Portfolio concentration
As of February 28, 2026 ·
N-PORT
Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
11
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
138.7
Holdings
As of February 28, 2026 · N-PORT
| # | Security | Ticker | Shares | Value | % of fund |
|---|
| 1 |
MLP |
ET |
16,175,857 |
$304.75M |
14.37% |
| 2 |
Enterprise Products Partners LP |
— |
8,138,938 |
$294.14M |
13.87% |
| 3 |
MPLX LP PARTNERSHIP SHARES |
MPLX US |
4,517,743 |
$266.28M |
12.56% |
| 4 |
WESTERN MIDSTREAM PARTNERS LP MLP |
WES US |
5,561,005 |
$231.28M |
10.91% |
| 5 |
PLAINS ALL AMER PIPELINE LP PARTNERSHIP SHARES |
PAA |
10,587,614 |
$221.39M |
10.44% |
| 6 |
SUNOCO LP PARTNERSHIP SHARES |
SUN |
3,171,853 |
$202.33M |
9.54% |
| 7 |
HESS MIDSTREAM LP - CLASS A COMMON STOCK |
HESM |
5,203,545 |
$201.27M |
9.49% |
| 8 |
CHENIERE ENERGY PARTNERS LP PARTNERSHIP SHARES |
CQP |
2,333,893 |
$143.07M |
6.75% |
| 9 |
USA COMPRESSION PARTNERS LP PARTNERSHIP SHARES |
USAC |
4,317,357 |
$117.95M |
5.56% |
| 10 |
GENESIS ENERGY L.P. PARTNERSHIP SHARES |
GEL |
6,155,664 |
$111.17M |
5.24% |
| 11 |
GLOBAL PARTNERS LP PARTNERSHIP SHARES |
GLP |
1,706,605 |
$80.18M |
3.78% |
| 12 |
Suburban Propane Partners LP / Suburban Energy Finance Corporation UNIT LTD PARTNERSHIP INT |
SPH |
3,674,477 |
$74.59M |
3.52% |
| 13 |
DELEK LOGISTICS PARTNERS LP PARTNERSHIP SHARES |
DKL |
1,087,509 |
$56.47M |
2.66% |
| 14 |
ONEOK INC |
— |
100 |
$8.28K |
0.00% |
| 15 |
SUMMIT MIDSTREAM CORP |
— |
100 |
$2.95K |
0.00% |
| 16 |
CROSSAMERICA PARTNERS LP PARTNERSHIP SHARES |
CAPL |
100 |
$2.02K |
0.00% |
| 17 |
STAR GROUP LP COMMON STOCK |
SGU |
100 |
$1.28K |
0.00% |
| 18 |
NGL ENERGY PARTNERS LP PARTNERSHIP SHARES |
NGL |
100 |
$1.20K |
0.00% |
| 19 |
MARTIN MIDSTREAM PARTNERS LP PARTNERSHIP SHARES |
— |
100 |
$288 |
0.00% |
| 20 |
USD PARTNERS LP PARTNERSHIP SHARES |
— |
100 |
$0 |
0.00% |
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