Data as of Q4 2025 (Dec 31, 2025)

Merewether Investment Management, LP

•CIK: 1736852•Filing: Q4 2025

Merewether Investment Management, LP, led by co-founders Andrew Merewether and Jonathan Stubbs, is known for its concentrated, high-conviction investment strategy, currently managing $4.3 billion across 77 positions. The fund recently made notable moves by adding WMB, BP, and PRIM, while exiting NI and BKR, and significantly increasing stakes in AA and FIX by 3701% and 1157%, respectively.

Total AUM
$4.3B
QoQ Performance
+4.0%
Positions
77
Top 10 Concentration
33.0%
Latest Filing
Q4 2025

Top Holdings Allocation

ETR3.8%
XEL3.7%
EXE3.4%
SU3.3%
OVV3.3%
WMB3.2%
TRGP3.2%
SRE3.1%

📈 Biggest Buys

WMB
WILLIAMS COS INC
NEW
3.2% of portfolio
BP
BP PLC
NEW
2.4% of portfolio
PRIM
PRIMORIS SVCS CORP
NEW
2.2% of portfolio
FCX
FREEPORT-MCMORAN INC
NEW
2.2% of portfolio
OVV
OVINTIV INC
+106.8%
3.3% of portfolio

📉 Biggest Sells

EQT
EQT CORP
-69.1%
1.0% of portfolio
CVE
CENOVUS ENERGY INC
-70.9%
0.8% of portfolio
TLN
TALEN ENERGY CORP
-90.1%
0.2% of portfolio
MTZ
MASTEC INC
-34.4%
2.8% of portfolio
B
BARRICK MNG CORP
-49.7%
1.3% of portfolio

Sector Breakdown

Other93.0%
Energy4.0%
Materials3.0%

🚪 Exited Positionssold since Q3 2025

NI
NISOURCE INC
SOLD
$127.1M
BKR
BAKER HUGHES COMPANY
SOLD
$105.5M
KMI
KINDER MORGAN INC DEL
SOLD
$78.3M
RIOT
RIOT PLATFORMS INC
SOLD
$47.8M
CHV
CHEVRON CORP NEW
SOLD
$37.3M
+14 more exited positions

Changes from Q3 2025

NEW26 new positions
↑18 increased
↓30 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

ETR3.8%
ENTERGY CORP NEW
$166.1M
XEL3.7%
XCEL ENERGY INC
$160.1M
EXE3.4%
EXPAND ENERGY CORPORATION
$146.7M
SU3.3%
SUNCOR ENERGY INC NEW
$145.5M
OVV3.3%
OVINTIV INC
$141.6M

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