In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Teilinger Capital Ltd. reported 6 stock positions worth $100.0 million . Its top holding was Evergy (EVRG) at 51.7% of the portfolio, followed by Xcel Energy (XEL, 25.5% ) and P G & E (PCG, 17.6% ). Compared with Q4 2024, it opened 2 new positions, sold out of 6, added to 3 and reduced 1. The biggest buy was Evergy (EVRG, shares +15% ) and the biggest sale Strategy (MSTR, shares −93% ).
Location HOUSTON, TX
CIK 0001531879
Portfolio Value $100.0M (Q1 2025) Holdings 6 stocks · $100.0M 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 2024 EVRG Evergy Inc. 750,000 $51.7M Add +15.4% XEL Xcel Energy Inc. 360,000 $25.5M Add +44.0% PCG P G & E Corp. 1,025,000 $17.6M Add +105.0% NVDA Nvidia Corp. 20,000 $2.2M New D Dominion Energy Inc. 30,000 $1.7M New MSTR Strategy Inc. filed as MICROSTRATEGY INC 4,601 $1.3M Reduce -92.9%
Options reported separately and not counted above: NVDA puts ($459.3M), MU puts ($328.2M), NVDA calls ($275.1M), MU calls ($273.9M), AVGO calls ($216.7M), AVGO puts ($155.1M), MSTR calls ($69.5M), SMCI calls ($66.8M), MSTR puts ($66.3M), SMCI puts ($13.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $8K (not counted above) Security Class Shares / Principal Value Change NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 25,000 $8K No change
Total filed on the 13F, all lines: $100.0M.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ MSTR Strategy Inc. Reduce -92.9% 1.33% −13.02 PPL PPL Corp. Sold out 0.00% −12.12 ES Eversource Energy Sold out 0.00% −6.57 NRG NRG Energy Inc. Sold out 0.00% −6.19 CNP Centerpoint Energy Inc. Sold out 0.00% −3.87 LNG Cheniere Energy Inc. Sold out 0.00% −3.11 NOVAQ Sunnova Energy International Sold out 0.00% −2.73
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ EVRG Evergy Inc. Add +15.4% 51.72% +21.23 XEL Xcel Energy Inc. Add +44.0% 25.49% +12.62 PCG P G & E Corp. Add +105.0% 17.61% +9.92 NVDA Nvidia Corp. New 2.17% +2.17 D Dominion Energy Inc. New 1.68% +1.68
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ NVDA Nvidia Corp. put New 4,237,700 $459.3M MU Micron Technology Inc. put New 3,776,900 $328.2M NVDA Nvidia Corp. call New 2,538,300 $275.1M MU Micron Technology Inc. call New 3,151,700 $273.9M AVGO Broadcom Inc. call New 1,294,500 $216.7M AVGO Broadcom Inc. put New 926,600 $155.1M MSTR Strategy Inc. call Reduce -50.7% 241,100 $69.5M SMCI Super Micro Computer Inc. call Add +1994.1% 1,951,700 $66.8M MSTR Strategy Inc. put Reduce -57.7% 230,000 $66.3M TSLA Tesla Inc. call Sold out 134,000 $54.1Mbefore exit TSLA Tesla Inc. put Sold out 114,000 $46.0Mbefore exit PYPL PayPal Holdings Inc. call Sold out 423,900 $36.2Mbefore exit SMCI Super Micro Computer Inc. put New 385,000 $13.2M
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