Energy and power infrastructure
An L3VLUP-defined theme, not a standard classification
Definition
Oil and gas, pipelines, utilities and nuclear fuel, and the turbines, grid equipment and contractors that generate and move electricity, including the new load from data centres.
This is our own definition. It takes SIC 1311, 1381 to 1389, 2911, 3510 to 3519, 3612 to 3613, 4610 to 4619, 4911 to 4991, plus these named companies: BE, CCJ, ETN, FIX, GEV, LEU, PWR, SMR, VRT. A stock may sit in several themes.
Q2 2026 against Q1 2026
- Reported value
- $720bn
- -$26.3bn on the quarter before
- Managers listing any
- 78
- +1 on the quarter before
- Stocks listed
- 240
- +1 on the quarter before
- Buyers
- 3,328
- manager-stock pairs opening or adding
- Sellers
- 3,141
- manager-stock pairs trimming or exiting
value over 8 quartersNet buying actions by quarter: +254 · +342 · +360 · +366 · +232 · +255 · +711 · +187
See it in the heatmap, ranked by breadth →
Managers listing any counts distinct comparable managers. Buyers and sellers count actions by comparable managers, once for each stock a manager moved in. Value moves with prices as well as with buying.
Largest stocks (242 in all)
By combined reported value at Q2 2026. Holders are at least counts, among listed positions.
| Stock | Holders | Value | Buyers | Sellers | Holders, 8 quarters |
|---|---|---|---|---|---|
| GEVGe Vernova Inc | 40 | $45.5bn | 13 | 33 | |
| XOMExxon Mobil Corp | 37 | $45.0bn | 20 | 18 | |
| CVXChevron Corporation | 42 | $32.8bn | 23 | 20 | |
| CNQCanadian Nat Res LTD Med Ter | 33 | $19.5bn | 24 | 10 | |
| OXYOccidental Pete Corp | 34 | $19.1bn | 19 | 17 | |
| ETNEaton Corp PLC | 29 | $18.7bn | 15 | 17 | |
| COPConocophillips | 38 | $18.2bn | 20 | 20 | |
| SOSouthern Co | 29 | $15.9bn | 16 | 18 | |
| EOGEog Resources Inc | 41 | $15.4bn | 25 | 15 | |
| DDominion Res Inc Va New | 29 | $13.0bn | 16 | 17 | |
| FIXComfort Sys USA Inc | 40 | $12.6bn | 17 | 26 | |
| NEENextera Energy Inc | 35 | $11.3bn | 14 | 21 | |
| VRTVertiv Holdings Co | 40 | $11.0bn | 22 | 21 | |
| AEPAmerican Elec PWR Co Inc | 39 | $10.9bn | 27 | 12 | |
| TRGPTarga Res Corp | 30 | $10.7bn | 18 | 18 | |
| CEGConstellation Energy Corp | 35 | $10.6bn | 22 | 15 | |
| TTETotalenergies Se | 25 | $10.2bn | 16 | 10 | |
| SHELShell PLC | 33 | $10.2bn | 20 | 13 | |
| SLBSLB Limited | 34 | $10.0bn | 20 | 17 | |
| SRESempra | 30 | $10.0bn | 15 | 21 | |
| SUSuncor Energy Inc New | 35 | $9.8bn | 22 | 16 | |
| BEBloom Energy Corp | 46 | $9.6bn | 24 | 23 | |
| FANGDiamondback Energy Inc | 31 | $9.5bn | 16 | 18 | |
| PWRQuanta SVCS Inc | 37 | $8.9bn | 24 | 14 | |
| CMICummins Inc | 30 | $8.8bn | 10 | 29 |
Managers holding its largest names
Across the 15 largest stocks above at Q2 2026: how many of them each manager lists, and their combined value. A manager can hold others below its listed range.
- Fidelity (FMR LLC)12 of 15 · $60.7bn
- Capital World Investors9 of 15 · $34.0bn
- T. Rowe Price Associates Inc13 of 15 · $29.7bn
- Berkshire Hathaway Inc2 of 15 · $26.9bn
- Invesco Ltd14 of 15 · $21.0bn
- Capital Research Global Investors10 of 15 · $20.0bn
- Wellington Management Group LLP14 of 15 · $19.1bn
- MFS Investment Management14 of 15 · $14.9bn
- AQR Capital Management LLC10 of 15 · $8.1bn
- AllianceBernstein LP11 of 15 · $7.6bn
- Dodge & Cox8 of 15 · $7.1bn
- Janus Henderson Group Ltd12 of 15 · $7.0bn
- Coatue Management LLC4 of 15 · $5.4bn
- Neuberger Berman Group LLC11 of 15 · $5.0bn
- Harris Associates LP4 of 15 · $3.7bn
- Millennium Management LLC6 of 15 · $2.0bn
- Arrowstreet Capital LP5 of 15 · $2.0bn
- Marshall Wace LLP8 of 15 · $1.7bn
- Holocene Advisors LP9 of 15 · $1.5bn
- D. E. Shaw & Co.5 of 15 · $1.3bn