SL Advisors, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed April 15, 2026), SL Advisors, LLC reported 31 stock positions worth $55.5 million. Its top holding was Nextdecade (NEXT) at 15.4% of the portfolio, followed by Energy Transfer (ET, 12.4%) and Cheniere Energy (LNG, 8.0%). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 5 and reduced 7. The biggest buy was Nextdecade (NEXT, shares +10%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −35%).

Most Recent 13F
Q2 2026
Location
NAPLES, FL
CIK
0001680365
Portfolio Value
$55.5M (Q2 2025)
SEC Filing
0001680365-26-000015 ↗ filed Apr 15, 2026

Holdings Value

0$20.0M$40.0M$60.0M$80.0M Q1 2024: $50.8M Q1 2024 Q2 2024: $50.6M Q2 2024 Q3 2024: $55.6M Q3 2024 Q4 2024: $60.5M Q4 2024 Q1 2025: $57.2M Q1 2025 Q2 2025: $55.5M $55.5M Q2 2025 Q3 2025: $50.8M Q3 2025 Q4 2025: $48.8M Q4 2025 Q1 2026: $59.1M Q1 2026 Q2 2026: $57.2M Q2 2026

Holdings 31 stocks · $55.5M
NEXT Nextdecade Corp. 15.41% 960,279 $8.6M Add +9.9%
ET Energy Transfer LP 12.37% 378,868 $6.9M No change
LNG Cheniere Energy Inc. 7.99% 18,209 $4.4M No change
WMB Williams Cos Inc. 7.80% 68,949 $4.3M No change
OKE Oneok Inc. 6.87% 46,733 $3.8M No change
USAI Pacer Ame Energy Infr ETF-US 6.85% 93,465 $3.8M Add +0.2%
TRGP Targa Resources Corp. 5.76% 18,371 $3.2M Reduce -1.1%
EPD Enterprise Products Partners 4.08% 73,064 $2.3M No change
ENB Enbridge Inc. 3.02% 37,044 $1.7M No change
BRK.B Berkshire Hathaway Inc. Class B 2.74% 3,136 $1.5M Reduce -34.8%
TRP TC Energy Corp. 2.62% 29,849 $1.5M No change
KMI Kinder Morgan Inc. 2.51% 47,472 $1.4M No change
SPY SS SPDR S&P 500 ETF Trust-US 2.39% 2,147 $1.3M Add +0.1%
RSG Republic Services Inc. 1.86% 4,177 $1.0M No change
PBA Pembina Pipeline Corp. 1.75% 25,827 $969K Reduce -2.8%
KNTK Kinetik Holdings Inc. 1.74% 21,927 $966K No change
WES Western Midstream Partners L 1.69% 24,177 $936K No change
MPLX MPLX LP 1.61% 17,375 $895K No change
NFE New Fortress Energy Inc. 1.43% 239,399 $795K Add +44.4%
WM Waste Management Inc. 1.24% 3,016 $690K Reduce -60.9%
RTX RTX Corp. 1.24% 4,702 $687K New
ADP Automatic Data Processing 1.21% 2,184 $674K No change
LMT Lockheed Martin Corp. 0.99% 1,188 $550K Reduce -3.8%
MCD McDonald's Corp. 0.83% 1,583 $463K No change
PAGP Plains GP Holdings LP 0.74% 21,282 $414K No change
XLP SS Consumer Staples Sel Sect 0.71% 4,853 $393K Add +0.0%
ECL Ecolab Inc. 0.63% 1,288 $347K No change
PG The Procter & Gamble Co. 0.58% 2,026 $323K Reduce -4.4%
KO The Coca-Cola Co. 0.49% 3,872 $274K No change
MKC McCormick & Co.-Non VTG SHRS 0.46% 3,338 $253K No change
HSY The Hershey Co. 0.37% 1,233 $205K Reduce -21.3%

Portfolio Sells Q1 2025 → Q2 2025
BRK.B Berkshire Hathaway Inc. Class B Reduce -34.8% 2.74% −1.73
WM Waste Management Inc. Reduce -60.9% 1.24% −1.07
TRGP Targa Resources Corp. Reduce -1.1% 5.76% −0.76
JNJ Johnson & Johnson Sold out 0.00% −0.40
PBA Pembina Pipeline Corp. Reduce -2.8% 1.75% −0.12
HSY The Hershey Co. Reduce -21.3% 0.37% −0.10
PG The Procter & Gamble Co. Reduce -4.4% 0.58% −0.05
LMT Lockheed Martin Corp. Reduce -3.8% 0.99% +0.03

Portfolio Buys Q1 2025 → Q2 2025
NEXT Nextdecade Corp. Add +9.9% 15.41% +3.52
RTX RTX Corp. New 1.24% +1.24
SPY SS SPDR S&P 500 ETF Trust-US Add +0.1% 2.39% +0.29
USAI Pacer Ame Energy Infr ETF-US Add +0.2% 6.85% +0.14
XLP SS Consumer Staples Sel Sect Add +0.0% 0.71% +0.01
NFE New Fortress Energy Inc. Add +44.4% 1.43% −0.98

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 32$57.2MET, NEXT, WMB, TRGP, USAI
Q1 2026 32$59.1MET, NEXT, LNG, WMB, USAI
Q4 2025Amended 32$48.8MET, NEXT, WMB, USAI, LNG
Q3 2025Amended 31$50.8MET, NEXT, WMB, LNG, USAI
Q2 2025Amended 31$55.5MNEXT, ET, LNG, WMB, OKE
Q1 2025Amended 31$57.2MET, NEXT, OKE, LNG, WMB
Q4 2024Amended 35$60.5MET, NEXT, SPY, TRGP, LNG
Q3 2024Amended 47$55.6MET, SPY, NEXT, TRGP, OKE
Q2 2024Amended 32$50.6MNEXT, ET, SPY, USAI, LNG
Q1 2024Amended 39$50.8MET, SPY, NEXT, OKE, USAI