Energy Income Partners, LLC

Energy Income Partners, a $6.2 billion specialist in utility and midstream-pipeline income names, grew assets 12.6% this quarter while narrowing its book further around its core mandate. Public Service Enterprise Group's share count doubled outright (+101%, a $58.1 million addition), and the fund added 58% more shares of ONEOK ($73.9 million), 66% more of Xcel Energy ($35.1 million), and 15% more of American Electric Power ($27.9 million) — all regulated-utility or gas-pipeline names squarely inside the fund's specialty. At the same time, Energy Income Partners cut loose the holdings that sit furthest from that core: Exxon Mobil was cut 60% in shares (-$35.1 million), Cummins — an industrial engine maker — was cut 43% (-$33.9 million), and TotalEnergies, the French integrated oil major, was sold outright ($38.7 million). The one new name added this quarter is Constellation Energy, the nuclear-heavy utility ($30.7 million), fitting the same regulated-power thesis as the rest of the additions. Read together, this is a fund tightening its focus on pure-play US utility and pipeline income and shedding the integrated-oil and industrial names that don't fit that description as cleanly.