# BEACH INVESTMENT COUNSEL INC/PA

> Institutional holdings reported to the SEC as of Q1 2025 on Form 13F. CIK 1058800. Source: https://holderbook.com/funds/1058800-beach-investment-counsel-inc-pa/

- Reported value: $679.4M
- Positions: 117
- Weight of the ten largest: 50.0%
- Filed: 2025-04-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $69.0M | 2,021,932 | 10.2% | 13 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $49.6M | 2,666,295 | 7.3% | 13 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $45.4M | 848,333 | 6.7% | 13 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $33.4M | 284,086 | 4.9% | 24 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $30.3M | 159,054 | 4.5% | 26 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $26.8M | 115,895 | 3.9% | 4 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $24.7M | 349,117 | 3.6% | 13 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $23.8M | 153,784 | 3.5% | 26 |
| HEALTHCARE RLTY TR | [HR](https://holderbook.com/stocks/HR/) | $18.7M | 1,109,343 | 2.8% | 8 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $17.7M | 72,055 | 2.6% | 26 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $17.6M | 245,049 | 2.6% | 26 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $16.8M | 29,072 | 2.5% | 26 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $16.3M | 43,398 | 2.4% | 26 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $15.8M | 28,905 | 2.3% | 11 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $15.5M | 371,688 | 2.3% | 26 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $14.1M | 198,261 | 2.1% | 26 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $13.9M | 39,587 | 2.0% | 26 |
| CLEARWAY ENERGY INC | [CWEN](https://holderbook.com/stocks/CWEN/) | $12.2M | 404,328 | 1.8% | 13 |
| APOLLO GLOBAL MGMT INC | [APO](https://holderbook.com/stocks/APO/) | $12.1M | 88,017 | 1.8% | 8 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $11.4M | 51,495 | 1.7% | 26 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $10.3M | 116,802 | 1.5% | 7 |
| PG&E CORP | [PCG](https://holderbook.com/stocks/PCG/) | $9.9M | 575,052 | 1.5% | 8 |
| HOWARD HUGHES HOLDINGS INC | [HHH](https://holderbook.com/stocks/HHH/) | $8.3M | 112,698 | 1.2% | 7 |
| DTE ENERGY CO | [DTE](https://holderbook.com/stocks/DTE/) | $8.2M | 59,650 | 1.2% | 13 |
| BAE Systems PLC | [BAESY](https://holderbook.com/stocks/BAESY/) | $8.1M | 98,678 | 1.2% | 16 |
| CENTERPOINT ENERGY INC | [CNP](https://holderbook.com/stocks/CNP/) | $7.8M | 215,466 | 1.1% | 13 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $7.7M | 114,140 | 1.1% | 26 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $7.5M | 13,410 | 1.1% | 26 |
| PPL CORP | [PPL](https://holderbook.com/stocks/PPL/) | $7.5M | 206,976 | 1.1% | 4 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $6.0M | 34,126 | 0.9% | 20 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $5.3M | 45,600 | 0.8% | 26 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $5.1M | 30,794 | 0.8% | 26 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $3.9M | 28,236 | 0.6% | 23 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $3.5M | 119,550 | 0.5% | 13 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $3.4M | 56,781 | 0.5% | 13 |
| NESTLE SA ADR | [NSRGY](https://holderbook.com/stocks/NSRGY/) | $3.3M | 32,790 | 0.5% | 26 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $3.1M | 34,433 | 0.5% | 26 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $3.0M | 17,873 | 0.4% | 26 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $2.9M | 26,347 | 0.4% | 26 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.9M | 18,280 | 0.4% | 26 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $2.7M | 5,350 | 0.4% | 26 |
| Engie American Depositary Receipts Sponsored | [ENGIY](https://holderbook.com/stocks/ENGIY/) | $2.5M | 127,950 | 0.4% | 9 |
| BROOKFIELD INFRASTRUCTURE PA | [BIP](https://holderbook.com/stocks/BIP/) | $2.5M | 82,623 | 0.4% | 26 |
| ROCHE HLDG AG          FSPONSORED ADR           1 ADR RE  0.125  ORD SHS | [RHHBY](https://holderbook.com/stocks/RHHBY/) | $2.2M | 53,910 | 0.3% | 26 |
| SIEMENS A G            FSPONSORED ADR           1 ADR REPS  0.5  ORD SHS | [SIEGY](https://holderbook.com/stocks/SIEGY/) | $2.2M | 19,121 | 0.3% | 21 |
| UBS GROUP AG | [UBS](https://holderbook.com/stocks/UBS/) | $2.2M | 71,775 | 0.3% | 26 |
| PLAINS GP HLDGS L P | [PAGP](https://holderbook.com/stocks/PAGP/) | $2.2M | 101,142 | 0.3% | 13 |
| Deutsche Telekom AG ADR | [DTEGY](https://holderbook.com/stocks/DTEGY/) | $2.2M | 58,150 | 0.3% | 13 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $2.2M | 2,610 | 0.3% | 26 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $2.2M | 34,918 | 0.3% | 26 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $2.1M | 14,025 | 0.3% | 26 |
| KENNEDY-WILSON HOLDINGS INC | [KW](https://holderbook.com/stocks/KW/) | $2.1M | 241,282 | 0.3% | 13 |
| NATIONAL GRID PLC | [NGG](https://holderbook.com/stocks/NGG/) | $2.1M | 31,808 | 0.3% | 13 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $1.9M | 21,232 | 0.3% | 26 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.9M | 3,552 | 0.3% | 26 |
| UNILEVER PLC | [ULXXXX](https://holderbook.com/stocks/ULXXXX/) | $1.9M | 31,752 | 0.3% | 18 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $1.8M | 7,821 | 0.3% | 26 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $1.7M | 34,535 | 0.2% | 1 |
| BRANDYWINE RLTY TR | [BDN](https://holderbook.com/stocks/BDN/) | $1.7M | 370,263 | 0.2% | 1 |
| ANHEUSER BUSCH INBEV SA/NV | [BUD](https://holderbook.com/stocks/BUD/) | $1.6M | 28,640 | 0.2% | 26 |
| PERRIGO CO PLC | [PRGO](https://holderbook.com/stocks/PRGO/) | $1.5M | 54,428 | 0.2% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.4M | 13,272 | 0.2% | 6 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $1.4M | 5,748 | 0.2% | 26 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $1.4M | 9,800 | 0.2% | 26 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $1.4M | 4,420 | 0.2% | 26 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $1.1M | 7,962 | 0.2% | 20 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.1M | 8,846 | 0.2% | 26 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $1.0M | 13,920 | 0.2% | 26 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $1.0M | 8,996 | 0.1% | 13 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $986.0K | 1,042 | 0.1% | 26 |
| United Overseas Bank Ltd | [UOVEY](https://holderbook.com/stocks/UOVEY/) | $963.0K | 17,105 | 0.1% | 1 |
| Iberdrola SA | [IBDRY](https://holderbook.com/stocks/IBDRY/) | $884.0K | 13,700 | 0.1% | 13 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $839.0K | 6,000 | 0.1% | 26 |
| Veolia Environnement SA | [VEOEY](https://holderbook.com/stocks/VEOEY/) | $822.0K | 47,700 | 0.1% | 20 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $813.0K | 1,600 | 0.1% | 26 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $803.0K | 1,710 | 0.1% | 26 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $798.0K | 1 | 0.1% | 26 |
| WW GRAINGER INC | [GWW](https://holderbook.com/stocks/GWW/) | $783.0K | 793 | 0.1% | 26 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $782.0K | 3,144 | 0.1% | 26 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $715.0K | 25,066 | 0.1% | 13 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $636.0K | 2,105 | 0.1% | 26 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $621.0K | 7,142 | 0.1% | 26 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $617.0K | 3,687 | 0.1% | 26 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $593.0K | 5,977 | 0.1% | 7 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $582.0K | 1,250 | 0.1% | 9 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $565.0K | 5,150 | 0.1% | 26 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $538.0K | 3,784 | 0.1% | 26 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $519.0K | 1,930 | 0.1% | 26 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $507.0K | 3,820 | 0.1% | 26 |
| FOMENTO ECONOMICO MEXICANO S | [FMX](https://holderbook.com/stocks/FMX/) | $503.0K | 5,150 | 0.1% | 26 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $486.0K | 1,473 | 0.1% | 26 |
| STATE STR CORP | [STT](https://holderbook.com/stocks/STT/) | $472.0K | 5,268 | 0.1% | 26 |
| ALLIANCEBERNSTEIN HLDG L P | [AB](https://holderbook.com/stocks/AB/) | $465.0K | 12,125 | 0.1% | 13 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $420.0K | 16,557 | 0.1% | 26 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $416.0K | 4,210 | 0.1% | 26 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $401.0K | 5,500 | 0.1% | 8 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $393.0K | 4,900 | 0.1% | 26 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $370.0K | 5,158 | 0.1% | 26 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $370.0K | 673 | 0.1% | 4 |
| Bnp Paribas Sa | [BNPQY](https://holderbook.com/stocks/BNPQY/) | $357.0K | 8,550 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2025 | -1.0% | -4.6% | +3.6% | 100% |
| Q4 2024 | +3.5% | +2.1% | +1.3% | 100% |
| Q3 2024 | +6.9% | +5.4% | +1.5% | 100% |
| Q2 2024 | +2.3% | +4.0% | -1.7% | 107% |
| Q1 2024 | +7.3% | +10.0% | -2.8% | 100% |
| Q4 2023 | +6.1% | +11.2% | -5.0% | 97% |
| Q3 2023 | -6.3% | -3.6% | -2.7% | 97% |
| Q2 2023 | +2.0% | +8.3% | -6.3% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2025 | $679.4M | 117 |
| Q4 2024 | $739.9M | 120 |
| Q3 2024 | $808.5M | 223 |
| Q2 2024 | $812.1M | 228 |
| Q1 2024 | $810.8M | 143 |
| Q4 2023 | $810.4M | 143 |
| Q3 2023 | $800.1M | 151 |
| Q2 2023 | $840.6M | 155 |
| Q1 2023 | $750.6M | 152 |
| Q4 2022 | $800.8M | 154 |
| Q3 2022 | $703.2M | 146 |
| Q2 2022 | $798.5M | 157 |