13F Insight
DOSSIER · 13F-HR · Q4 2025

Zimmer Partners, LP

$3.8B in tracked AUM across 119 positions as of Q4 2025.

ZP
CIK 0001565854 · last filed Dec 31, 2025
Total AUM
$3.8B
as of Q4 2025
Holdings
119
—
positions
Whale Score
57
57
tracked
Activity
—
no data
changes this Q
AI Analysis · Q4 2025

Based on the SEC 13F filing data provided for Zimmer Partners, LP for the period ending September 30, 2025, here is a comprehensive financial analysis.

1. Portfolio Overview

Zimmer Partners, LP manages a concentrated portfolio totaling approximately $3.44 billion across 88 holdings. The firm executed a significant strategic pivot during the quarter, characterized by a high turnover rate. The portfolio experienced a substantial decrease in value of -25.1% (dropping from $4.60 billio...

The portfolio is highly concentrated, with the top ten holdings accounting for approximately 58.4% of the total assets. This top-heavy structure indicates a conviction-based approach where the firm allocates substantial capital to its highest-confidence ideas rather than seeking broad diversification. The reduction in total holdings and the massive reshuffling of assets suggest a distinct shift in strategy, likely moving away from certain utility sub-sectors toward mid-cap and specific value-oriented opportunities.

2. Key Holdings

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
ES
EVERSOURCE ENERGY
$259M3.8M6.8%02
WELL
WELLTOWER INC
$207M1.1M5.5%03
XEL
XCEL ENERGY INC
$202M2.7M5.3%04
NI
NISOURCE INC
$162M3.9M4.3%05
KGS
KODIAK GAS SVCS INC
$160M4.3M4.2%06
ETR
ENTERGY CORP NEW
$154M1.7M4.0%07
TRGP
TARGA RES CORP
$144M782K3.8%08
TXNM 5.75 06/01/54
TXNM ENERGY INC
$128M95.0M3.4%09
SRE
SEMPRA
$124M1.4M3.3%10
PCG
PG&E CORP
$117M7.3M3.1%

Filing history

2025Q4Dec 31
$3.8B▲ 10.3%
119 positionsView →2025Q3Sep 30
$3.4B▼ 25.1%
88 positionsView →2025Q2Jun 30
$4.6B▲ 41.8%
164 positionsLocked2025Q1Mar 31
$3.2B▼ 44.1%
104 positionsLocked2024Q4Dec 31
$5.8B▲ 5.9%
147 positionsLocked2024Q3Sep 30
$5.5B▲ 1.1%
148 positionsLocked2024Q2Jun 30
$5.4B▲ 15.9%
154 positionsLocked2024Q1Mar 31
$4.7B▲ 71.4%
131 positionsLocked2023Q4Dec 31
$2.7B▼ 29.5%
101 positionsLocked2023Q3Sep 30
$3.9B▼ 8.7%
122 positionsLocked2023Q2Jun 30
$4.2B▼ 12.9%
111 positionsLocked2023Q1Mar 31
$4.9B▼ 2.0%
100 positionsLocked
Showing 12 of 50