SEC 13F Intelligence

Managers / Q4 2019 · view latest →

Salient Capital Advisors, LLC

CIK 0001510769 · 4265 SAN FELIPE, 8TH FLOOR, HOUSTON, TX, 77027 · 713-993-4675

Reported Value
$3.5B
Q4 2019
Positions
76
Filings on Record
17
2019–present window
Filed
Feb 13, 2020
original filing

Summary

Salient Capital Advisors, LLC reported $3.5B in U.S.-listed holdings across 76 positions for Q4 2019.

Its largest position, WMB, represents 8.9% of the portfolio.

Compared with Q3 2019, the fund opened 9 new positions and exited 9.

Portfolio Metrics

Turnover
+7.3%
vs prior filed quarter
Top-10 Concentration
+72.6%
share of reported value
Largest Position
+8.9%
Williams Cos
New / Exited
9 / 9
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $8.6BQ1 ’19Q2 ’19: $4.1BQ3 ’19: $3.7BQ3 ’19Q4 ’19: $3.5BQ1 ’20: $1.6BQ1 ’20Q2 ’20: $2.1BQ3 ’20: $1.6BQ3 ’20Q4 ’20: $1.8BQ1 ’21: $2.1BQ1 ’21Q2 ’21: $2.4BQ3 ’21: $2.0BQ3 ’21Q4 ’21: $2.0BQ1 ’22: $2.4BQ1 ’22Q2 ’22: $1.9BQ3 ’22: $1.7BQ3 ’22Q4 ’22: $0filingsflow.com

Portfolio Composition

By security type
Common Stock: 60.9%MLP: 34.2%Ltd Part: 2.5%Unit: 1.5%Other: 0.8%Other: 0.1%
  • Common Stock · 60.9% · $2.1B
  • MLP · 34.2% · $1.2B
  • Ltd Part · 2.5% · $88M
  • Unit · 1.5% · $53M
  • Other · 0.8% · $27M
  • Other · 0.1% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AROCARCHROCK INCNEW+692.3K692.3K+$7M$7M
HOLLY ENERGY PARTNERS L PNEW+105.8K105.8K+$2M$2M
APACHE CORPNEW+32.6K32.6K+$834,000$834,000
GLOBAL X FDSNEW+62.0K62.0K+$761,000$761,000
SUMMIT MIDSTREAM PARTNERS LPNEW+188.9K188.9K+$625,000$625,000
TC PIPELINES LPNEW+11.7K11.7K+$496,000$496,000
HESMHESS MIDSTREAM LPNEW+8.8K8.8K+$200,000$200,000
DKLDELEK LOGISTICS PARTNERS LPNEW+3.9K3.9K+$124,000$124,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2019

76 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1WMBWILLIAMS COS INC DELhistory →COM8.87%$312M13.13M
2EPDENTERPRISE PRODS PARTNERS Lhistory →COM8.79%$309M10.96M
3ENBENBRIDGE INChistory →COM8.68%$305M7.59M
4ETENERGY TRANSFER LPhistory →COM UT LTD PTN7.91%$278M21.65M
5TRPTC ENERGY CORPhistory →COM7.82%$275M5.08M
6KMIKINDER MORGAN INC DELhistory →COM7.48%$263M12.41M
7PBAPEMBINA PIPELINE CORPhistory →COM6.78%$238M6.36M
8LNGCHENIERE ENERGY INChistory →COM NEW6.33%$222M3.64M
9OKEONEOK INC NEWhistory →COM5.41%$190M2.51M
10TRGPTARGA RES CORPhistory →COM4.54%$160M3.91M
11PAAPLAINS ALL AMERN PIPELINE Lhistory →UNIT LTD PARTN2.96%$104M5.66M
12MAGELLAN MIDSTREAM PRTNRS LPCOM UNIT RP LP2.89%$102M1.62M
13MPLXMPLX LPhistory →COM UNIT REP LTD2.41%$85M3.32M
14GELGENESIS ENERGY L Phistory →UNIT LTD PARTN2.08%$73M3.57M
15AMANTERO MIDSTREAM CORPhistory →COM1.77%$62M8.20M
16ENLINK MIDSTREAM LLCCOM UNIT REP LTD1.52%$53M8.72M
17PAGPPLAINS GP HLDGS L Phistory →LTD PARTNR INT A1.50%$53M2.77M
18WESWESTERN MIDSTREAM PARTNERS Lhistory →COM UNIT LP INT1.48%$52M2.64M
19EQUITRANS MIDSTREAM CORPORATCOM1.45%$51M3.80M
20NGLNGL ENERGY PARTNERS LPhistory →COM UNIT REPST1.34%$47M4.16M
21NOBLE MIDSTREAM PARTNERS LPCOM UNIT REPST1.07%$38M1.54M
22RATTLER MIDSTREAM LPCOM UNITS1.01%$35M2.00M
23PHILLIPS 66 PARTNERS LPCOM UNIT REP INT0.82%$29M466.9K
24SHELL MIDSTREAM PARTNERS L PUNIT LTD INT0.65%$23M1.12M
25MACQUARIE INFRASTRUCTURE CORCOM0.62%$22M507.9K
26CRESTWOOD EQUITY PARTNERS LPUNIT LTD PARTNER0.55%$19M625.2K
27DCP MIDSTREAM LPCOM UT LTD PTN0.53%$19M763.2K
28BP MIDSTREAM PARTNERS LPUNIT LTD PTNR0.40%$14M889.2K
29ENABLE MIDSTREAM PARTNERS LPCOM UNIT RP IN0.32%$11M1.13M
30AROCARCHROCK INCCOM0.20%$7M692.3K
31ALTUS MIDSTREAM COCL A0.19%$7M2.30M
32XIFRNEXTERA ENERGY PARTNERS LPCOM UNIT PART IN0.15%$5M97.6K
33GASLOG LTDSHS0.12%$4M416.7K
34EQM MIDSTREAM PARTNERS LPUNIT LTD PARTN0.11%$4M133.8K
35HOLLY ENERGY PARTNERS L PCOM UT LTD PTN0.07%$2M105.8K
36JPMORGAN CHASE COALERIAN ML ETN0.06%$2M100.8K
37WPX ENERGY INCCOM0.05%$2M134.2K
38SUNSUNOCO LPCOM UT REP LP0.05%$2M59.8K
39PARSLEY ENERGY INCCL A0.05%$2M96.7K
40FANGDIAMONDBACK ENERGY INCCOM0.05%$2M18.8K
41MPCMARATHON PETE CORPCOM0.05%$2M27.9K
42PIONEER NAT RES COCOM0.04%$2M10.3K
43WLKPWESTLAKE CHEM PARTNERS LPCOM UNIT RP LP0.04%$2M59.0K
44CNX MIDSTREAM PARTNERS LPCOM UNIT REPST0.04%$1M84.9K
45MARATHON OIL CORPCOM0.04%$1M100.8K
46NOBLE ENERGY INCCOM0.04%$1M55.0K
47FTITECHNIPFMC PLCCOM0.04%$1M63.0K
48PBFPBF ENERGY INCCL A0.04%$1M42.1K
49USACUSA COMPRESSION PARTNERS LPCOMUNIT LTDPAR0.04%$1M71.4K
50COPCONOCOPHILLIPSCOM0.03%$1M18.8K
51ROYAL DUTCH SHELL PLCSPONS ADR A0.03%$1M20.7K
52EXMOCEXXON MOBIL CORPCOM0.03%$1M17.0K
53DVNDEVON ENERGY CORP NEWCOM0.03%$1M44.3K
54VLOVALERO ENERGY CORP NEWCOM0.03%$1M12.2K
55CIMAREX ENERGY COCOM0.03%$1M20.8K
56CONCHO RES INCCOM0.03%$1M12.3K
57GASLOG PARTNERS LPUNIT LTD PTNRP0.03%$1M68.1K
58BKRBAKER HUGHES COMPANYCL A0.03%$1M40.3K
59CONTINENTAL RESOURCES INCCOM0.03%$1M29.3K
60SLBSCHLUMBERGER LTDCOM0.03%$896,00022.3K
61HALHALLIBURTON COCOM0.03%$891,00036.4K
62PSXPHILLIPS 66COM0.03%$879,0007.9K
63APACHE CORPCOM0.02%$834,00032.6K
64GLOBAL X FDSGLB X MLP ENRG I0.02%$761,00062.0K
65HESHESS CORPCOM0.02%$751,00011.2K
66CTRACABOT OIL GAS CORPCOM0.02%$677,00038.9K
67SUMMIT MIDSTREAM PARTNERS LPCOM UNIT LTD0.02%$625,000188.9K
68RIGTRANSOCEAN LTDREG SHS0.02%$543,00078.9K
69SEISOLARIS OILFIELD INFRSTR INCCOM CL A0.01%$499,00035.7K
70TC PIPELINES LPUT COM LTD PRT0.01%$496,00011.7K
71CQPCHENIERE ENERGY PARTNERS LPCOM UNIT0.01%$443,00011.1K
72ENVIVA PARTNERS LPCOM UNIT0.01%$270,0007.2K
73HESMHESS MIDSTREAM LPCL A SHS0.01%$200,0008.8K
74TELLURIAN INC NEWCOM0.00%$167,00022.9K
75DKLDELEK LOGISTICS PARTNERS LPCOM UNT RP INT0.00%$124,0003.9K
76MMLPMARTIN MIDSTREAM PRTNRS L PUNIT L P INT0.00%$56,00013.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q4 2022$01Jan 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.7B43Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.9B82Aug 2, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.4B78May 11, 202213F-HRchanges · EDGAR ↗
Q4 2021$2.0B75Feb 3, 202213F-HRchanges · EDGAR ↗
Q3 2021$2.0B57Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$2.4B58Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.1B62May 6, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.8B77Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.6B71Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$2.1B64Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.6B59May 12, 202013F-HRchanges · EDGAR ↗
Q4 2019$3.5B76Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$3.7B76Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$4.1B83Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019REVEALED$8.6B107May 9, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.