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Hedge fund

Yaupon Capital Management LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1755028

Reported value
$3.0bn
96% in companies we cover
Positions we cover
93
Largest NFG 4.0%
Copy, a year
+13.9%
S&P 500 +15.6%
Copy Sharpe ratio
0.54
S&P 500 0.73

How copying its 13F would have done

$10.0k$20.0k 20192020202120222023202420252026 $30.6k$27.2k
CopyS&P 500 $10,000 copying Yaupon Capital Management LP's filed holdings in companies we cover from February 15, 2019, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −45.1% (S&P 500 −31.8%); beta 0.91; alpha +0.9% a year (t = 0.14); last 12 months +21.6% against +12.1%.

Reported value by quarter

Yaupon Capital Management LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $200B $400B $600B Reported value, 2018-12-31: $148.7M Reported value, 2019-03-31: $159.5M Reported value, 2019-06-30: $182.2M Reported value, 2019-09-30: $83.8M Reported value, 2019-12-31: $113.6M Reported value, 2020-03-31: $50.5M Reported value, 2020-06-30: $119.1M Reported value, 2020-09-30: $71.4M Reported value, 2020-12-31: $131.7M Reported value, 2021-03-31: $117.7M Reported value, 2021-06-30: $172.9M Reported value, 2021-09-30: $156.8M Reported value, 2021-12-31: $178.1M Reported value, 2022-03-31: $184.5M Reported value, 2022-06-30: $284.3M Reported value, 2022-09-30: $297.8M Reported value, 2022-12-31: $555.6B Reported value, 2023-03-31: $639.2M Reported value, 2023-06-30: $739.9M Reported value, 2023-09-30: $884M Reported value, 2023-12-31: $922.3M Reported value, 2024-03-31: $1.2B Reported value, 2024-06-30: $1.1B Reported value, 2024-09-30: $1.5B Reported value, 2024-12-31: $1.6B Reported value, 2025-03-31: $1.4B Reported value, 2025-06-30: $1.5B Reported value, 2025-09-30: $1.9B Reported value, 2025-12-31: $2B Reported value, 2026-03-31: $2B Reported value, 2026-06-30: $3B 2018-12-31 2020-06-30 2021-12-31 2023-06-30 2024-12-31 2026-06-30 $3B
View chart data
Period Reported value
2018-12-31 $148.7M
2019-03-31 $159.5M
2019-06-30 $182.2M
2019-09-30 $83.8M
2019-12-31 $113.6M
2020-03-31 $50.5M
2020-06-30 $119.1M
2020-09-30 $71.4M
2020-12-31 $131.7M
2021-03-31 $117.7M
2021-06-30 $172.9M
2021-09-30 $156.8M
2021-12-31 $178.1M
2022-03-31 $184.5M
2022-06-30 $284.3M
2022-09-30 $297.8M
2022-12-31 $555.6B
2023-03-31 $639.2M
2023-06-30 $739.9M
2023-09-30 $884M
2023-12-31 $922.3M
2024-03-31 $1.2B
2024-06-30 $1.1B
2024-09-30 $1.5B
2024-12-31 $1.6B
2025-03-31 $1.4B
2025-06-30 $1.5B
2025-09-30 $1.9B
2025-12-31 $2B
2026-03-31 $2B
2026-06-30 $3B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NFGNational Fuel GAS Co4.02%$120.4m1.56M+49.5% Added
DVNDevon Energy2.90%$86.9m2.10MNew
NINiSource2.77%$83.2m1.75M+40.8% Added
OVVOvintiv Inc.2.71%$81.1m1.54M+40.5% Added
WMBWilliams Companies2.70%$80.9m1.09M+126.2% Added
BKVBKV Corp2.53%$75.8m2.77M+35.7% Added
VSTVistra Corp.2.49%$74.6m470.5K+4.2% Added
TLNTalen Energy Corp2.48%$74.4m193.6K+144.6% Added
CVECenovus Energy Inc.2.39%$71.7m2.89M+1.1% Added
ETREntergy2.36%$70.7m616.0K+224.9% Added
FSLRFirst Solar, Inc.2.14%$64.3m272.4KNew
PRPermian Resources Corp2.07%$62.0m3.37M+11.4% Added
PEGPublic Service Enterprise Group1.91%$57.3m706.0K+6.0% Added
DUKDuke Energy1.90%$56.9m449.3K+33.0% Added
AEPAmerican Electric Power1.88%$56.4m412.4KNew
FPSForgent Power Solutions, Inc.1.86%$55.9m1.00M+150.0% Added
LGNLegence Corp.1.78%$53.5m627.3KNew
HTOH2o America1.73%$51.8m851.8K−4.9% Reduced
KNTKKinetik Holdings Inc.1.62%$48.4m1.00MNew
DTEDTE Energy1.51%$45.4m298.0K+16.6% Added
DINOHF Sinclair Corp1.49%$44.6m639.7K+9475.0% Added
AWKAmerican Water Works1.46%$43.9m333.4K+4.9% Added
FCXFreeport-McMoRan1.45%$43.5m691.5KNew
CSXCSX Corporation1.44%$43.2m908.8K−32.8% Reduced
FDXFFedEx Freight1.40%$41.9m277.2KNew
ARAntero Resources Corp1.39%$41.6m1.18MNew
NBISNebius Group N.V.1.35%$40.5m146.5KNew
RRXRegal Rexnord Corp1.30%$38.9m163.2KNew
LNGCheniere Energy, Inc.1.28%$38.3m160.1KNew
DTMDT Midstream, Inc.1.26%$37.9m258.3K+38.1% Added
HUTHut 8 Corp.1.26%$37.9m328.3K−63.8% Reduced
EQTEQT Corporation1.26%$37.7m709.5K+53.9% Added
NSCNorfolk Southern1.25%$37.6m119.5KNew
STMStmicroelectronics N.V.1.24%$37.1m495.2KNew
TRGPTarga Resources1.23%$36.8m137.4K+5.0% Added
PRIMPrimoris Services Corp1.21%$36.4m367.0KNew
ATIATI Inc1.19%$35.5m180.2KNew
CMICummins1.17%$34.9m49.0KNew
BKHBlack Hills Corp1.14%$34.1m458.4K+85.9% Added
PAGPPlains GP Holdings LP1.10%$32.9m1.35M+74.1% Added
AEEAmeren1.07%$32.1m284.1K−29.5% Reduced
DPCDPC Holdings PLC1.00%$30.0m619.5KNew
UNPUnion Pacific Corporation0.98%$29.4m108.2KNew
TACTransalta Corp0.95%$28.6m2.07M+15.5% Added
DEDeere & Company0.94%$28.0m44.2KNew
CIFRCipher Digital Inc.0.89%$26.7m1.09MNew
VLOValero Energy0.88%$26.3m101.2KNew
MWHSolv Energy, Inc.0.85%$25.5m750.0K+3.4% Added
VNOMViper Energy, Inc.0.79%$23.5m555.3K+16.4% Added
XIFRXplr Infrastructure, LP0.77%$23.0m1.94M−8.9% Reduced
COPConocoPhillips0.76%$22.9m220.4K+5.0% Added
SHELShell plc0.75%$22.5m290.2K−29.5% Reduced
CLFCleveland-cliffs Inc.0.73%$22.0m2.35MNew
BBarrick Mining Corp0.73%$21.8m593.2K+26.1% Added
SRSpire Inc0.69%$20.7m265.5K+253.1% Added
TBNTamboran Resources Corp0.68%$20.3m623.5K+16.5% Added
DARDarling Ingredients Inc.0.66%$19.7m360.0K+276.1% Added
AESAES Corporation0.65%$19.4m1.32M−44.8% Reduced
SOLSSolstice Advanced Materials Inc.0.62%$18.6m209.5KNew
MGEEMGE Energy Inc0.54%$16.3m200.0KNew
USARUSA Rare Earth, Inc.0.50%$15.1m700.0K0.0%
EEExcelerate Energy, Inc.0.49%$14.8m390.4K+98.2% Added
FRVOFervo Energy Co0.49%$14.6m500.0KNew
KGSKodiak Gas Services, Inc.0.48%$14.3m190.0KNew
ROKRockwell Automation0.47%$14.3m28.8KNew
INIOInnio N.V.0.46%$13.8m350.0KNew
GLNGGolar LNG LTD0.44%$13.1m262.5KNew
FTAIFTAI Aviation Ltd.0.43%$13.1m48.3KNew
PCTPurecycle Technologies, Inc.0.42%$12.7m1.57MNew
EROKEaglerock Land, LLC0.38%$11.4m535.7KNew
CENXCentury Aluminum Co0.34%$10.3m223.9K+6.0% Added
SSMRSunshine Silver Mining & Refining Co0.33%$9.9m750.0KNew
YSWYYesway, Inc.0.30%$8.9m437.4KNew
THTarget Hospitality Corp.0.29%$8.9m435.1KNew
INRInfinity Natural Resources, Inc.0.28%$8.3m654.3K+20.2% Added
NWENorthwestern Energy Group, Inc.0.26%$7.9m110.1K+5.0% Added
NEXTNextdecade Corp0.25%$7.6m1.00MNew
XEX-energy, Inc.0.24%$7.3m400.0KNew
COHRCoherent Corp.0.24%$7.2m18.1K−84.5% Reduced
WTTRSelect Water Solutions, Inc.0.22%$6.6m331.9KNew
BTDRBitdeer Technologies Group0.21%$6.4m401.9KNew
LITELumentum0.20%$6.0m6.9K−68.8% Reduced
KRPKimbell Royalty Partners, LP0.18%$5.3m364.9K−29.2% Reduced
AURAurora Innovation, Inc.0.17%$5.1m750.0KNew
TXNMTxnm Energy Inc0.16%$4.8m83.8K−52.1% Reduced
CRGYCrescent Energy Co0.13%$3.9m400.2KNew
EROCErock, Inc.0.12%$3.6m250.0KNew
QNTQuantinuum Inc.0.11%$3.3m40.0KNew
WULFTerawulf Inc.0.10%$3.1m125.0KNew
WOLFWolfspeed, Inc.0.10%$3.0m61.4K−19.9% Reduced
CDLRCadeler A/s0.07%$2.2m101.3K+5.4% Added
OPALOpal Fuels Inc.0.06%$1.8m810.2K+3.8% Added
SOCSable Offshore Corp.0.03%$770,000250.0KNew
CompanyBought (value)Shares
DVNDevon Energy$86.9m2.10M
FSLRFirst Solar, Inc.$64.3m272.4K
AEPAmerican Electric Power$56.4m412.4K
LGNLegence Corp.$53.5m627.3K
ETREntergy$49.0m426.4K
KNTKKinetik Holdings Inc.$48.4m1.00M
WMBWilliams Companies$45.2m607.4K
DINOHF Sinclair Corp$44.1m633.0K
TLNTalen Energy Corp$44.0m114.5K
FCXFreeport-McMoRan$43.5m691.5K
FDXFFedEx Freight$41.9m277.2K
ARAntero Resources Corp$41.6m1.18M
NBISNebius Group N.V.$40.5m146.5K
NFGNational Fuel GAS Co$39.9m516.3K
RRXRegal Rexnord Corp$38.9m163.2K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
HUTHut 8 Corp.−$66.7m−578.0K
TRPTC Energy Corp−$43.2m−690.4K
COHRCoherent Corp.−$38.9m−98.7K
CMSCMS Energy−$35.1m−452.6K
PNWPinnacle West Capital−$30.7m−305.0K
CNPCenterPoint Energy−$28.4m−657.5K
MTDRMatador Resources Co−$24.6m−389.9K
FTITechnipFMC plc−$23.8m−344.6K
LYBLyondellBasell−$22.7m−282.2K
KEXKirby Corp−$22.0m−165.5K
CSXCSX Corporation−$21.1m−443.6K
IDAIdacorp Inc−$16.1m−112.7K
AESAES Corporation−$15.7m−1.07M
OGEOGE Energy Corp.−$15.3m−319.1K
HBMHudbay Minerals Inc.−$13.6m−652.3K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
TRPTC Energy Corp$43.2m690.4K
CMSCMS Energy$35.1m452.6K
PNWPinnacle West Capital$30.7m305.0K
CNPCenterPoint Energy$28.4m657.5K
MTDRMatador Resources Co$24.6m389.9K
FTITechnipFMC plc$23.8m344.6K
LYBLyondellBasell$22.7m282.2K
KEXKirby Corp$22.0m165.5K
IDAIdacorp Inc$16.1m112.7K
OGEOGE Energy Corp.$15.3m319.1K
HBMHudbay Minerals Inc.$13.6m652.3K
WLKWestlake Corp$12.5m107.0K
SAROStandardaero, Inc.$11.9m459.4K
CNRCore Natural Resources, Inc.$11.9m113.2K
MDUMDU Resources Group Inc$11.4m548.0K
NXTNextpower Inc.$11.2m93.1K
FLOCFlowco Holdings Inc.$9.4m454.5K
PORPortland General Electric Co$9.2m175.0K
CORZCore Scientific, Inc.$7.7m517.3K
CCChemours Co$6.0m271.1K
SEDGSolaredge Technologies, Inc.$1.5m30.3K
ASPIASP Isotopes Inc.$1.3m300.0K
  • Energy33.4%
  • Utilities32.4%
  • Industrials19.3%
  • Technology8.3%
  • Materials5.3%
  • Consumer Staples1.0%
  • Consumer Discretionary0.3%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 15, 2019 to November 2, 2026+13.9%+15.6%0.540.73−45.1%0.91
Last three yearsNovember 3, 2023 to November 2, 2026+20.9%+21.8%0.991.15−15.9%0.49
Last yearNovember 7, 2025 to November 2, 2026+21.3%+14.2%1.120.84−7.8%−0.03

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.