13F
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Recurrent Investment Advisors LLC

13F equity value
$1.7B
Positions
67
Top 10 concentration
58.6%
Quarters / total new picks
18 / 66
13F equity value over time
$0M$831M$2B20192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 18 quarters, returned +12.2% per quarter — versus +3.6% per quarter from simply owning every 13F stock. It beat that baseline in only 61.1% of quarters (excess t = 1.35, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+6.3%
t-stat
1.35
Quarterly win rate
61%
Annualized excess
+36.0%
$1 → follow vs universe
$6.13 vs $1.78
Cumulative return: $1 invested in new picks vs universe
1.00 20200630: universe 1.10520200930: universe 1.35520201231: universe 1.41720210630: universe 1.53020211231: universe 1.30220220630: universe 1.20620220930: universe 1.29620221231: universe 1.20320230630: universe 1.16020230930: universe 1.31720240331: universe 1.34720240630: universe 1.46920240930: universe 1.45620241231: universe 1.35920250331: universe 1.48220250630: universe 1.52820250930: universe 1.71920251231: universe 1.778 20200630: follow 0.91920200930: follow 1.46620201231: follow 1.70520210630: follow 1.95920211231: follow 2.66120220630: follow 3.10720220930: follow 3.62720221231: follow 3.28920230630: follow 3.22320230930: follow 4.82720240331: follow 4.32220240630: follow 5.16820240930: follow 4.97020241231: follow 4.81120250331: follow 5.89620250630: follow 5.78820250930: follow 6.18620251231: follow 6.130 0.85 3.76 6.68 202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 67 · 2026 Q1

Ticker Value Weight QoQ
CVE $160M
9.6%
TRIM
TRGP $118M
7.1%
TRIM
ET $107M
6.5%
ADD
OKE $104M
6.3%
HOLD
SU $102M
6.1%
TRIM
LNG $85M
5.1%
ADD
KMI $81M
4.9%
ADD
PSX $75M
4.5%
TRIM
MUSA $72M
4.3%
ADD
PBA $67M
4.0%
HOLD
SUN $67M
4.0%
ADD
EPD $63M
3.8%
HOLD
WMB $56M
3.3%
HOLD
PAGP $51M
3.1%
TRIM
DTM $48M
2.9%
HOLD
PBF $48M
2.9%
TRIM
WES $47M
2.8%
TRIM
VNOM $46M
2.8%
ADD
MPC $44M
2.7%
TRIM
SOBO $39M
2.3%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

None.

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.