TORTOISE CAPITAL ADVISORS, L.L.C.
"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.
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 27 quarters, returned +3.5% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 51.9% of quarters (excess t = -0.88, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 90 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| TRGP | $889M | | ADD |
| WMB | $837M | | HOLD |
| ET | $762M | | ADD |
| MPLX | $757M | | HOLD |
| LNG | $726M | | ADD |
| EPD | $562M | | ADD |
| OKE | $551M | | ADD |
| TRP | $501M | | TRIM |
| DTM | $405M | | HOLD |
| ENB | $363M | | TRIM |
| WES | $361M | | ADD |
| PAGP | $286M | | HOLD |
| KMI | $263M | | TRIM |
| AM | $254M | | TRIM |
| PAA | $241M | | ADD |
| PBA | $178M | | ADD |
| HESM | $174M | | HOLD |
| CEG | $111M | | ADD |
| SRE | $110M | | TRIM |
| EVRG | $104M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.