corp. | 29.91% | 509,717 | $56.3M | Add +59.6% |
| EQT Eqt Corp. | 21.79% | 764,500 | $41.0M | Add +6.8% |
| GPOR Gulfport Energy Corp. | 12.07% | 109,100 | $22.7M | Add +132.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 6.59% | 18,164 | $12.4M | Reduce -64.7% |
| CRK Comstock Resources Inc. | 5.05% | 409,900 | $9.5M | Add +8.2% |
| GOOG Alphabet Inc. Class C | 3.57% | 21,400 | $6.7M | No change |
| AR Antero Resources Corp. | 3.47% | 189,500 | $6.5M | Add +15.8% |
| GDX Vaneck Gold Miners ETF | 3.22% | 70,500 | $6.0M | No change |
| EEM iShares MSCI Emerging Market | 3.17% | 108,830 | $6.0M | No change |
| MSFT Microsoft Corp. | 2.13% | 8,280 | $4.0M | No change |
| IWM iShares Russell 2000 ETF | 2.03% | 15,500 | $3.8M | No change |
| AMZN Amazon.com Inc. | 1.74% | 14,200 | $3.3M | No change |
| BATL Battalion Oil Corp. | 1.42% | 2,369,769 | $2.7M | No change |
| EWJ iShares MSCI Japan ETF | 1.29% | 30,000 | $2.4M | No change |
| GDXJ Vaneck Junior Gold Miners | 0.82% | 13,584 | $1.5M | No change |
| CEG Constellation Energy | 0.41% | 2,208 | $780K | No change |
| CNP Centerpoint Energy Inc. | 0.33% | 16,250 | $623K | No change |
| EXC Exelon Corp. | 0.31% | 13,274 | $579K | No change |
| HOOD Robinhood Markets Inc. Class A | 0.26% | 4,364 | $494K | No change |
| PEG Public Service Enterprise GP | 0.23% | 5,350 | $430K | No change |
| DUK Duke Energy Corp. | 0.19% | 3,060 | $359K | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 18 | $108.9M | EXE, EQT, GPOR, SPY, GOOG |
| Q1 2026 | 19 | $137.7M | EXE, EQT, GPOR, SPY, GDX |
| Q4 2025 | 21 | $188.1M | EXE, EQT, GPOR, SPY, CRK |
| Q3 2025 | 22 | $166.4M | EQT, SPY, EXE, GPOR, CRK |
| Q2 2025 | 20 | $139.4M | SPY, EQT, EXE, CRK, EEM |
| Q1 2025 | 21 | $116.4M | SPY, EQT, EXE, EEM, AR |
| Q4 2024 | 21 | $143.3M | XEL, SPY, EXE, SM, EEM |
| Q3 2024 | 26 | $185.7M | XEL, SPY, ARCH, BATL, EXE |
| Q2 2024 | 27 | $176.1M | SPY, ARCH, XEL, VTLE, SM |
| Q1 2024 | 26 | $185.5M | ARCH, SPY, XEL, BATL, SM |