Ripple Effect Asset Management LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Ripple Effect Asset Management LP reported 11 stock positions worth $125.2 million . Its top holding was Kodiak Gas Services (KGS) at 32.7% of the portfolio, followed by XPLR Infrastructure (XIFR, 16.8% ) and Williams Cos (WMB, 15.7% ). Compared with Q3 2025, it opened 3 new positions, sold out of 7, added to 4 and reduced 4. The biggest buy was Kodiak Gas Services (KGS, shares +161% ) and the biggest sale an exit from Vistra (VST).
Location New York, NY
CIK 0002031590
Portfolio Value $125.2M (Q4 2025) Holdings 11 stocks · $125.2M 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 Q3 2025 KGS Kodiak Gas Services Inc. 1,096,000 $41.0M Add +160.9% XIFR XPLR Infrastructure LP 2,100,000 $21.0M Add +40.0% WMB Williams Cos Inc. 328,000 $19.7M Add +143.0% IE Ivanhoe Electric Inc. / US 950,025 $15.2M Add +90.0% CCJ Cameco Corp. 130,000 $11.9M New AES AES Corp. 300,000 $4.3M New TLN Talen Energy Corp. 10,000 $3.7M Reduce -75.6% NEXT Nextdecade Corp. 600,000 $3.2M New VRT Vertiv Holdings Co. Class A 17,500 $2.8M Reduce -62.9% CEG Constellation Energy 4,500 $1.6M Reduce -84.0% HUT Hut 8 Corp. 18,000 $827K Reduce -91.0%
Options reported separately and not counted above: SPY puts ($52.8M), KGS puts ($37.4M), VST calls ($22.6M), XIFR puts ($22.0M), WMB puts ($21.0M), IWM puts ($18.5M), CCJ puts ($13.7M), IE puts ($12.8M), AR calls ($8.6M), VG puts ($4.3M), NEXT puts ($3.7M), CCJ calls ($3.7M), and 2 more.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ VST Vistra Corp. Sold out 0.00% −16.06 EQT Eqt Corp. Sold out 0.00% −14.57 TLN Talen Energy Corp. Reduce -75.6% 2.99% −7.04 AM Antero Midstream Corp. Sold out 0.00% −5.71 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −4.67 CEG Constellation Energy Reduce -84.0% 1.27% −4.04 GLD SPDR Gold Shares Sold out 0.00% −3.84 HUT Hut 8 Corp. Reduce -91.0% 0.66% −3.35 EXE Expand Energy Corp. Sold out 0.00% −2.76 CORZ Core Scientific Inc. Sold out 0.00% −2.68 VRT Vertiv Holdings Co. Class A Reduce -62.9% 2.26% −1.83
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ KGS Kodiak Gas Services Inc. Add +160.9% 32.73% +23.79 WMB Williams Cos Inc. Add +143.0% 15.74% +10.82 CCJ Cameco Corp. New 9.50% +9.50 IE Ivanhoe Electric Inc. / US Add +90.0% 12.12% +8.51 XIFR XPLR Infrastructure LP Add +40.0% 16.77% +7.98 AES AES Corp. New 3.43% +3.43 NEXT Nextdecade Corp. New 2.52% +2.52
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 750,000 $60.9Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Add +55.0% 77,500 $52.8M KGS Kodiak Gas Services Inc. put Add +122.5% 1,001,100 $37.4M IEF iShares 7-10 Year Treasury B put Sold out 295,400 $28.5Mbefore exit EQT Eqt Corp. put Sold out 500,000 $27.2Mbefore exit VST Vistra Corp. put Sold out 133,000 $26.1Mbefore exit VST Vistra Corp. call New 140,000 $22.6M XIFR XPLR Infrastructure LP put Add +37.5% 2,200,000 $22.0M WMB Williams Cos Inc. put Add +180.0% 350,000 $21.0M IWM iShares Russell 2000 ETF put New 75,000 $18.5M TLN Talen Energy Corp. put Sold out 35,000 $14.9Mbefore exit GLD SPDR Gold Shares call Sold out 40,000 $14.2Mbefore exit CCJ Cameco Corp. put New 150,000 $13.7M KGS Kodiak Gas Services Inc. call Sold out 361,000 $13.3Mbefore exit IE Ivanhoe Electric Inc. / US put Add +50.9% 800,000 $12.8M AM Antero Midstream Corp. put Sold out 600,000 $11.7Mbefore exit GLD SPDR Gold Shares put Sold out 25,000 $8.9Mbefore exit AR Antero Resources Corp. call Add +11.1% 250,000 $8.6M CEG Constellation Energy put Sold out 25,000 $8.2Mbefore exit HUT Hut 8 Corp. put Sold out 200,000 $7.0Mbefore exit TLN Talen Energy Corp. call Sold out 15,000 $6.4Mbefore exit EXE Expand Energy Corp. call Sold out 50,000 $5.3Mbefore exit EXE Expand Energy Corp. put Sold out 50,000 $5.3Mbefore exit VG Venture Global Inc. Class A put New 625,000 $4.3M IE Ivanhoe Electric Inc. / US call Sold out 300,000 $3.8Mbefore exit NEXT Nextdecade Corp. put New 700,000 $3.7M CCJ Cameco Corp. call New 40,000 $3.7M CEG Constellation Energy call Sold out 10,000 $3.3Mbefore exit CORZ Core Scientific Inc. put Sold out 150,000 $2.7Mbefore exit IBIT iShares Bitcoin Trust ETF put Sold out 28,500 $1.9Mbefore exit XIFR XPLR Infrastructure LP call New 150,000 $1.5M SMR Nuscale Power Corp. put New 80,000 $1.1M
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