TORTOISE CAPITAL ADVISORS, L.L.C.

Targa Resources ($889M), Williams Companies ($837M), Energy Transfer ($762M), MPLX ($757M), Cheniere Energy ($726M), and Enterprise Products ($562M) together represent 47.4% of the portfolio. These are not small speculative bets; they are the portfolio's anchors and they are held at $500M+ positions. The reason they anchor is that Tortoise has built a thesis around the same structural story: U.S. natural gas production growth from the Permian Basin and Marcellus/Utica shales, rising LNG export volumes from Gulf Coast facilities, and the pricing power that comes from energy infrastructure that has no substitute route to market.

Each of these six names is a different flavor of the same thesis. Targa and MPLX are NGL (natural-gas-liquid) gatherers and processors that monetize the liquids fractionation that comes out of every wellhead. Williams and Energy Transfer are long-haul interstate transmission systems that connect producing regions to consuming regions and export terminals. Cheniere is the largest U.S. LNG exporter, converting pipeline gas into supercooled cargo for Asia and Europe. Enterprise Products is the most diversified midstream franchise, with pipelines, storage, processing, and marine export facilities across the entire hydrocarbon chain.