SL Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed April 15, 2026), SL Advisors, LLC reported 32 stock positions worth $48.8 million. Its top holding was Energy Transfer (ET) at 15.0% of the portfolio, followed by Nextdecade (NEXT, 10.0%) and Williams Cos (WMB, 8.2%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 12 and reduced 17. The biggest buy was a new position in South Bow (SOBO) and the biggest sale Nextdecade (NEXT, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- NAPLES, FL
- CIK
- 0001680365
- Portfolio Value
- $48.8M (Q4 2025)
- SEC Filing
- 0001680365-26-000017 ↗ filed Apr 15, 2026
Holdings Value
Holdings 32 stocks · $48.8M
| ET Energy Transfer LP | 14.96% | 442,978 | $7.3M | Add +2.6% |
| NEXT Nextdecade Corp. | 9.96% | 922,889 | $4.9M | Reduce -0.5% |
| WMB Williams Cos Inc. | 8.20% | 66,598 | $4.0M | Reduce -4.4% |
| USAI Pacer Ame Energy Infr ETF-US | 7.49% | 95,895 | $3.7M | Add +14.9% |
| LNG Cheniere Energy Inc. | 7.07% | 17,756 | $3.5M | Reduce -3.7% |
| TRGP Targa Resources Corp. | 6.76% | 17,895 | $3.3M | Reduce -3.0% |
| OKE Oneok Inc. | 5.95% | 39,545 | $2.9M | Reduce -4.6% |
| EPD Enterprise Products Partners | 4.71% | 71,745 | $2.3M | Reduce -3.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.22% | 3,124 | $1.6M | Reduce -0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.00% | 2,147 | $1.5M | No change |
| TRP TC Energy Corp. | 2.80% | 24,825 | $1.4M | Reduce -3.2% |
| ENB Enbridge Inc. | 2.76% | 28,199 | $1.3M | Reduce -3.9% |
| KNTK Kinetik Holdings Inc. | 2.67% | 36,197 | $1.3M | Add +62.3% |
| KMI Kinder Morgan Inc. | 1.98% | 35,159 | $967K | Reduce -4.1% |
| WES Western Midstream Partners L | 1.91% | 23,602 | $932K | Reduce -3.9% |
| MPLX MPLX LP | 1.88% | 17,229 | $920K | Reduce -2.5% |
| RTX RTX Corp. | 1.76% | 4,697 | $861K | Add +0.5% |
| RSG Republic Services Inc. | 1.71% | 3,940 | $835K | Add +0.1% |
| PBA Pembina Pipeline Corp. | 1.58% | 20,294 | $772K | Reduce -3.3% |
| WM Waste Management Inc. | 1.28% | 2,836 | $623K | Add +0.4% |
| SOBO South Bow Corp. | 1.20% | 21,336 | $586K | New |
| ADP Automatic Data Processing | 1.06% | 2,010 | $517K | Reduce -7.5% |
| LMT Lockheed Martin Corp. | 0.87% | 883 | $427K | Reduce -9.5% |
| MCD McDonald's Corp. | 0.87% | 1,394 | $426K | Reduce -11.6% |
| XLP SS Consumer Staples Sel Sect | 0.77% | 4,858 | $377K | Add +0.1% |
| ECL Ecolab Inc. | 0.69% | 1,291 | $339K | Add +0.9% |
| PAGP Plains GP Holdings LP | 0.61% | 15,565 | $298K | Reduce -4.5% |
| KO The Coca-Cola Co. | 0.47% | 3,300 | $231K | Add +0.7% |
| JNJ Johnson & Johnson | 0.47% | 1,103 | $228K | Add +0.9% |
| HSY The Hershey Co. | 0.46% | 1,234 | $225K | Add +0.9% |
| PG The Procter & Gamble Co. | 0.45% | 1,541 | $221K | Add +0.7% |
| MRK Merck & Co. Inc. | 0.43% | 1,992 | $210K | New |
Portfolio Sells Q3 2025 → Q4 2025
| NEXT Nextdecade Corp. | Reduce -0.5% | 9.96% | −2.43 |
| LNG Cheniere Energy Inc. | Reduce -3.7% | 7.07% | −1.46 |
| WMB Williams Cos Inc. | Reduce -4.4% | 8.20% | −0.48 |
| MKC McCormick & Co.-Non VTG SHRS | Sold out | 0.00% | −0.44 |
| ADP Automatic Data Processing | Reduce -7.5% | 1.06% | −0.20 |
| ENB Enbridge Inc. | Reduce -3.9% | 2.76% | −0.15 |
| PBA Pembina Pipeline Corp. | Reduce -3.3% | 1.58% | −0.09 |
| LMT Lockheed Martin Corp. | Reduce -9.5% | 0.87% | −0.08 |
| MCD McDonald's Corp. | Reduce -11.6% | 0.87% | −0.07 |
| KMI Kinder Morgan Inc. | Reduce -4.1% | 1.98% | −0.06 |
| OKE Oneok Inc. | Reduce -4.6% | 5.95% | −0.00 |
| WES Western Midstream Partners L | Reduce -3.9% | 1.91% | +0.01 |
| PAGP Plains GP Holdings LP | Reduce -4.5% | 0.61% | +0.03 |
| TRP TC Energy Corp. | Reduce -3.2% | 2.80% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.2% | 3.22% | +0.12 |
| MPLX MPLX LP | Reduce -2.5% | 1.88% | +0.14 |
| EPD Enterprise Products Partners | Reduce -3.0% | 4.71% | +0.16 |
| TRGP Targa Resources Corp. | Reduce -3.0% | 6.76% | +0.68 |
Portfolio Buys Q3 2025 → Q4 2025
| SOBO South Bow Corp. | New | 1.20% | +1.20 |
| USAI Pacer Ame Energy Infr ETF-US | Add +14.9% | 7.49% | +0.95 |
| KNTK Kinetik Holdings Inc. | Add +62.3% | 2.67% | +0.80 |
| MRK Merck & Co. Inc. | New | 0.43% | +0.43 |
| ET Energy Transfer LP | Add +2.6% | 14.96% | +0.38 |
| RTX RTX Corp. | Add +0.5% | 1.76% | +0.22 |
| JNJ Johnson & Johnson | Add +0.9% | 0.47% | +0.07 |
| WM Waste Management Inc. | Add +0.4% | 1.28% | +0.05 |
| KO The Coca-Cola Co. | Add +0.7% | 0.47% | +0.04 |
| XLP SS Consumer Staples Sel Sect | Add +0.1% | 0.77% | +0.02 |
| HSY The Hershey Co. | Add +0.9% | 0.46% | +0.01 |
| ECL Ecolab Inc. | Add +0.9% | 0.69% | +0.00 |
| PG The Procter & Gamble Co. | Add +0.7% | 0.45% | −0.01 |
| RSG Republic Services Inc. | Add +0.1% | 1.71% | −0.07 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 32 | $57.2M | ET, NEXT, WMB, TRGP, USAI |
| Q1 2026 | 32 | $59.1M | ET, NEXT, LNG, WMB, USAI |
| Q4 2025Amended | 32 | $48.8M | ET, NEXT, WMB, USAI, LNG |
| Q3 2025Amended | 31 | $50.8M | ET, NEXT, WMB, LNG, USAI |
| Q2 2025Amended | 31 | $55.5M | NEXT, ET, LNG, WMB, OKE |
| Q1 2025Amended | 31 | $57.2M | ET, NEXT, OKE, LNG, WMB |
| Q4 2024Amended | 35 | $60.5M | ET, NEXT, SPY, TRGP, LNG |
| Q3 2024Amended | 47 | $55.6M | ET, SPY, NEXT, TRGP, OKE |
| Q2 2024Amended | 32 | $50.6M | NEXT, ET, SPY, USAI, LNG |
| Q1 2024Amended | 39 | $50.8M | ET, SPY, NEXT, OKE, USAI |