RR Advisors Q3 2022 Fund's Changes in Energy Holdings: Analysis of 13F Form Filing

RR Advisors, LLC is a registered investment adviser based in Texas. They manage a diverse portfolio of assets across different sectors and industries. One of their funds, RR Advisors Q3 2022, invests in energy companies based in the United States. The company recently filed its 13F form with the SEC, which discloses the fund's holdings at the end of the third and fourth quarters of 2022. This article will analyze the changes in holdings of this fund based on the information provided in the CSV.

The CSV lists the tickers, issuer names, option types, and the number of shares held by the fund at the end of Q3 and Q4 of 2022. Additionally, it shows the value of these holdings in thousands of dollars and the percentage change in holdings from quarter to quarter. Overall, the fund reduced its holdings in nine companies, increased its holdings in six, and completely divested from three.

The fund reduced its holdings in Energy Transfer LP (ET), Western Midstream Partners LP (WES), DCP Midstream LP (DCP), National Fortress Energy Inc (NFE), Antero Resources Corp (AR), SM Energy Co (SM), Ovintiv Inc (OVV.TO), and Crescent Energy Co (CRGY) in Q4 2022 compared to Q3. Out of these, the most significant reduction is in DCP Midstream LP, with a decrease of 29.2% in the number of shares held, followed by National Fortress Energy Inc, where the fund held no shares in Q3 and 754,000 shares in Q4, representing a 100% increase.

On the other hand, the fund increased its holdings in Plains GP Holdings LP (PAGP), Targa Resources Corp (TRGP), Antero Midstream Corp (AM), Genesis Energy LP (GEL), MPLX LP (MPLX), and TechnipFMC PLC (FTI). The most significant increase was in Antero Midstream Corp, where the fund increased its holdings by 20.6%, followed by Genesis Energy LP, where the fund increased its holdings by 18.6%.

The fund also completely divested from two companies, Schlumberger Ltd (SLB) and Antero Resources Corp (AR), and reduced its holdings to zero in Ovintiv Inc (OVV.TO). The fund held 49000 shares worth $2630 in Schlumberger Ltd in Q4 2022, and no shares in Q3. The fund held 173000 shares worth $5267 in Antero Resources Corp in Q3 2022, and no shares in Q4. The divestment from these companies indicates a shift in the fund's investment strategy.

In terms of value, the fund increased its holdings' value in Q4 2022 compared to Q3 2022 in all the companies in which it increased its holdings. In contrast, the fund's holdings' value reduced in most of the companies in which it decreased holdings, except for Western Midstream Partners LP, which saw a 5% increase in value despite a 1.6% decrease in share holdings.

The percentage changes in holdings range from -100% to +58.2%, indicating a dynamic and active investment strategy. The increase and reduction in holdings suggest that the fund is actively managing its positions and could be an indication of the fund's outlook on the energy sector's various companies. For example, the significant increase in holdings in Antero Midstream Corp and National Fortress Energy Inc might suggest a bullish outlook on these companies. In contrast, the divestment from Schlumberger Ltd could suggest a bearish outlook.

In conclusion, the analysis of the CSV shows that RR Advisors, LLC has been active in managing its holdings in the energy sector in the United States. The fund reduced its holdings in some companies, increased its holdings in others, and divested completely from a few. Furthermore, the increase and reduction in the value of holdings suggest that the fund is actively managing its positions and reflects their outlook on the various companies.