Yorktown Energy Partners XI, L.P.

The portfolio exhibits extreme concentration risk, holding only three distinct positions. This lack of broad diversification suggests the firm employs a high-risk, high-reward strategy, relying heavily on specific sector expertise rather than broad market exposure. The firm’s activity level was relatively low, with no new positions opened or existing positions completely sold, indicating a "hold and adjust" approach rather than a tactical rotation.

2. Key Holdings

The portfolio is dominated by three specific energy-related assets, which together constitute 100% of the reported holdings: