Ripple Effect Asset Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Ripple Effect Asset Management LP reported 15 stock positions worth $173.7 million . Its top holding was Vistra (VST) at 16.1% of the portfolio, followed by Eqt (EQT, 14.6% ) and Talen Energy (TLN, 10.0% ). Compared with Q2 2025, it opened 4 new positions, sold out of 6, added to 4 and reduced 4. The biggest buy was a new position in Antero Midstream (AM) and the biggest sale an exit from Cheniere Energy (LNG).
Location New York, NY
CIK 0002031590
Portfolio Value $173.7M (Q3 2025) Holdings 15 stocks · $173.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 VST Vistra Corp. 142,400 $27.9M No change EQT Eqt Corp. 465,000 $25.3M No change TLN Talen Energy Corp. 40,960 $17.4M Reduce -25.5% KGS Kodiak Gas Services Inc. 420,000 $15.5M Add +110.0% XIFR XPLR Infrastructure LP 1,500,000 $15.3M Add +99.2% AM Antero Midstream Corp. 510,000 $9.9M New CEG Constellation Energy 28,050 $9.2M Add +28.7% WMB Williams Cos Inc. 135,000 $8.6M Add +19.5% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 100,000 $8.1M No change VRT Vertiv Holdings Co. Class A 47,150 $7.1M Reduce -27.8% HUT Hut 8 Corp. 200,000 $7.0M New GLD SPDR Gold Shares 18,750 $6.7M Reduce -48.0% IE Ivanhoe Electric Inc. / US 500,000 $6.3M New EXE Expand Energy Corp. 45,200 $4.8M Reduce -39.7% CORZ Core Scientific Inc. 259,000 $4.6M New
Options reported separately and not counted above: HYG puts ($60.9M), SPY puts ($33.3M), IEF puts ($28.5M), EQT puts ($27.2M), VST puts ($26.1M), KGS puts ($16.6M), XIFR puts ($16.3M), TLN puts ($14.9M), GLD calls ($14.2M), KGS calls ($13.3M), AM puts ($11.7M), GLD puts ($8.9M), and 12 more.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ LNG Cheniere Energy Inc. Sold out 0.00% −6.95 GEV GE Vernova Inc. Sold out 0.00% −4.53 CCJ Cameco Corp. Sold out 0.00% −4.45 FCX Freeport-McMoran Inc. Sold out 0.00% −2.95 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −2.67 GLD SPDR Gold Shares Reduce -48.0% 3.84% −2.43 EXE Expand Energy Corp. Reduce -39.7% 2.76% −2.24 NRG NRG Energy Inc. Sold out 0.00% −1.97 VRT Vertiv Holdings Co. Class A Reduce -27.8% 4.10% −0.69 TLN Talen Energy Corp. Reduce -25.5% 10.03% +0.91
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ AM Antero Midstream Corp. New 5.71% +5.71 XIFR XPLR Infrastructure LP Add +99.2% 8.78% +5.26 KGS Kodiak Gas Services Inc. Add +110.0% 8.94% +5.03 HUT Hut 8 Corp. New 4.01% +4.01 IE Ivanhoe Electric Inc. / US New 3.61% +3.61 CORZ Core Scientific Inc. New 2.68% +2.68 CEG Constellation Energy Add +28.7% 5.31% +1.30 WMB Williams Cos Inc. Add +19.5% 4.92% +0.88
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -83.3% 50,000 $33.3M IEF iShares 7-10 Year Treasury B put New 295,400 $28.5M EQT Eqt Corp. put Add +4.2% 500,000 $27.2M VST Vistra Corp. put Reduce -21.8% 133,000 $26.1M KGS Kodiak Gas Services Inc. put Add +63.6% 450,000 $16.6M XIFR XPLR Infrastructure LP put Add +45.5% 1,600,000 $16.3M TLN Talen Energy Corp. put Reduce -41.7% 35,000 $14.9M LNG Cheniere Energy Inc. put Sold out 60,000 $14.6Mbefore exit GLD SPDR Gold Shares call Add +23.1% 40,000 $14.2M VRT Vertiv Holdings Co. Class A put Sold out 110,000 $14.1Mbefore exit KGS Kodiak Gas Services Inc. call New 361,000 $13.3M AM Antero Midstream Corp. put New 600,000 $11.7M CCJ Cameco Corp. put Sold out 140,000 $10.4Mbefore exit GLD SPDR Gold Shares put Reduce -37.5% 25,000 $8.9M GEV GE Vernova Inc. put Sold out 16,500 $8.7Mbefore exit FCX Freeport-McMoran Inc. put Sold out 200,000 $8.7Mbefore exit CEG Constellation Energy put Reduce -30.6% 25,000 $8.2M WMB Williams Cos Inc. put Reduce -37.5% 125,000 $7.9M HUT Hut 8 Corp. put New 200,000 $7.0M TECK Teck Resources Ltd.-CLS B put Sold out 165,000 $6.7Mbefore exit IE Ivanhoe Electric Inc. / US put New 530,000 $6.7M TLN Talen Energy Corp. call Reduce -25.0% 15,000 $6.4M URA Global X Uranium ETF put Sold out 150,000 $5.8Mbefore exit EXE Expand Energy Corp. call New 50,000 $5.3M EXE Expand Energy Corp. put Reduce -33.3% 50,000 $5.3M NRG NRG Energy Inc. put Sold out 32,500 $5.2Mbefore exit HUT Hut 8 Corp. call Sold out 250,000 $4.7Mbefore exit FSLR First Solar Inc. call Sold out 23,000 $3.8Mbefore exit IE Ivanhoe Electric Inc. / US call New 300,000 $3.8M CORZ Core Scientific Inc. call Sold out 200,000 $3.4Mbefore exit CEG Constellation Energy call New 10,000 $3.3M CORZ Core Scientific Inc. put New 150,000 $2.7M IBIT iShares Bitcoin Trust ETF put New 28,500 $1.9M NGL NGL Energy Partners LP call Sold out 350,000 $1.5Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 18 $169.4M XIFR, KGS, WMB, VST, AR Q1 2026 13 $143.6M XIFR, KGS, VST, IE, WMB Q4 2025 11 $125.2M KGS, XIFR, WMB, IE, CCJ Q3 2025 15 $173.7M VST, EQT, TLN, KGS, XIFR Q2 2025 17 $175.3M VST, EQT, TLN, LNG, GLD Q1 2025 7 $83.4M AM, VST, TLN, EQT, TECK Q4 2024 11 $73.5M AM, VST, HYG, TLN, CCJ