KAYNE ANDERSON CAPITAL ADVISORS LP

Key Holdings

The portfolio is dominated by a small group of energy infrastructure giants, with the top five positions accounting for over 70% of the total assets.

• Energy Transfer (ET): Retaining its position as the largest holding, ET represents 17.59% of the portfolio ($436.29M). The firm added a marginal 0.4% to this position, suggesting a continued conviction in the midstream giant's cash flow.
• MPLX LP (MPLX): The second-largest holding at 15.82% ($392.46M), MPLX saw a 5.3% increase in value. This indicates a preference for strong midstream MLPs with robust distribution coverage.
• Cheniere Energy (LNG): Comprising 15.29% of the portfolio ($379.25M), this is the largest position in a corporation rather than an LP. Despite a minor reduction of 1.9%, it remains a core anchor, likely serving as a proxy for global LNG demand.
• Kinder Morgan (KMI): The fourth-largest holding at 12.77% ($316.63M), KMI saw a notable reduction of 13.5%. This trimming suggests the firm is taking profits or rotating capital out of this traditional pipeline operator in favor of other names.
• Targa Resources (TRGP): A significant focus during the quarter, TRGP (9.11% of the portfolio) received the largest cash infusion, increasing by 26.0%. This signals a strong preference for Targa’s exposure to natural gas and NGL logistics.