# Fractal Investments LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1843590. Source: https://holderbook.com/funds/1843590-fractal-investments-llc/

- Reported value: $866.9M
- Positions: 80
- Weight of the ten largest: 76.3%
- Filed: 2026-07-23

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 |
|---|---|---|---|---|---|
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $104.6M | 5,471,353 | 12.1% | 19 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $94.0M | 1,668,116 | 10.8% | 19 |
| PLAINS ALL AMERN PIPELINE L | [PAA](https://holderbook.com/stocks/PAA/) | $80.7M | 3,625,784 | 9.3% | 19 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $67.5M | 1,837,044 | 7.8% | 19 |
| WESTERN MIDSTREAM PARTNERS L | [WES](https://holderbook.com/stocks/WES/) | $66.7M | 1,524,646 | 7.7% | 19 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $62.5M | 840,072 | 7.2% | 12 |
| TARGA RES CORP | [TRGP](https://holderbook.com/stocks/TRGP/) | $51.8M | 193,089 | 6.0% | 19 |
| SUNOCO LP/SUNOCO FIN CORP | [SUN](https://holderbook.com/stocks/SUN/) | $46.0M | 682,002 | 5.3% | 14 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $44.4M | 670,000 | 5.1% | 9 |
| HESS MIDSTREAM LP | [HESM](https://holderbook.com/stocks/HESM/) | $43.6M | 1,160,420 | 5.0% | 19 |
| DT MIDSTREAM INC | [DTM](https://holderbook.com/stocks/DTM/) | $33.9M | 230,999 | 3.9% | 19 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $33.5M | 1,046,638 | 3.9% | 19 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $18.6M | 77,685 | 2.1% | 19 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $13.6M | 156,630 | 1.6% | 19 |
| NGL ENERGY PARTNERS LP | [NGL](https://holderbook.com/stocks/NGL/) | $13.3M | 832,479 | 1.5% | 13 |
| CHENIERE ENERGY PARTNERS LP | [CQP](https://holderbook.com/stocks/CQP/) | $11.8M | 194,126 | 1.4% | 19 |
| GLOBAL PARTNERS LP | [GLP](https://holderbook.com/stocks/GLP/) | $9.1M | 195,234 | 1.0% | 14 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $7.7M | 3,400 | 0.9% | 3 |
| ANTERO MIDSTREAM CORP | [AM](https://holderbook.com/stocks/AM/) | $5.3M | 233,383 | 0.6% | 2 |
| GENESIS ENERGY L P | [GEL](https://holderbook.com/stocks/GEL/) | $4.9M | 343,243 | 0.6% | 19 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $4.6M | 3,949 | 0.5% | 8 |
| SUBURBAN PROPANE PARTNERS L | [SPH](https://holderbook.com/stocks/SPH/) | $3.7M | 214,864 | 0.4% | 13 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $3.7M | 67,500 | 0.4% | 5 |
| QNITY ELECTRONICS INC | [Q](https://holderbook.com/stocks/Q/) | $3.3M | 20,000 | 0.4% | 3 |
| SOLSTICE ADVANCED MATLS INC | [SOLS](https://holderbook.com/stocks/SOLS/) | $2.5M | 28,100 | 0.3% | 3 |
| WESTLAKE CHEM PARTNERS LP | [WLKP](https://holderbook.com/stocks/WLKP/) | $1.8M | 80,400 | 0.2% | 6 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $1.4M | 1,342 | 0.2% | 10 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $1.4M | 15,218 | 0.2% | 4 |
| CRANE COMPANY | [CR](https://holderbook.com/stocks/CR/) | $1.4M | 6,300 | 0.2% | 11 |
| KINETIK HOLDINGS INC | [KNTK](https://holderbook.com/stocks/KNTK/) | $1.3M | 27,502 | 0.2% | 11 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.3M | 9,710 | 0.2% | 13 |
| SUMMIT MIDSTREAM CORPORATION | [SMC](https://holderbook.com/stocks/SMC/) | $1.3M | 45,000 | 0.1% | 8 |
| PHINIA INC | [PHIN](https://holderbook.com/stocks/PHIN/) | $1.2M | 14,900 | 0.1% | 12 |
| CF INDUSTRIES HOLD | [CF](https://holderbook.com/stocks/CF/) | $1.1M | 10,300 | 0.1% | 19 |
| EVERUS CONSTR GROUP | [ECG](https://holderbook.com/stocks/ECG/) | $1.1M | 6,400 | 0.1% | 5 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $947.6K | 15,068 | 0.1% | 19 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $898.5K | 11,588 | 0.1% | 5 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $880.4K | 16,400 | 0.1% | 12 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $875.2K | 2,500 | 0.1% | 1 |
| VERALTO CORP | [VLTO](https://holderbook.com/stocks/VLTO/) | $780.4K | 8,800 | 0.1% | 11 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $778.4K | 8,200 | 0.1% | 19 |
| SOUTHERN COPPER CORP | [SCCO](https://holderbook.com/stocks/SCCO/) | $770.1K | 4,419 | 0.1% | 18 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $749.8K | 9,000 | 0.1% | 19 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $746.0K | 4,809 | 0.1% | 9 |
| RALLIANT CORP | [RAL](https://holderbook.com/stocks/RAL/) | $736.3K | 10,000 | 0.1% | 1 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $714.0K | 730 | 0.1% | 10 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $696.2K | 4,200 | 0.1% | 16 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $618.2K | 2,694 | 0.1% | 19 |
| MUELLER INDS INC | [MLI](https://holderbook.com/stocks/MLI/) | $605.6K | 4,926 | 0.1% | 15 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $602.4K | 16,400 | 0.1% | 5 |
| CONCENTRA GROUP HOLDINGS PAR | [CON](https://holderbook.com/stocks/CON/) | $595.0K | 20,000 | 0.1% | 1 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $585.7K | 2,291 | 0.1% | 16 |
| NCR ATLEOS CORPORATION | [NATL](https://holderbook.com/stocks/NATL/) | $551.3K | 12,700 | 0.1% | 9 |
| DELEK LOGISTICS PARTNERS LP | [DKL](https://holderbook.com/stocks/DKL/) | $544.2K | 10,559 | 0.1% | 19 |
| LIBERTY LIVE HOLDINGS INC | [LLYVK](https://holderbook.com/stocks/LLYVK/) | $543.3K | 5,143 | 0.1% | 3 |
| FORTIVE CORP | [FTV](https://holderbook.com/stocks/FTV/) | $513.2K | 8,400 | 0.1% | 3 |
| SPHERE ENTERTAINMENT CO | [SPHR](https://holderbook.com/stocks/SPHR/) | $501.8K | 2,900 | 0.1% | 1 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $493.0K | 1,985 | 0.1% | 8 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $467.0K | 4,492 | 0.1% | 16 |
| ENI S P A | [E](https://holderbook.com/stocks/E/) | $430.5K | 9,186 | 0.0% | 2 |
| IMPERIAL OIL LTD | [IMO](https://holderbook.com/stocks/IMO/) | $415.6K | 3,710 | 0.0% | 2 |
| TRANE TECHNOLOGIES PLC | [TT](https://holderbook.com/stocks/TT/) | $392.9K | 800 | 0.0% | 10 |
| COMMERCIAL METALS CO | [CMC](https://holderbook.com/stocks/CMC/) | $389.1K | 6,200 | 0.0% | 4 |
| RELIANCE INC | [RS](https://holderbook.com/stocks/RS/) | $373.6K | 1,000 | 0.0% | 16 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $354.2K | 1,360 | 0.0% | 4 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $325.1K | 2,400 | 0.0% | 5 |
| HF SINCLAIR CORP | [DINO](https://holderbook.com/stocks/DINO/) | $320.4K | 4,600 | 0.0% | 2 |
| KIRBY CORP | [KEX](https://holderbook.com/stocks/KEX/) | $299.1K | 2,200 | 0.0% | 1 |
| FORTREA HLDGS INC | [FTRE](https://holderbook.com/stocks/FTRE/) | $295.8K | 17,000 | 0.0% | 1 |
| ARCELORMITTAL SA LUXEMBOURG | [MT](https://holderbook.com/stocks/MT/) | $289.1K | 4,800 | 0.0% | 3 |
| ATRIUM THERAPEUTICS INC | [RNA](https://holderbook.com/stocks/RNA/) | $269.0K | 20,000 | 0.0% | 2 |
| VERSIGENT PLC | [VGNT](https://holderbook.com/stocks/VGNT/) | $252.1K | 6,000 | 0.0% | 1 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $249.3K | 5,567 | 0.0% | 4 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $246.7K | 660 | 0.0% | 1 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $244.4K | 7,200 | 0.0% | 3 |
| TRANSOCEAN LTD | [RIG](https://holderbook.com/stocks/RIG/) | $234.7K | 48,000 | 0.0% | 1 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $216.4K | 3,900 | 0.0% | 2 |
| GREIF INC | [GEF](https://holderbook.com/stocks/GEF/) | $208.6K | 2,800 | 0.0% | 1 |
| FTAI INFRASTRUCTURE INC | [FIP](https://holderbook.com/stocks/FIP/) | $153.1K | 33,000 | 0.0% | 15 |
| GERDAU SA | [GGB](https://holderbook.com/stocks/GGB/) | $134.4K | 33,264 | 0.0% | 19 |

## 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 | +1.6% | +14.8% | -13.2% | 100% |
| Q1 2026 | +16.7% | -4.6% | +21.4% | 100% |
| Q4 2025 | +1.7% | +2.4% | -0.6% | 100% |
| Q3 2025 | -1.9% | +7.8% | -9.7% | 100% |
| Q2 2025 | -4.6% | +10.5% | -15.0% | 100% |
| Q1 2025 | +7.2% | -4.6% | +11.8% | 95% |
| Q4 2024 | +7.1% | +2.1% | +4.9% | 100% |
| Q3 2024 | +1.8% | +5.4% | -3.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $866.9M | 80 |
| Q1 2026 | $845.0M | 81 |
| Q4 2025 | $716.2M | 80 |
| Q3 2025 | $692.7M | 77 |
| Q2 2025 | $701.0M | 76 |
| Q1 2025 | $719.6M | 73 |
| Q4 2024 | $653.5M | 76 |
| Q3 2024 | $591.6M | 83 |
| Q2 2024 | $574.6M | 82 |
| Q1 2024 | $550.7M | 81 |
| Q4 2023 | $486.2M | 74 |
| Q3 2023 | $486.6M | 95 |