Mercuria Capital Strategies, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 24, 2025), Mercuria Capital Strategies, LLC reported 10 stock positions worth $373.7 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 56.4% of the portfolio, followed by Eqt (EQT, 17.5%) and Williams Cos (WMB, 8.4%). Compared with Q1 2025, it opened 7 new positions, sold out of 3, added to 1 and reduced 1. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Expand Energy (EXE, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0002048079
- Portfolio Value
- $373.7M (Q2 2025)
- SEC Filing
- 0002048079-25-000008 ↗ filed Jul 24, 2025
Holdings Value
Holdings 10 stocks · $373.7M
| SPY SS SPDR S&P 500 ETF Trust-US | 56.38% | 341,000 | $210.7M | New |
| EQT Eqt Corp. | 17.48% | 1,120,244 | $65.3M | Add +58.2% |
| WMB Williams Cos Inc. | 8.40% | 500,000 | $31.4M | New |
| VST Vistra Corp. | 5.70% | 110,000 | $21.3M | New |
| EXE Expand Energy Corp. | 5.54% | 176,949 | $20.7M | Reduce -44.2% |
| FCX Freeport-McMoran Inc. | 2.67% | 230,000 | $10.0M | New |
| CNX CNX Resources Corp. | 1.56% | 173,598 | $5.8M | New |
| ATO Atmos Energy Corp. | 1.36% | 33,000 | $5.1M | New |
| FLNC Fluence Energy Inc. | 0.90% | 500,000 | $3.4M | New |
| WESTLAKE CORPORATION | 0.00% | 2,000 | $18K | No change |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 56.38% | +56.38 |
| WMB Williams Cos Inc. | New | 8.40% | +8.40 |
| VST Vistra Corp. | New | 5.70% | +5.70 |
| FCX Freeport-McMoran Inc. | New | 2.67% | +2.67 |
| CNX CNX Resources Corp. | New | 1.56% | +1.56 |
| ATO Atmos Energy Corp. | New | 1.36% | +1.36 |
| FLNC Fluence Energy Inc. | New | 0.90% | +0.90 |
| EQT Eqt Corp. | Add +58.2% | 17.48% | −28.35 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 21 | $162.9M | SHAZ, BCSS, FCX, PALOU, ALUB |
| Q1 2026 | 24 | $261.1M | TNK, LYB, BCSS, ALUB, PALOU |
| Q4 2025Amended | 27 | $176.0M | TNK, BCSS, GIGACLOUD TECHNOLOGY INC, ALUB.U, EQT |
| Q3 2025 | 10 | $75.9M | SPY, EQT, DK, CAT, CMI |
| Q2 2025 | 10 | $373.7M | SPY, EQT, WMB, VST, EXE |
| Q1 2025 | 6 | $82.6M | EQT, EXE, HCC, TLN, WESTLAKE CORPORATION |
| Q4 2024 | 12 | $266.6M | CNX, EXE, EQT, ET, AR |