Merewether Investment Management, LP
DALLAS, TX
$5.3bn in 81 US stocks at the end of 30 June 2026. The top 10 are 34.3% of the money. It changed about 36.2% of the portfolio this quarter.
Value
$5.3bn
Stocks
81
Top 10 share
34.3%
Turnover
36.2%
What changed this quarter
New
Bought for the first time this quarter.
- Devon EnergyDVN5.1% of the fund
- Alliant EnergyLNT2.0% of the fund
- HalliburtonHAL1.7% of the fund
- Wesco InternationalWCC1.5% of the fund
- Madison Air SolutionsMAIR1.4% of the fund
- InnioINIO1.3% of the fund
- Tenaris S ATS1.2% of the fund
- Talen EnergyTLN1.1% of the fund
- Weatherford InternationalWFRD1.1% of the fund
- BorgwarnerBWA1.0% of the fund
- MethanexMEOH1.0% of the fund
- FlexFLEX0.8% of the fund
- Black HillsBKH0.6% of the fund
- Cipher DigitalCIFR0.6% of the fund
- EcolabECL0.6% of the fund
- SunococorpSUNC0.6% of the fund
- Barrick MiningB0.4% of the fund
- EagleRock LandEROK0.3% of the fund
- Lithium Argentina AGLAR0.2% of the fund
- Trekor MetalsTGB0.2% of the fund
- X-EnergyXE<0.1% of the fund
- DuPont de NemoursDD<0.1% of the fund
- DPC HoldingsDPC<0.1% of the fund
Added
Bought more of a stock they already held.
- EntergyETR3.9% of the fund+63%
- VistraVST3.8% of the fund+13%
- Phillips 66PSX3.1% of the fund+1075%
- Williams CompaniesWMB3.1% of the fund+31%
- DT MidstreamDTM2.6% of the fund+13%
- Cenovus EnergyCVE2.3% of the fund+2%
- RalliantRAL2.1% of the fund+37%
- TechnipFMCFTI1.6% of the fund+55%
- EQTEQT1.6% of the fund+47%
- Solstice Advanced MaterialsSOLS1.5% of the fund+42%
- TotalEnergies SETTE1.4% of the fund+2%
- LegenceLGN1.4% of the fund+17%
- Comfort Systems USAFIX1.4% of the fund+64%
- CRH PublicCRH1.3% of the fund+85%
- Select Water SolutionsWTTR1.1% of the fund+2%
- James Hardie IndustriesJHX1.0% of the fund+5%
- Lincoln Electric HoldingsLECO0.9% of the fund+102%
- IamgoldIAG0.9% of the fund+2%
- ExxonMobil HoldingsXOM0.8% of the fund+30%
- Franco NevadaFNV0.7% of the fund+16%
- SeadrillSDRL0.6% of the fund+2%
- Century AluminumCENX0.6% of the fund+35%
- Hut 8HUT0.6% of the fund+134%
- ArcelorMittalMT0.4% of the fund+1289%
- NextpowerNXT0.4% of the fund+46%
Cut
Sold some of their stake.
- Darling IngredientsDAR3.1% of the fund-10%
- Suncor EnergySU2.9% of the fund-9%
- Targa ResourcesTRGP2.5% of the fund-22%
- nVent ElectricNVT2.2% of the fund-29%
- Bunge Global SABG1.9% of the fund-14%
- Cheniere EnergyLNG1.7% of the fund-18%
- MastecMTZ1.5% of the fund-15%
- Marathon PetroleumMPC1.4% of the fund-7%
- BPBP1.3% of the fund-48%
- Sensata Technologies HoldingST1.2% of the fund-27%
- Core Natural ResourcesCNR1.0% of the fund-5%
- Xcel EnergyXEL1.0% of the fund-57%
- ConocoPhillipsCOP0.9% of the fund-12%
- Qnity ElectronicsQ0.9% of the fund-35%
- HF SinclairDINO0.7% of the fund-52%
- Centerra GoldCGAU0.6% of the fund-17%
- NucorNUE0.5% of the fund-56%
- Freeport-McMoRanFCX0.4% of the fund-63%
- Primoris ServicesPRIM0.4% of the fund-69%
- Aris MiningARIS0.3% of the fund-14%
- Denison MinesDNN0.1% of the fund-54%
- Liberty EnergyLBRT<0.1% of the fund-82%
- WestlakeWLK<0.1% of the fund-76%
Sold out
Sold their entire stake.
- Coterra EnergyCTRA-100%
- SempraSRE-100%
- NRG EnergyNRG-100%
- HubbellHUBB-100%
- Venture GlobalVG-100%
- LyondellBasell IndustriesLYB-100%
- Diamondback EnergyFANG-100%
- Expand EnergyEXE-100%
- Antero ResourcesAR-100%
- CumminsCMI-100%
- NobleNE-100%
- Patterson UTI EnergyPTEN-100%
- CamecoCCJ-100%
- PAR Pacific HoldingsPARR-100%
- OlinOLN-100%
- FlowserveFLS-100%
- CelaneseCE-100%
- DuPont de NemoursDD-100%
- AlbemarleALB-100%
- Garrett MotionGTX-100%
- TerawulfWULF-100%
Holdings
- Suncor EnergySU
- Share
- 2.9%
- Value
- $151m
- Shares
- 2,814,167
-9%
- Cenovus EnergyCVE
- Share
- 2.3%
- Value
- $121m
- Shares
- 4,871,447
+2%
- Madison Air SolutionsMAIR
- Share
- 1.4%
- Value
- $76m
- Shares
- 1,943,728
New
- InnioINIO
- Share
- 1.3%
- Value
- $71m
- Shares
- 1,788,900
New
- Tenaris S ATS
- Share
- 1.2%
- Value
- $63m
- Shares
- 1,130,692
New
- MethanexMEOH
- Share
- 1.0%
- Value
- $52m
- Shares
- 1,130,053
New
- IamgoldIAG
- Share
- 0.9%
- Value
- $48m
- Shares
- 3,017,051
+2%
- Franco NevadaFNV
- Share
- 0.7%
- Value
- $35m
- Shares
- 167,712
+16%
- SunococorpSUNC
- Share
- 0.6%
- Value
- $31m
- Shares
- 456,100
New
- Centerra GoldCGAU
- Share
- 0.6%
- Value
- $30m
- Shares
- 1,873,130
-17%
- Barrick MiningB
- Share
- 0.4%
- Value
- $22m
- Shares
- 604,634
New
- EagleRock LandEROK
- Share
- 0.3%
- Value
- $19m
- Shares
- 873,238
New
- Aris MiningARIS
- Share
- 0.3%
- Value
- $18m
- Shares
- 1,202,125
-14%
- Energy Transfer L PET
- Share
- 0.3%
- Value
- $16m
- Shares
- 835,800
+62%
- Standard LithiumSLI
- Share
- 0.2%
- Value
- $11m
- Shares
- 4,057,435
+2%
- Trekor MetalsTGB
- Share
- 0.2%
- Value
- $10m
- Shares
- 1,500,000
New
- Denison MinesDNN
- Share
- 0.1%
- Value
- $6m
- Shares
- 1,948,152
-54%
- X-EnergyXE
- Share
- <0.1%
- Value
- $4m
- Shares
- 224,312
New
- DPC HoldingsDPC
- Share
- <0.1%
- Value
- $1m
- Shares
- 25,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Devon EnergyDVN | 5.1% | $271m | 6,561,677 | New |
| OvintivOVV | 4.3% | $230m | 4,361,717 | Held |
| EntergyETR | 3.9% | $205m | 1,787,604 | +63% |
| VistraVST | 3.8% | $201m | 1,265,438 | +13% |
| Darling IngredientsDAR | 3.1% | $164m | 3,002,575 | -10% |
| Phillips 66PSX | 3.1% | $164m | 967,351 | +1075% |
| Williams CompaniesWMB | 3.1% | $162m | 2,182,992 | +31% |
| Suncor EnergySU | 2.9% | $151m | 2,814,167 | -9% |
| DT MidstreamDTM | 2.6% | $139m | 946,016 | +13% |
| Targa ResourcesTRGP | 2.5% | $135m | 502,928 | -22% |
| Centerpoint EnergyCNP | 2.5% | $131m | 2,983,658 | Held |
| Cenovus EnergyCVE | 2.3% | $121m | 4,871,447 | +2% |
| nVent ElectricNVT | 2.2% | $115m | 677,859 | -29% |
| Permian ResourcesPR | 2.1% | $113m | 6,112,296 | Held |
| RalliantRAL | 2.1% | $112m | 1,526,211 | +37% |
| Alliant EnergyLNT | 2.0% | $108m | 1,412,803 | New |
| Bunge Global SABG | 1.9% | $103m | 965,795 | -14% |
| HalliburtonHAL | 1.7% | $91m | 2,668,794 | New |
| Cheniere EnergyLNG | 1.7% | $90m | 377,399 | -18% |
| TechnipFMCFTI | 1.6% | $86m | 1,296,300 | +55% |
| EQTEQT | 1.6% | $84m | 1,577,324 | +47% |
| Solstice Advanced MaterialsSOLS | 1.5% | $81m | 910,394 | +42% |
| Wesco InternationalWCC | 1.5% | $81m | 233,424 | New |
| MastecMTZ | 1.5% | $79m | 190,236 | -15% |
| Madison Air SolutionsMAIR | 1.4% | $76m | 1,943,728 | New |
| TotalEnergies SETTE | 1.4% | $76m | 971,338 | +2% |
| Marathon PetroleumMPC | 1.4% | $74m | 288,592 | -7% |
| LegenceLGN | 1.4% | $73m | 852,658 | +17% |
| Comfort Systems USAFIX | 1.4% | $73m | 36,660 | +64% |
| InnioINIO | 1.3% | $71m | 1,788,900 | New |
| BPBP | 1.3% | $68m | 1,842,007 | -48% |
| CRH PublicCRH | 1.3% | $67m | 626,927 | +85% |
| Sensata Technologies HoldingST | 1.2% | $63m | 1,317,795 | -27% |
| Tenaris S ATS | 1.2% | $63m | 1,130,692 | New |
| Talen EnergyTLN | 1.1% | $59m | 154,750 | New |
| Select Water SolutionsWTTR | 1.1% | $59m | 2,955,888 | +2% |
| Weatherford InternationalWFRD | 1.1% | $57m | 699,412 | New |
| Core Natural ResourcesCNR | 1.0% | $55m | 687,465 | -5% |
| James Hardie IndustriesJHX | 1.0% | $54m | 2,064,029 | +5% |
| BorgwarnerBWA | 1.0% | $53m | 801,595 | New |
| Xcel EnergyXEL | 1.0% | $53m | 654,993 | -57% |
| MethanexMEOH | 1.0% | $52m | 1,130,053 | New |
| Lincoln Electric HoldingsLECO | 0.9% | $50m | 189,326 | +102% |
| ConocoPhillipsCOP | 0.9% | $48m | 459,835 | -12% |
| IamgoldIAG | 0.9% | $48m | 3,017,051 | +2% |
| Qnity ElectronicsQ | 0.9% | $46m | 283,819 | -35% |
| BKVBKV | 0.9% | $46m | 1,673,695 | Held |
| FlexFLEX | 0.8% | $45m | 275,600 | New |
| ExxonMobil HoldingsXOM | 0.8% | $41m | 302,662 | +30% |
| HF SinclairDINO | 0.7% | $35m | 504,845 | -52% |
| Franco NevadaFNV | 0.7% | $35m | 167,712 | +16% |
| Black HillsBKH | 0.6% | $34m | 455,327 | New |
| Cipher DigitalCIFR | 0.6% | $34m | 1,371,500 | New |
| SeadrillSDRL | 0.6% | $34m | 886,747 | +2% |
| EcolabECL | 0.6% | $33m | 118,300 | New |
| Century AluminumCENX | 0.6% | $32m | 693,537 | +35% |
| Hut 8HUT | 0.6% | $31m | 269,217 | +134% |
| SunococorpSUNC | 0.6% | $31m | 456,100 | New |
| Centerra GoldCGAU | 0.6% | $30m | 1,873,130 | -17% |
| NucorNUE | 0.5% | $29m | 129,793 | -56% |
| ArcelorMittalMT | 0.4% | $24m | 391,406 | +1289% |
| Freeport-McMoRanFCX | 0.4% | $24m | 374,286 | -63% |
| NextpowerNXT | 0.4% | $23m | 194,705 | +46% |
| Barrick MiningB | 0.4% | $22m | 604,634 | New |
| Primoris ServicesPRIM | 0.4% | $21m | 211,913 | -69% |
| EagleRock LandEROK | 0.3% | $19m | 873,238 | New |
| Aris MiningARIS | 0.3% | $18m | 1,202,125 | -14% |
| Energy Transfer L PET | 0.3% | $16m | 835,800 | +62% |
| Lithium Argentina AGLAR | 0.2% | $13m | 1,540,027 | New |
| Atmos EnergyATO | 0.2% | $13m | 73,124 | +2% |
| Baker HughesBKR | 0.2% | $12m | 210,451 | +21% |
| Standard LithiumSLI | 0.2% | $11m | 4,057,435 | +2% |
| Trekor MetalsTGB | 0.2% | $10m | 1,500,000 | New |
| Tamboran ResourcesTBN | 0.2% | $10m | 294,477 | +328% |
| General MotorsGM | 0.2% | $8m | 104,725 | +293% |
| Denison MinesDNN | 0.1% | $6m | 1,948,152 | -54% |
| Liberty EnergyLBRT | <0.1% | $5m | 189,399 | -82% |
| X-EnergyXE | <0.1% | $4m | 224,312 | New |
| WestlakeWLK | <0.1% | $4m | 53,439 | -76% |
| DuPont de NemoursDD | <0.1% | $4m | 28,357 | New |
| DPC HoldingsDPC | <0.1% | $1m | 25,000 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 52.8% since 30 June 2025.
Where the money is
Energy46.2%
Utilities15.1%
Industrials14.6%
Materials11.2%
Everyday goods5.0%
Technology3.0%
Financial services1.6%
Retail & consumer1.2%
Other2.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.