NBW CAPITAL LLC

The energy infrastructure cluster is the portfolio's defining structural feature. Energy Transfer (ET) is the largest position at $155.9M (3.4%), Enterprise Products Partners (EPD) second at $134.0M (2.9%), followed by MPLX ($128.7M, 2.8%), Western Midstream Partners (WES, $120.4M, 2.6%), Plains All American (PAA, $114.3M, 2.5%), Archrock (AROC, $52.1M), and Antero Midstream (AM, now sold). Together the midstream sleeve accounts for roughly 15% of the book, concentrated in fee-based natural gas and crude pipeline and processing infrastructure. These are assets whose revenue is largely volumetric and contracted, not commodity-price-marked — a deliberate design choice that exposes the portfolio to long-term US LNG export and Permian takeaway capacity build-out without relying on spot gas prices. The holdings are large, relatively stable positions — ET, EPD, and MPLX in particular show single-digit or sub-5% Q/Q change in share count, confirming the manager is not rotating this sleeve.

Cheniere Energy (LNG) is the purest directional natural-gas-and-LNG trade in the file. At $17.7M and 72,858 shares, it is the fund's second position outside ETFs and one of the largest LNG pure-plays in the 13F universe. The position is marked essentially unchanged in both share count and value, a posture that reads as a long-cycle LNG export bet anchored on Cheniere's Corpus Christi and Sabine Pass capacity expansions. It's structurally different from the midstream MLPs because it carries commodity exposure, but it is the same LNG-export-version-of-the-US-energy-story thesis in a single-name wrapper.