Mercuria Capital Strategies, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Mercuria Capital Strategies, LLC reported 10 stock positions worth $75.9 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 33.4% of the portfolio, followed by Eqt (EQT, 13.6%) and Delek US (DK, 11.5%). Compared with Q2 2025, it opened 8 new positions, sold out of 8 and reduced 2. The biggest buy was a new position in Delek US (DK) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −89%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0002048079
- Portfolio Value
- $75.9M (Q3 2025)
- SEC Filing
- 0002048079-25-000013 ↗ filed Nov 13, 2025
Holdings Value
Holdings 10 stocks · $75.9M
| SPY SS SPDR S&P 500 ETF Trust-US | 33.35% | 38,000 | $25.3M | Reduce -88.9% |
| EQT Eqt Corp. | 13.57% | 189,244 | $10.3M | Reduce -83.1% |
| DK Delek US Holdings Inc. | 11.53% | 271,290 | $8.8M | New |
| CAT Caterpillar Inc. | 9.11% | 14,490 | $6.9M | New |
| CMI Cummins Inc. | 9.03% | 16,230 | $6.9M | New |
| GNRC Generac Holdings Inc. | 9.03% | 40,934 | $6.9M | New |
| PSIX Power Solutions Internationa | 6.02% | 46,490 | $4.6M | New |
| SEI Solaris Energy Infrastructur | 4.48% | 85,006 | $3.4M | New |
| SHLS Shoals Technologies Group -A | 2.93% | 300,000 | $2.2M | New |
| FTEK Fuel Tech Inc. | 0.95% | 240,000 | $720K | New |
Portfolio Sells Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -88.9% | 33.35% | −23.02 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −8.40 |
| VST Vistra Corp. | Sold out | 0.00% | −5.70 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −5.54 |
| EQT Eqt Corp. | Reduce -83.1% | 13.57% | −3.91 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −2.67 |
| CNX CNX Resources Corp. | Sold out | 0.00% | −1.56 |
| ATO Atmos Energy Corp. | Sold out | 0.00% | −1.36 |
| FLNC Fluence Energy Inc. | Sold out | 0.00% | −0.90 |
| WESTLAKE CORPORATION | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| DK Delek US Holdings Inc. | New | 11.53% | +11.53 |
| CAT Caterpillar Inc. | New | 9.11% | +9.11 |
| CMI Cummins Inc. | New | 9.03% | +9.03 |
| GNRC Generac Holdings Inc. | New | 9.03% | +9.03 |
| PSIX Power Solutions Internationa | New | 6.02% | +6.02 |
| SEI Solaris Energy Infrastructur | New | 4.48% | +4.48 |
| SHLS Shoals Technologies Group -A | New | 2.93% | +2.93 |
| FTEK Fuel Tech Inc. | New | 0.95% | +0.95 |
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 |