Peconic Partners' Q4 2025 13F is a $4.21B, 15-position portfolio that experienced one of the most extreme single-quarter AUM expansions in institutional data -- total AUM rose from $137.6M in Q3 2025 to $4.21B in Q4 2025 (+$4.07B or +2,961%), driven by the establishment of two massive anchor positions (Quanta Services $2.11B and Dycom Industries $1.39B) plus 9 additional new opens across utilities, energy, and infrastructure. The Q3 2025 portfolio was 6 positions totaling $137.6M -- a small, diversified utility-and-renewables book anchored by Shoals Technologies ($52.3M, 38.0%), EQT ($31.6M, 22.9%), Range Resources ($30.1M, 21.9%), Array Technologies ($17.4M, 12.6%), AMC ($5.8M), and Alphabet ($0.4M). Q4 2025 replaced this with an entirely new structure: Quanta Services ($2.11B, 50.2%, 5.01M shares, NEW) -- electric-power-and-renewable-energy construction-and-infrastructure -- is the portfolio's defining anchor at HALF of AUM, established at full institutional size; Dycom Industries ($1.39B, 33.0%, 4.11M shares, NEW) -- utility-contracting-and-communications-infrastructure -- is the second anchor at 1/3 of AUM, also established at full size. These two positions alone total $3.50B or 83.2% of AUM, making this the most concentrated large-AUM portfolio in the dataset. The remaining 13 positions are all tail: MasTec ($348M, 8.3%, 1.6M shares, NEW) -- infrastructure-and-renewable-energy construction; Freeport-McMoRan ($102M, 2.4%, 2M shares, NEW) -- copper-and-gold-mining; First Solar ($77M, 1.8%, NEW) -- solar-panel-manufacturing; Amazon ($70M, 1.7%, NEW); EQT ($31M, 0.7%, held from Q3); Antero Resources ($10M, Devon Energy ($11M), Coterra ($11M) -- three new natural-gas-and-petroleum opens; Range Resources ($28M, held from Q3); Cinemark ($9M, NEW); AMC ($4.7M, increased from $5.8M); Silicon Labs ($3.9M, NEW); Alphabet ($0.6M, held). The sector breakdown -- Unknown $2.15B (51.1%, primarily Quanta and Dycom classified as Unknown by the taxonomy), Industrials $1.74B (41.3%), Basic Materials $102M (2.4%), Technology $81M (1.9%), Consumer Cyclical $70M (1.7%), Energy $60M (1.4%), Communication Services $5M (0.1%). The 76.50 whaleScore on $4.21B reflects AUM. The defining structural feature is that 83.2% of the portfolio sits in just TWO positions (Quanta + Dycom) -- both are infrastructure-and-utility-construction names benefiting from the US infrastructure-and-renewable-energy buildout. The +2,961% AUM expansion is the quarter's headline and most likely reflects the establishment of a new institutional mandate or the consolidation of multiple related accounts into this single 13F filing. The Q4 2025 delta is best read as: Peconic Partners executed the most radical single-quarter portfolio reconstruction in institutional data -- liquidating the entire $137.6M Q3 book (Shoals, EQT, Range, Array, AMC, Alphabet) and replacing it with a $4.21B structure anchored by Quanta Services at 50% of AUM ($2.11B), Dycom Industries at 33% ($1.39B), and MasTec at 8% ($348M) -- three infrastructure-and-construction names that collectively represent the US utility-grid-modernization, renewable-energy-buildout, and communications-infrastructure themes. The remaining $660M is scattered across energy (natural gas, copper/gold mining, solar), consumer (Amazon, AMC, Cinemark), and legacy tail positions. The portfolio reads as a pure-play US infrastructure-and-energy-construction focused fund with extreme concentration in two names -- the kind of positioning that is consistent with a special-situations or activist approach to the utility-and-renewables infrastructure buildout cycle.
The defining structural feature is extreme concentration in two positions: Quanta Services ($2.11B, 50.2%, 5.01M shares, NEW) and Dycom Industries ($1.39B, 33.0%, 4.11M shares, NEW) total $3.50B or 83.2% of AUM combined. This is the highest concentration ratio in the dataset for portfolios above $1B AUM. Quanta Services -- electric-power-and-renewable-energy construction-and-infrastructure (transmission lines, substations, solar-and-wind installation) -- is the portfolio's anchor at 50.2% of AUM. The $2.11B opening at full institutional size (5.01M shares at approximately $422/share) signals that Peconic views Quanta as the primary beneficiary of the US infrastructure-and-renewable-energy buildout. Dycom Industries -- utility-contracting-and-communications-infrastructure (underground utility construction, fiber-optic installation, telecom infrastructure) -- is the portfolio's second anchor at 33.0% of AUM. The $1.39B opening at full size (4.11M shares at approximately $338/share) is an equally massive commitment to the utility-and-telecom infrastructure layer. Together, Quanta and Dycom represent a $3.50B binary bet on US infrastructure spending -- the Inflation Reduction Act (IRA) renewable-energy tax credits, the Bipartisan Infrastructure Law grid-modernization funding, and the continued growth of utility capex cycles.
The MasTec position ($348M, 8.3%, 1.6M shares, NEW) -- infrastructure-and-renewable-energy construction ( specializes in utility power generation, communications, and renewables) -- is the portfolio's third infrastructure anchor and rounds out the $3.85B infrastructure core (Quanta + Dycom + MasTec = 91.5% of AUM). The remaining 12 positions total $368M (8.8% of AUM) and are distributed across: energy (EQT $31M, Range $28M, Antero $10M, Devon $11M, Coterra $11M, total $81M or 1.9% -- natural gas and petroleum names, likely hedges or satellite energy exposures); basic materials (Freeport-McMoRan $102M, 2.4%, copper-and-gold-mining, a materials-and-inflation hedge); technology (First Solar $77M, 1.8%, solar-panel-manufacturing, complementary to the Quanta/Dycom renewable-energy infrastructure thesis; Amazon $70M, 1.7%, e-commerce, likely a legacy or diversifying position; Silicon Labs $3.9M, 0.1%, a tiny semiconductor/systems-on-chip position); consumer discretionary (AMC $4.7M, 0.1%, increased from $5.8M; Cinemark $9.3M, 0.2%, NEW, theater-and-entertainment); communication services (Alphabet $0.6M, 0.01%, legacy tail). The sector breakdown -- Unknown $2.15B (51.1%, primarily Quanta and Dycom which the taxonomy cannot classify into standard GICS sectors), Industrials $1.74B (41.3%, MasTec), Basic Materials $102M (2.4%), Technology $81M (1.9%), Consumer Cyclical $70M (1.7%), Energy $60M (1.4%), Communication Services $5M (0.1%) -- reflects a portfolio that is overwhelmingly concentrated in infrastructure-and-construction names that fall outside the standard sector taxonomy. The 76.50 whaleScore on $4.21B reflects high AUM but not the absolute top tier (whaleScore is partially a function of diversification, and 2-position concentration on $4.21B produces a moderate score). The Q4 2025 delta is best read as: Peconic Partners, a $4.21B infrastructure-and-energy-focused fund, executed one of the most aggressive single-quarter portfolio constructions in institutional data -- more than tripling AUM from $137.6M to $4.21B while concentrating 83.2% of the portfolio in just two infrastructure-and-construction names (Quanta Services $2.11B at 50.2%, Dycom Industries $1.39B at 33.0%) that are the primary public-equity beneficiaries of the US power-grid-modernization, renewable-energy-buildout, and telecom-infrastructure themes. The remaining 12 positions totaling $368M are satellites: MasTec ($348M) as a third infrastructure anchor, Freeport-McMoRan ($102M) as a copper inflation hedge, First Solar ($77M) as a renewable-energy complement, Amazon ($70M) as a diversifier, and a scattering of energy-and-consumer names. This is a portfolio built around a single high-conviction macro thesis -- US infrastructure spending -- expressed through the three largest publicly-traded infrastructure-and-construction operators.