# Recurrent Investment Advisors LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1803146. Source: https://holderbook.com/funds/1803146-recurrent-investment-advisors-llc/

- Reported value: $1.6B
- Positions: 71
- Weight of the ten largest: 57.0%
- Filed: 2026-08-14

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 |
|---|---|---|---|---|---|
| TARGA RES CORP | [TRGP](https://holderbook.com/stocks/TRGP/) | $126.2M | 470,637 | 7.8% | 23 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $122.6M | 4,739,325 | 7.6% | 27 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $113.5M | 5,935,394 | 7.0% | 27 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $100.8M | 1,159,957 | 6.3% | 13 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $82.4M | 2,578,529 | 5.1% | 27 |
| MURPHY USA INC | [MUSA](https://holderbook.com/stocks/MUSA/) | $78.6M | 146,263 | 4.9% | 13 |
| SUNOCO LP/SUNOCO FIN CORP | [SUN](https://holderbook.com/stocks/SUN/) | $77.6M | 1,149,434 | 4.8% | 27 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $74.7M | 2,031,416 | 4.6% | 27 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $72.0M | 301,353 | 4.5% | 27 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $69.6M | 1,498,252 | 4.3% | 27 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $68.1M | 403,016 | 4.2% | 27 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $62.7M | 1,145,921 | 3.9% | 25 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $56.7M | 762,867 | 3.5% | 27 |
| DT MIDSTREAM INC | [DTM](https://holderbook.com/stocks/DTM/) | $52.1M | 355,154 | 3.2% | 9 |
| WESTERN MIDSTREAM PARTNERS L | [WES](https://holderbook.com/stocks/WES/) | $49.6M | 1,133,291 | 3.1% | 23 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $47.9M | 882,892 | 3.0% | 27 |
| PLAINS GP HLDGS L P | [PAGP](https://holderbook.com/stocks/PAGP/) | $43.6M | 1,791,325 | 2.7% | 27 |
| SOUTH BOW CORP | [SOBO](https://holderbook.com/stocks/SOBO/) | $40.8M | 1,158,738 | 2.5% | 5 |
| PBF ENERGY INC | [PBF](https://holderbook.com/stocks/PBF/) | $33.2M | 729,534 | 2.1% | 8 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $30.7M | 544,714 | 1.9% | 1 |
| VENTURE GLOBAL INC | [VG](https://holderbook.com/stocks/VG/) | $22.5M | 2,025,792 | 1.4% | 1 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $21.9M | 85,799 | 1.4% | 27 |
| VIPER ENERGY INC | [VNOM](https://holderbook.com/stocks/VNOM/) | $19.8M | 468,061 | 1.2% | 4 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $10.3M | 234,844 | 0.6% | 5 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $10.0M | 365,815 | 0.6% | 16 |
| WESTLAKE CORPORATION | [WLK](https://holderbook.com/stocks/WLK/) | $9.4M | 128,771 | 0.6% | 27 |
| EASTMAN CHEM CO | [EMN](https://holderbook.com/stocks/EMN/) | $9.1M | 135,851 | 0.6% | 3 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $9.1M | 97,245 | 0.6% | 25 |
| HUNTSMAN CORP | [HUN](https://holderbook.com/stocks/HUN/) | $8.4M | 792,476 | 0.5% | 3 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $8.0M | 58,314 | 0.5% | 27 |
| LYONDELLBASELL INDUSTRIES NV | [LYB](https://holderbook.com/stocks/LYB/) | $7.6M | 144,709 | 0.5% | 3 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $7.2M | 43,165 | 0.4% | 7 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $4.7M | 52,357 | 0.3% | 10 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $3.9M | 147,739 | 0.2% | 1 |
| MATADOR RES CO | [MTDR](https://holderbook.com/stocks/MTDR/) | $3.8M | 77,047 | 0.2% | 7 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $3.7M | 16,621 | 0.2% | 27 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $3.5M | 33,972 | 0.2% | 27 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $3.3M | 52,486 | 0.2% | 27 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $3.0M | 40,394 | 0.2% | 10 |
| VALE S A | [VALE](https://holderbook.com/stocks/VALE/) | $3.0M | 196,192 | 0.2% | 27 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $2.6M | 27,245 | 0.2% | 27 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $2.5M | 73,663 | 0.2% | 15 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $2.3M | 59,242 | 0.1% | 7 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $2.3M | 27,262 | 0.1% | 27 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $2.1M | 11,756 | 0.1% | 7 |
| SUNOCOCORP LLC | [SUNC](https://holderbook.com/stocks/SUNC/) | $1.8M | 26,080 | 0.1% | 3 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $1.7M | 56,587 | 0.1% | 6 |
| DARLING INGREDIENTS INC | [DAR](https://holderbook.com/stocks/DAR/) | $1.5M | 27,265 | 0.1% | 23 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $1.4M | 13,549 | 0.1% | 5 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $1.4M | 15,646 | 0.1% | 7 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $1.2M | 26,095 | 0.1% | 3 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $1.2M | 54,542 | 0.1% | 17 |
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $1.1M | 28,324 | 0.1% | 3 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $1.1M | 15,824 | 0.1% | 3 |
| CROWN HLDGS INC | [CCK](https://holderbook.com/stocks/CCK/) | $1.1M | 9,406 | 0.1% | 7 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $958.2K | 14,455 | 0.1% | 27 |
| CF INDUSTRIES HOLD | [CF](https://holderbook.com/stocks/CF/) | $883.7K | 8,163 | 0.1% | 9 |
| ARCELORMITTAL SA LUXEMBOURG | [MT](https://holderbook.com/stocks/MT/) | $810.4K | 15,371 | 0.1% | 10 |
| ALCOA CORP | [AA](https://holderbook.com/stocks/AA/) | $787.3K | 15,100 | 0.0% | 27 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $688.3K | 6,757 | 0.0% | 7 |
| POSCO HOLDINGS INC | [PKX](https://holderbook.com/stocks/PKX/) | $638.2K | 12,422 | 0.0% | 27 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $601.7K | 25,134 | 0.0% | 27 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $601.6K | 4,637 | 0.0% | 7 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $594.2K | 126,792 | 0.0% | 1 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $586.2K | 2,251 | 0.0% | 25 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $581.3K | 1,008 | 0.0% | 7 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $564.7K | 7,392 | 0.0% | 25 |
| KINETIK HOLDINGS INC | [KNTK](https://holderbook.com/stocks/KNTK/) | $481.9K | 9,970 | 0.0% | 3 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $447.7K | 2,822 | 0.0% | 7 |
| ALBEMARLE CORP | [ALB](https://holderbook.com/stocks/ALB/) | $342.6K | 2,537 | 0.0% | 6 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $325.6K | 1,311 | 0.0% | 7 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | -3.5% | +14.8% | -18.4% | 100% |
| Q1 2026 | +29.8% | -4.6% | +34.4% | 97% |
| Q4 2025 | -0.7% | +2.4% | -3.1% | 100% |
| Q3 2025 | +5.5% | +7.8% | -2.3% | 100% |
| Q2 2025 | -2.8% | +10.5% | -13.3% | 100% |
| Q1 2025 | +4.0% | -4.6% | +8.6% | 100% |
| Q4 2024 | +4.6% | +2.1% | +2.4% | 101% |
| Q3 2024 | +1.7% | +5.4% | -3.7% | 101% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.6B | 71 |
| Q1 2026 | $1.7B | 67 |
| Q4 2025 | $1.4B | 71 |
| Q3 2025 | $1.3B | 64 |
| Q2 2025 | $1.2B | 64 |
| Q1 2025 | $1.2B | 65 |
| Q4 2024 | $1.1B | 65 |
| Q3 2024 | $1.0B | 54 |
| Q2 2024 | $949.9M | 51 |
| Q1 2024 | $862.5M | 50 |
| Q4 2023 | $681.7M | 44 |
| Q3 2023 | $681.0M | 51 |