Zimmer Partners, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Zimmer Partners, LP reported 119 stock positions worth $3.8 billion. Its top holding was Eversource Energy (ES) at 6.8% of the portfolio, followed by Welltower (WELL, 5.5%) and Xcel Energy (XEL, 5.3%). Compared with Q3 2025, it opened 39 new positions, sold out of 53, added to 33 and reduced 40. The biggest buy was a new position in Entergy (ETR) and the biggest sale an exit from American Electric Power (AEP).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001565854
- Portfolio Value
- $3.8B (Q4 2025)
- SEC Filing
- 0001565854-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 119 stocks · $3.8B
| ES Eversource Energy | 6.82% | 3,843,997 | $258.8M | Add +2.4% |
| WELL Welltower Inc. | 5.46% | 1,116,725 | $207.3M | Add +0.9% |
| XEL Xcel Energy Inc. | 5.33% | 2,739,353 | $202.3M | Add +11.8% |
| NI Nisource Inc. | 4.26% | 3,870,100 | $161.6M | Reduce -34.3% |
| KGS Kodiak Gas Services Inc. | 4.21% | 4,271,553 | $159.8M | Add +45.7% |
| ETR Entergy Corp. | 4.05% | 1,661,973 | $153.6M | New |
| TRGP Targa Resources Corp. | 3.80% | 781,933 | $144.3M | Reduce -41.1% |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | 3.36% | 95,022,000 | $127.5M | No change |
| SRE Sempra | 3.28% | 1,409,300 | $124.4M | Add +64.7% |
| PCG P G & E Corp. | 3.09% | 7,287,774 | $117.1M | Reduce -7.9% |
| KMI Kinder Morgan Inc. | 2.91% | 4,015,800 | $110.4M | Reduce -33.8% |
| TXNM TXNM Energy Inc. | 2.89% | 1,862,107 | $109.6M | Reduce -45.0% |
| IDA Idacorp Inc. | 2.67% | 800,492 | $101.3M | Add +48.9% |
| ADT Adt Inc. | 2.63% | 12,365,246 | $99.8M | Add +53.1% |
| KNTK Kinetik Holdings Inc. | 2.60% | 2,735,400 | $98.6M | New |
| DUK Duke Energy Corp. | 1.99% | 642,929 | $75.4M | Add +40.8% |
| AEE Ameren Corporation | 1.88% | 713,945 | $71.3M | Reduce -4.7% |
| VNOM Viper Energy Inc. Class A | 1.77% | 1,740,000 | $67.2M | Reduce -5.4% |
| CTRE Caretrust REIT Inc. | 1.68% | 1,761,795 | $63.7M | Add +10.9% |
| LNG Cheniere Energy Inc. | 1.58% | 309,200 | $60.1M | Add +2373.6% |
| KD Kyndryl Holdings Inc. | 1.56% | 2,227,253 | $59.2M | Reduce -0.0% |
| CMS CMS Energy Corp. | 1.37% | 742,500 | $51.9M | Add +6.9% |
| RYAN Ryan Specialty Holdings Inc. | 1.36% | 1,000,000 | $51.6M | Add +177.8% |
| AZO AutoZone Inc. | 1.25% | 14,000 | $47.5M | Add +86.7% |
| SFD Smithfield Foods Inc. | 1.23% | 2,090,000 | $46.7M | Add +13.8% |
| ETN Eaton Corp. PLC | 1.14% | 136,000 | $43.3M | Reduce -12.2% |
| TDG Transdigm Group Inc. | 1.02% | 29,250 | $38.9M | Reduce -23.0% |
| CNP Centerpoint Energy Inc. | 1.02% | 1,005,100 | $38.5M | Reduce -63.0% |
| NVT Nvent Electric PLC | 1.01% | 375,000 | $38.2M | Add +240.9% |
| PWR Quanta Services Inc. | 0.97% | 87,250 | $36.8M | Add +118.1% |
| ULS Ul Solutions Inc. Class A | 0.92% | 444,790 | $35.1M | New |
| JRVR James River Group Holdings I | 0.77% | 4,591,638 | $29.2M | No change |
| PH Parker Hannifin Corp. | 0.69% | 30,000 | $26.4M | Reduce -14.3% |
| STC Stewart Information Services | 0.66% | 354,407 | $24.9M | New |
| ITT Itt Inc. | 0.65% | 142,500 | $24.7M | New |
| APD Air Products & Chemicals Inc. | 0.65% | 100,000 | $24.7M | Add +33.3% |
| WM Waste Management Inc. | 0.64% | 110,000 | $24.2M | Add +10.0% |
| YORW York Water Co. filed as YORK WTR CO | 0.62% | 741,849 | $23.6M | Reduce -2.1% |
| AERO Grupo Aeromexico Sab DE CV | 0.61% | 1,060,400 | $23.3M | New |
| VRT Vertiv Holdings Co. Class A | 0.58% | 135,800 | $22.0M | Add +171.6% |
| CARR Carrier Global Corp. | 0.54% | 387,500 | $20.5M | Add +127.9% |
| AMRZ Amrize Ltd. | 0.52% | 366,000 | $19.8M | Add +12.6% |
| SMA Smartstop Self Storage REIT | 0.51% | 631,500 | $19.5M | Reduce -25.9% |
| ALH Alliance Laundry Holdings Inc. | 0.51% | 950,000 | $19.3M | New |
| BKH Black Hills Corp. | 0.50% | 276,034 | $19.2M | Reduce -74.9% |
| LOAR Loar Holdings Inc. | 0.49% | 275,000 | $18.7M | Add +111.5% |
| PRMB Primo Brands Corp. | 0.49% | 1,127,654 | $18.4M | Reduce -53.8% |
| RIG Transocean Ltd. | 0.49% | 4,463,252 | $18.4M | Reduce -54.0% |
| BLDR Builders Firstsource Inc. | 0.47% | 172,500 | $17.7M | Add +136.3% |
| TTAM Titan America SA | 0.43% | 989,829 | $16.3M | Reduce -14.4% |
| CPAY Corpay Inc. | 0.41% | 52,000 | $15.6M | Reduce -48.4% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.40% | 1,051,408 | $15.1M | Reduce -49.8% |
| SWX Southwest Gas Holdings Inc. | 0.39% | 184,822 | $14.8M | Reduce -76.1% |
| AIR Aar Corp. | 0.37% | 170,000 | $14.1M | New |
| FVR Frontview REIT Inc. | 0.36% | 920,485 | $13.6M | Reduce -17.7% |
| BKV BKV Corporation | 0.36% | 499,000 | $13.5M | New |
| ROAD Construction Partners Inc. Class A | 0.34% | 120,000 | $13.0M | New |
| HESM Hess Midstream LP Class A | 0.32% | 351,700 | $12.1M | Reduce -42.1% |
| PNW Pinnacle West Capital | 0.32% | 136,455 | $12.1M | Reduce -8.2% |
| PACS Pacs Group Inc. | 0.31% | 302,500 | $11.6M | No change |
| QXO Qxo Inc. | 0.30% | 600,000 | $11.6M | Reduce -66.8% |
| LMRI Lumexa Imaging Holdings Inc. | 0.30% | 610,000 | $11.3M | New |
| CNM Core & Main Inc. Class A | 0.27% | 200,000 | $10.4M | Reduce -69.0% |
| SARO Standardaero Inc. | 0.27% | 360,951 | $10.4M | Reduce -63.9% |
| EME Emcor Group Inc. | 0.27% | 16,500 | $10.1M | New |
| CRH CRH PLC | 0.26% | 80,000 | $10.0M | Add +100.0% |
| EVRG Evergy Inc. | 0.26% | 137,500 | $10.0M | New |
| AR Antero Resources Corp. | 0.26% | 284,000 | $9.8M | Add +5.2% |
| MSFT Microsoft Corp. | 0.25% | 20,000 | $9.7M | No change |
| MSEX Middlesex Water Co. | 0.24% | 183,657 | $9.3M | Add +18.8% |
| GPC Genuine Parts Co. | 0.24% | 75,000 | $9.2M | Add +200.0% |
| MOD Modine Manufacturing Co. | 0.22% | 62,500 | $8.3M | New |
| KBONU Karbon Capital Partners Corp. | 0.21% | 800,000 | $8.1M | New |
| CAT Caterpillar Inc. | 0.20% | 13,200 | $7.6M | New |
| KYN Kayne Anderson Energy Infra | 0.18% | 554,700 | $6.9M | Add +121.9% |
| KTOS Kratos Defense & Security | 0.18% | 90,000 | $6.8M | New |
| MDLN Medline Inc. Class A | 0.18% | 159,660 | $6.7M | New |
| KVUE Kenvue Inc. | 0.17% | 375,000 | $6.5M | Reduce -72.6% |
| AVAH Aveanna Healthcare Holdings | 0.16% | 757,500 | $6.2M | New |
| GE General Electric filed as GE AEROSPACE | 0.16% | 20,000 | $6.2M | Reduce -63.6% |
| BOW Bowhead Specialty Holdings I | 0.16% | 215,000 | $6.1M | No change |
| VVX V2X Inc. | 0.13% | 90,077 | $4.9M | New |
| FCPT Four Corners Property Trust | 0.11% | 185,092 | $4.3M | Add +5.7% |
| BLSH Bullish | 0.11% | 110,000 | $4.2M | No change |
| VRTS Virtus Investment Partners | 0.11% | 25,000 | $4.1M | New |
| TBN Tamboran Resources Corp. | 0.10% | 143,732 | $3.9M | New |
| NP Neptune Insurance Holdi Class A | 0.10% | 125,000 | $3.6M | New |
| ELDN Eledon Pharmaceuticals Inc. | 0.09% | 2,384,228 | $3.6M | Add +30.6% |
| HUT Hut 8 Corp. | 0.09% | 72,500 | $3.3M | Add +52.6% |
| CPK Chesapeake Utilities Corp. | 0.07% | 20,000 | $2.5M | Reduce -68.8% |
| NTST Netstreit Corp. | 0.07% | 140,500 | $2.5M | Reduce -52.3% |
| CUBE Cubesmart | 0.06% | 67,500 | $2.4M | Add +77.9% |
| IRON Disc Medicine Inc. | 0.06% | 27,500 | $2.2M | Reduce -69.5% |
| HTO H2O America | 0.06% | 43,816 | $2.1M | Reduce -64.8% |
| BETA Beta Technologies Inc. Class A | 0.06% | 75,000 | $2.1M | New |
| MLYS Mineralys Therapeutics Inc. | 0.06% | 57,500 | $2.1M | Reduce -42.5% |
| TYG Tortoise Energy Infrastruct | 0.05% | 50,000 | $2.0M | Reduce -38.6% |
| FE Firstenergy Corp. | 0.05% | 45,000 | $2.0M | New |
| XZO Exzeo Group Inc. | 0.05% | 75,000 | $1.8M | New |
| AVB Avalonbay Communities Inc. | 0.05% | 9,769 | $1.8M | Reduce -16.2% |
Portfolio Sells Q3 2025 → Q4 2025
| AEP American Electric Power | Sold out | 0.00% | −2.47 |
| NI Nisource Inc. | Reduce -34.3% | 4.26% | −1.97 |
| TXNM TXNM Energy Inc. | Reduce -45.0% | 2.89% | −1.79 |
| TRGP Targa Resources Corp. | Reduce -41.1% | 3.80% | −1.63 |
| CNP Centerpoint Energy Inc. | Reduce -63.0% | 1.02% | −1.56 |
| KMI Kinder Morgan Inc. | Reduce -33.8% | 2.91% | −1.29 |
| BKH Black Hills Corp. | Reduce -74.9% | 0.50% | −1.15 |
| SWX Southwest Gas Holdings Inc. | Reduce -76.1% | 0.39% | −1.09 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.99 |
| LTM Latam Airlines Group SA-ADR | Sold out | 0.00% | −0.91 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.90 |
| PRMB Primo Brands Corp. | Reduce -53.8% | 0.49% | −0.83 |
| CWST Casella Waste Systems Inc. Class A | Reduce -95.9% | 0.04% | −0.82 |
| CNM Core & Main Inc. Class A | Reduce -69.0% | 0.27% | −0.57 |
| QXO Qxo Inc. | Reduce -66.8% | 0.30% | −0.54 |
| SOLV Solventum Corp. | Sold out | 0.00% | −0.49 |
| LGN Legence Corp. Class A | Sold out | 0.00% | −0.45 |
| SARO Standardaero Inc. | Reduce -63.9% | 0.27% | −0.39 |
| KVUE Kenvue Inc. | Reduce -72.6% | 0.17% | −0.37 |
| CTRI Centuri Holdings Inc. | Sold out | 0.00% | −0.37 |
| CSW CSW Industrials Inc. | Sold out | 0.00% | −0.36 |
| WBI Waterbridge Infrastruc Class A | Sold out | 0.00% | −0.34 |
| SPXC SPX Technologies Inc. | Sold out | 0.00% | −0.32 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.31 |
| CPAY Corpay Inc. | Reduce -48.4% | 0.41% | −0.30 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.29 |
| ETN Eaton Corp. PLC | Reduce -12.2% | 1.14% | −0.28 |
| SMA Smartstop Self Storage REIT | Reduce -25.9% | 0.51% | −0.27 |
| NIQ Niq Global Intelligence PLC | Sold out | 0.00% | −0.27 |
| RIG Transocean Ltd. | Reduce -54.0% | 0.49% | −0.25 |
| OKE Oneok Inc. | Sold out | 0.00% | −0.25 |
| GE General Electric | Reduce -63.6% | 0.16% | −0.24 |
| FLY Firefly Aerospace Inc. | Sold out | 0.00% | −0.24 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −0.23 |
| SNCY Sun Country Airlines Holding | Reduce -49.8% | 0.40% | −0.21 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.20 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.20 |
| TDG Transdigm Group Inc. | Reduce -23.0% | 1.02% | −0.20 |
| HESM Hess Midstream LP Class A | Reduce -42.1% | 0.32% | −0.19 |
| WCC Wesco International Inc. | Sold out | 0.00% | −0.18 |
| WLK Westlake Corp. | Sold out | 0.00% | −0.17 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.15 |
| CPK Chesapeake Utilities Corp. | Reduce -68.8% | 0.07% | −0.15 |
| SNDX Syndax Pharmaceuticals Inc. | Sold out | 0.00% | −0.14 |
| LPX Louisiana-Pacific Corp. | Sold out | 0.00% | −0.14 |
| JHX James Hardie Ind PLC | Sold out | 0.00% | −0.13 |
| ADPT Adaptive Biotechnologies | Sold out | 0.00% | −0.12 |
| MIR Mirion Technologies Inc. | Sold out | 0.00% | −0.11 |
| AQN Algonquin Power & Utilities | Sold out | 0.00% | −0.11 |
| INCY Incyte Corp. | Sold out | 0.00% | −0.10 |
Portfolio Buys Q3 2025 → Q4 2025
| ETR Entergy Corp. | New | 4.05% | +4.05 |
| KNTK Kinetik Holdings Inc. | New | 2.60% | +2.60 |
| KGS Kodiak Gas Services Inc. | Add +45.7% | 4.21% | +1.56 |
| LNG Cheniere Energy Inc. | Add +2373.6% | 1.58% | +1.51 |
| SRE Sempra | Add +64.7% | 3.28% | +1.40 |
| IDA Idacorp Inc. | Add +48.9% | 2.67% | +0.93 |
| ULS Ul Solutions Inc. Class A | New | 0.92% | +0.92 |
| ADT Adt Inc. | Add +53.1% | 2.63% | +0.91 |
| RYAN Ryan Specialty Holdings Inc. | Add +177.8% | 1.36% | +0.86 |
| NVT Nvent Electric PLC | Add +240.9% | 1.01% | +0.74 |
| STC Stewart Information Services | New | 0.66% | +0.66 |
| ITT Itt Inc. | New | 0.65% | +0.65 |
| WELL Welltower Inc. | Add +0.9% | 5.46% | +0.65 |
| AERO Grupo Aeromexico Sab DE CV | New | 0.61% | +0.61 |
| DUK Duke Energy Corp. | Add +40.8% | 1.99% | +0.61 |
| PWR Quanta Services Inc. | Add +118.1% | 0.97% | +0.57 |
| ALH Alliance Laundry Holdings Inc. | New | 0.51% | +0.51 |
| XEL Xcel Energy Inc. | Add +11.8% | 5.33% | +0.50 |
| AZO AutoZone Inc. | Add +86.7% | 1.25% | +0.46 |
| VRT Vertiv Holdings Co. Class A | Add +171.6% | 0.58% | +0.40 |
| AIR Aar Corp. | New | 0.37% | +0.37 |
| BKV BKV Corporation | New | 0.36% | +0.36 |
| ROAD Construction Partners Inc. Class A | New | 0.34% | +0.34 |
| CTRE Caretrust REIT Inc. | Add +10.9% | 1.68% | +0.33 |
| LMRI Lumexa Imaging Holdings Inc. | New | 0.30% | +0.30 |
| ES Eversource Energy | Add +2.4% | 6.82% | +0.30 |
| CARR Carrier Global Corp. | Add +127.9% | 0.54% | +0.29 |
| EME Emcor Group Inc. | New | 0.27% | +0.27 |
| EVRG Evergy Inc. | New | 0.26% | +0.26 |
| BLDR Builders Firstsource Inc. | Add +136.3% | 0.47% | +0.25 |
| LOAR Loar Holdings Inc. | Add +111.5% | 0.49% | +0.24 |
| MOD Modine Manufacturing Co. | New | 0.22% | +0.22 |
| KBONU Karbon Capital Partners Corp. | New | 0.21% | +0.21 |
| CAT Caterpillar Inc. | New | 0.20% | +0.20 |
| KTOS Kratos Defense & Security | New | 0.18% | +0.18 |
| MDLN Medline Inc. Class A | New | 0.18% | +0.18 |
| SFD Smithfield Foods Inc. | Add +13.8% | 1.23% | +0.18 |
| AVAH Aveanna Healthcare Holdings | New | 0.16% | +0.16 |
| GPC Genuine Parts Co. | Add +200.0% | 0.24% | +0.16 |
| APD Air Products & Chemicals Inc. | Add +33.3% | 0.65% | +0.15 |
| CRH CRH PLC | Add +100.0% | 0.26% | +0.15 |
| AMRZ Amrize Ltd. | Add +12.6% | 0.52% | +0.14 |
| VVX V2X Inc. | New | 0.13% | +0.13 |
| CMS CMS Energy Corp. | Add +6.9% | 1.37% | +0.13 |
| VRTS Virtus Investment Partners | New | 0.11% | +0.11 |
| KYN Kayne Anderson Energy Infra | Add +121.9% | 0.18% | +0.11 |
| TBN Tamboran Resources Corp. | New | 0.10% | +0.10 |
| WM Waste Management Inc. | Add +10.0% | 0.64% | +0.10 |
| NP Neptune Insurance Holdi Class A | New | 0.10% | +0.10 |
| BETA Beta Technologies Inc. Class A | New | 0.06% | +0.06 |
Options Activity Q3 2025 → Q4 2025
| PCG P G & E Corp. | call | Sold out | 10,500,000 | $296.9Mbefore exit |
| NI Nisource Inc. | call | Sold out | 1,000,000 | $43.3Mbefore exit |
| ES Eversource Energy | put | Sold out | 500,000 | $35.6Mbefore exit |
| WEC WEC Energy Group Inc. | put | Sold out | 250,000 | $28.6Mbefore exit |
| EVRG Evergy Inc. | put | Sold out | 287,500 | $21.9Mbefore exit |
| PEG Public Service Enterprise GP | put | Sold out | 225,000 | $18.8Mbefore exit |
| HESM Hess Midstream LP Class A | call | Sold out | 500,000 | $17.3Mbefore exit |
| GSK GSK PLC-Spon ADR | put | Sold out | 400,000 | $17.3Mbefore exit |
| NEE Nextera Energy Inc. | call | Sold out | 200,000 | $15.1Mbefore exit |
| DUK Duke Energy Corp. | call | Sold out | 100,000 | $12.4Mbefore exit |
| LLY Eli Lilly & Co. | call | Sold out | 12,500 | $9.5Mbefore exit |
| MRK Merck & Co. Inc. | put | Sold out | 100,000 | $8.4Mbefore exit |
| BMY Bristol-Myers Squibb Co. | call | Sold out | 175,000 | $7.9Mbefore exit |
| WMB Williams Cos Inc. | put | Sold out | 50,000 | $3.2Mbefore exit |
| VG Venture Global Inc. Class A | put | Sold out | 150,000 | $2.1Mbefore 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 | 111 | $4.2B | WELL, NI, ES, KGS, XEL |
| Q1 2026 | 117 | $3.9B | ADC, NI, ES, WELL, XEL |
| Q4 2025 | 119 | $3.8B | ES, WELL, XEL, NI, KGS |
| Q3 2025 | 133 | $4.1B | ES, NI, TRGP, XEL, WELL |
| Q2 2025 | 145 | $4.4B | ES, AEP, XEL, TRGP, TXNM |
| Q1 2025 | 147 | $4.9B | AEP, XEL, WELL, PCG, TRGP |
| Q4 2024 | 145 | $5.8B | WELL, BA, TRGP, PCG, XEL |
| Q3 2024 | 143 | $5.3B | WELL, RYAN, AEE, EVRG, PNW |
| Q2 2024 | 149 | $5.2B | WELL, EVRG, ES, AEE, RYAN |
| Q1 2024 | 128 | $4.6B | WELL, AEE, RYAN, NI, PCG |