Recurrent Investment Advisors LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Recurrent Investment Advisors LLC reported 50 stock positions worth $862.5 million. Its top holding was Cenovus Energy (CVE) at 7.2% of the portfolio, followed by Energy Transfer (ET, 7.0%) and Equitrans Midstream (ETRN, 6.8%). Compared with Q4 2023, it opened 7 new positions, sold out of 1, added to 18 and reduced 6. The biggest buy was Oneok (OKE, shares +85%) and the biggest sale Western Midstream Partners L (WES, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001803146
- Portfolio Value
- $862.5M (Q1 2024)
- SEC Filing
- 0001420506-24-000947 ↗ filed May 15, 2024
Holdings Value
Holdings 50 stocks · $862.5M
| CVE Cenovus Energy Inc. | 7.21% | 3,032,684 | $62.1M | Add +21.4% |
| ET Energy Transfer LP | 7.01% | 3,844,840 | $60.5M | Add +4.8% |
| ETRN Equitrans Midstream Corp. | 6.78% | 4,679,378 | $58.4M | Add +0.6% |
| SU Suncor Energy Inc. | 6.25% | 1,435,488 | $53.9M | Add +30.9% |
| PBA Pembina Pipeline Corp. | 5.87% | 1,421,035 | $50.6M | Add +5.7% |
| PAGP Plains GP Holdings LP | 5.87% | 2,773,569 | $50.6M | Add +0.0% |
| PSX Phillips 66 | 5.78% | 305,384 | $49.9M | Reduce -0.5% |
| OKE Oneok Inc. | 5.58% | 599,972 | $48.1M | Add +85.5% |
| WES Western Midstream Partners L | 5.34% | 1,296,155 | $46.1M | Reduce -7.6% |
| LNG Cheniere Energy Inc. | 4.89% | 261,961 | $42.2M | Add +24.9% |
| TRGP Targa Resources Corp. | 4.61% | 355,312 | $39.8M | Add +1.9% |
| EPD Enterprise Products Partners | 4.12% | 1,216,711 | $35.5M | Add +3.7% |
| MPC Marathon Petroleum Corp. | 4.06% | 173,778 | $35.0M | Reduce -0.5% |
| VNOM Viper Energy Inc. | 3.95% | 885,696 | $34.1M | Add +2.4% |
| KMI Kinder Morgan Inc. | 3.95% | 1,856,131 | $34.0M | Add +0.2% |
| WMB Williams Cos Inc. | 3.83% | 848,452 | $33.1M | Add +0.2% |
| VLO Valero Energy Corp. | 3.39% | 171,200 | $29.2M | Reduce -0.3% |
| ARLP Alliance Resource Partners | 2.39% | 1,027,744 | $20.6M | Add +39.6% |
| ENB Enbridge Inc. | 1.64% | 389,897 | $14.1M | Add +0.5% |
| SUN Sunoco LP | 1.43% | 204,815 | $12.3M | Add +11.1% |
| TRP TC Energy Corp. | 0.85% | 183,022 | $7.4M | No change |
| TECK Teck Resources Ltd.-CLS B | 0.61% | 85,530 | $5.3M | New |
| NTR Nutrien Ltd. | 0.45% | 52,691 | $3.9M | New |
| FCX Freeport-McMoran Inc. | 0.36% | 66,028 | $3.1M | No change |
| AA Alcoa Corp. | 0.34% | 86,019 | $2.9M | No change |
| NUE Nucor Corp. | 0.31% | 13,584 | $2.7M | No change |
| MT Arcelormittal-NY Registered | 0.28% | 96,397 | $2.5M | New |
| COP Conocophillips | 0.25% | 16,862 | $2.1M | No change |
| SHEL Shell PLC-ADR | 0.23% | 77,082 | $2.0M | New |
| DOW Dow Inc. | 0.21% | 31,533 | $1.8M | Add +23.5% |
| BHP BHP Group Ltd.-Spon ADR | 0.20% | 30,599 | $1.8M | No change |
| B Barrick Gold Corp. | 0.20% | 74,818 | $1.7M | New |
| WLK Westlake Corp. | 0.18% | 10,161 | $1.6M | No change |
| XOM Exxon Mobil Corp. | 0.15% | 10,818 | $1.3M | No change |
| TTE Totalenergies SE -Spon ADR | 0.14% | 17,021 | $1.2M | Reduce -37.0% |
| NEM Newmont Corp. | 0.13% | 31,114 | $1.1M | No change |
| HAL Halliburton Co. | 0.13% | 28,223 | $1.1M | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.13% | 17,328 | $1.1M | No change |
| WY Weyerhaeuser Co. | 0.11% | 26,872 | $965K | No change |
| FMC FMC Corp. | 0.11% | 15,085 | $961K | No change |
| WRK Westrock Co. | 0.11% | 19,003 | $940K | Reduce -44.1% |
| PKX Posco Holdings Inc. -Spon ADR | 0.09% | 9,879 | $775K | No change |
| DAR Darling Ingredients Inc. | 0.09% | 16,557 | $770K | Add +12.2% |
| IP International Paper Co. | 0.08% | 18,076 | $705K | No change |
| BP BP PLC-Spons ADR | 0.07% | 118,080 | $587K | New |
| VALE Vale SA-SP ADR | 0.06% | 44,000 | $536K | No change |
| ADM Archer-Daniels-Midland Co. | 0.06% | 7,894 | $496K | No change |
| MUSA Murphy USA Inc. | 0.06% | 1,150 | $482K | No change |
| MOS The Mosaic Co. | 0.04% | 10,832 | $352K | No change |
| XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP | 0.02% | 7,000 | $211K | New |
Portfolio Sells Q4 2023 → Q1 2024
| WES Western Midstream Partners L | Reduce -7.6% | 5.34% | −0.68 |
| PSX Phillips 66 | Reduce -0.5% | 5.78% | −0.21 |
| TTE Totalenergies SE -Spon ADR | Reduce -37.0% | 0.14% | −0.13 |
| WRK Westrock Co. | Reduce -44.1% | 0.11% | −0.10 |
| AMR Alpha Metallurgical Resource | Sold out | 0.00% | −0.05 |
| VLO Valero Energy Corp. | Reduce -0.3% | 3.39% | +0.11 |
| MPC Marathon Petroleum Corp. | Reduce -0.5% | 4.06% | +0.26 |
Portfolio Buys Q4 2023 → Q1 2024
| OKE Oneok Inc. | Add +85.5% | 5.58% | +2.24 |
| CVE Cenovus Energy Inc. | Add +21.4% | 7.21% | +1.10 |
| SU Suncor Energy Inc. | Add +30.9% | 6.25% | +1.10 |
| TECK Teck Resources Ltd.-CLS B | New | 0.61% | +0.61 |
| NTR Nutrien Ltd. | New | 0.45% | +0.45 |
| MT Arcelormittal-NY Registered | New | 0.28% | +0.28 |
| SHEL Shell PLC-ADR | New | 0.23% | +0.23 |
| B Barrick Gold Corp. | New | 0.20% | +0.20 |
| TRGP Targa Resources Corp. | Add +1.9% | 4.61% | +0.17 |
| ARLP Alliance Resource Partners | Add +39.6% | 2.39% | +0.10 |
| BP BP PLC-Spons ADR | New | 0.07% | +0.07 |
| XIFR XPLR Infrastructure LP | New | 0.02% | +0.02 |
| DOW Dow Inc. | Add +23.5% | 0.21% | +0.01 |
| DAR Darling Ingredients Inc. | Add +12.2% | 0.09% | −0.02 |
| VNOM Viper Energy Inc. | Add +2.4% | 3.95% | −0.03 |
| ETRN Equitrans Midstream Corp. | Add +0.6% | 6.78% | −0.17 |
| SUN Sunoco LP | Add +11.1% | 1.43% | −0.19 |
| LNG Cheniere Energy Inc. | Add +24.9% | 4.89% | −0.36 |
| ET Energy Transfer LP | Add +4.8% | 7.01% | −0.41 |
| ENB Enbridge Inc. | Add +0.5% | 1.64% | −0.41 |
| EPD Enterprise Products Partners | Add +3.7% | 4.12% | −0.42 |
| WMB Williams Cos Inc. | Add +0.2% | 3.83% | −0.49 |
| PAGP Plains GP Holdings LP | Add +0.0% | 5.87% | −0.62 |
| KMI Kinder Morgan Inc. | Add +0.2% | 3.95% | −0.85 |
| PBA Pembina Pipeline Corp. | Add +5.7% | 5.87% | −0.92 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 71 | $1.6B | TRGP, CVE, ET, OKE, KMI |
| Q1 2026 | 67 | $1.7B | CVE, TRGP, ET, OKE, SU |
| Q4 2025 | 71 | $1.4B | CVE, TRGP, ET, OKE, KEY |
| Q3 2025 | 64 | $1.3B | CVE, ET, TRGP, OKE, SU |
| Q2 2025 | 64 | $1.2B | CVE, ET, OKE, TRGP, LNG |
| Q1 2025 | 65 | $1.2B | ET, LNG, PBA, TRGP, CVE |
| Q4 2024 | 65 | $1.1B | ET, LNG, CVE, OKE, TRGP |
| Q3 2024 | 54 | $1.0B | ET, CVE, PBA, LNG, SU |
| Q2 2024 | 51 | $949.9M | CVE, ET, LNG, PBA, SU |
| Q1 2024 | 50 | $862.5M | CVE, ET, ETRN, SU, PBA |