In its 13F for Q1 2024 (holdings as of March 31, 2024, filed August 8, 2024), Teilinger Capital Ltd. reported 13 stock positions worth $233.0 million . Its top holding was iShares MSCI USA Min Vol Fac (USMV) at 17.2% of the portfolio, followed by Sunnova Energy International (NOVAQ, 15.6% ) and iShares 3-7 Year Treasury Bo (IEI, 13.4% ). Compared with Q4 2023, it opened 7 new positions, sold out of 6, added to 3 and reduced 3. The biggest buy was iShares MSCI USA Min Vol Fac (USMV, shares +1400% ) and the biggest sale an exit from Cheniere Energy (LNG).
Location HOUSTON, TX
CIK 0001531879
Portfolio Value $233.0M (Q1 2024) Holdings 13 stocks · $233.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 USMV iShares MSCI USA Min Vol Fac 480,000 $40.1M Add +1400.0% NOVAQ Sunnova Energy International 5,928,100 $36.3M New IEI iShares 3-7 Year Treasury Bo 269,000 $31.2M New PPL PPL Corp. 1,009,000 $27.8M Reduce -18.2% NI Nisource Inc. 785,400 $21.7M Add +4.6% XEL Xcel Energy Inc. 390,000 $21.0M New ETR Entergy Corp. 172,000 $18.2M Add +7.9% EVRG Evergy Inc. 294,000 $15.7M Reduce -23.8% NRG NRG Energy Inc. 133,000 $9.0M Reduce -28.7% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 76,122 $5.9M New TLT iShares 20+ Year Treasury BD 35,000 $3.3M New EEM iShares MSCI Emerging Market 45,000 $1.8M New EMB iShares JP Morgan Usd Emergi 11,124 $997K New
Options reported separately and not counted above: USMV puts ($39.7M), HYG puts ($31.1M), NVDA calls ($2.5M), NVDA puts ($2.3M), PYPL calls ($1.8M), PYPL puts ($322K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $73K (not counted above) Security Class Shares / Principal Value Change NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 25,000 $73K No change
Total filed on the 13F, all lines: $233.1M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ LNG Cheniere Energy Inc. Sold out 0.00% −15.27 EQT Eqt Corp. Sold out 0.00% −11.52 NEXT Nextdecade Corp. Sold out 0.00% −9.95 PPL PPL Corp. Reduce -18.2% 11.92% −8.01 EVRG Evergy Inc. Reduce -23.8% 6.73% −5.28 NRG NRG Energy Inc. Reduce -28.7% 3.86% −1.88 SPLV Invesco S&P 500 Low Volatili Sold out 0.00% −1.49 NPWR Net Power Inc. Sold out 0.00% −0.60 FUSION FUEL GREEN PLC Sold out 0.00% −0.48
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ USMV iShares MSCI USA Min Vol Fac Add +1400.0% 17.22% +15.73 NOVAQ Sunnova Energy International New 15.59% +15.59 IEI iShares 3-7 Year Treasury Bo New 13.37% +13.37 XEL Xcel Energy Inc. New 9.00% +9.00 HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 2.54% +2.54 TLT iShares 20+ Year Treasury BD New 1.42% +1.42 EEM iShares MSCI Emerging Market New 0.79% +0.79 EMB iShares JP Morgan Usd Emergi New 0.43% +0.43 ETR Entergy Corp. Add +7.9% 7.80% −1.82 NI Nisource Inc. Add +4.6% 9.32% −2.56
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ USMV iShares MSCI USA Min Vol Fac put New 475,000 $39.7M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 400,000 $31.1M NVDA Nvidia Corp. call New 2,789 $2.5M NVDA Nvidia Corp. put Reduce -49.2% 2,500 $2.3M META Meta Platforms Inc. Class A put Sold out 6,014 $2.1Mbefore exit PYPL PayPal Holdings Inc. call Reduce -8.2% 26,502 $1.8M PYPL PayPal Holdings Inc. put Add +21.6% 4,800 $322K META Meta Platforms Inc. Class A call Sold out 563 $199Kbefore 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 5 $151.4M XEL, DTE, PCG, NRG, BABA Q1 2026 6 $155.2M XEL, DTE, PCG, BABA, PPL Q4 2025 5 $98.1M EVRG, DTE, XEL, PPL, BABA Q3 2025 6 $93.2M EVRG, ETR, XEL, NEE, PCG Q2 2025 4 $97.9M EVRG, XEL, PCG, ETR Q1 2025 6 $100.0M EVRG, XEL, PCG, NVDA, D Q4 2024 10 $131.2M EVRG, MSTR, XEL, PPL, PCG Q3 2024 7 $166.8M PPL, EVRG, CNP, XEL, PCG Q2 2024 13 $209.9M NOVAQ, XEL, PPL, EVRG, USMV Q1 2024 Amended 13 $233.0M USMV, NOVAQ, IEI, PPL, NI