Data as of Q4 2025 (Dec 31, 2025)

Recurrent Investment Advisors LLC

•CIK: 1803146•Filing: Q4 2025

**Recurrent Investment Advisors LLC** manages $1.4B across a concentrated portfolio of 71 positions. The fund exhibits significant overweighting in energy and industrial sectors, highlighted by top holdings including CVE at $111.1M and TRGP at $97.5M. Further substantial allocations are maintained in ET ($88.2M), OKE ($84.7M), and KEY ($84.5M). This structure suggests a tactical, sector-specific approach targeting value within cyclical industries.

Total AUM
$1.4B
QoQ Performance
+3.7%
Positions
71
Top 10 Concentration
56.8%
Latest Filing
Q4 2025

Top Holdings Allocation

CVE
TRGP
ET
OKE
KEY
SU
CVE8.2%
TRGP7.2%
ET6.5%
OKE6.3%
KEY6.2%
SU5.9%
PSX4.3%
PPL4.2%

📈 Biggest Buys

KEY
KEYCORP
NEW
6.2% of portfolio
VNOM
VIPER ENERGY INC
+108.8%
2.1% of portfolio
MUSA
MURPHY USA INC
+17.5%
3.5% of portfolio
ET
ENERGY TRANSFER L P
+7.3%
6.5% of portfolio
DOW
DOW INC
+664.0%
0.4% of portfolio

📉 Biggest Sells

PBF
PBF ENERGY INC
-29.4%
2.5% of portfolio
SUN
SUNOCO LP/SUNOCO FIN CORP
-27.4%
2.6% of portfolio
TRP
TC ENERGY CORP
-94.5%
0.1% of portfolio
PPL
PEMBINA PIPELINE CORP
-12.3%
4.2% of portfolio
SOBO
SOUTH BOW CORP
-14.7%
2.8% of portfolio

Sector Breakdown

Other95.2%
Energy4.2%
Materials0.6%

🚪 Exited Positionssold since Q3 2025

ARLP
ALLIANCE RESOURCE PARTNERS L
SOLD
$16.4M
TTEN
TOTALENERGIES SE
SOLD
$897.6K
FMC
FMC CORP
SOLD
$454.5K

Changes from Q3 2025

NEW10 new positions
↑22 increased
↓28 decreased

Historical Filings

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

📌 Top Holdings

CVE8.2%
CENOVUS ENERGY INC
$111.1M
TRGP7.2%
TARGA RES CORP
$97.5M
ET6.5%
ENERGY TRANSFER L P
$88.2M
OKE6.3%
ONEOK INC NEW
$84.7M
KEY6.2%
KEYCORP
$84.5M

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