Market
Memos from Howard Marks: Is it a Bubble?Portfolio
As of 12/31/2025
Characteristics
Top Holdings Concentration
|
Engie SA
10.2%
|
|
National Grid PLC
10.1%
|
|
MPLX LP
9.7%
|
|
Kinder Morgan Inc
9.4%
|
|
Energy Transfer LP
7.6%
|
|
American Electric Power Co Inc
6%
|
|
ONEOK Inc
4.4%
|
|
APA Group
4.4%
|
|
CMS Energy Corp
4.2%
|
|
Clearway Energy Inc
4.1%
|
Asset Allocation
Geographic Allocation
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U.S.
|
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Continental Europe
|
|
U.K.
|
|
Canada
|
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Asia Pacific
|
The top holdings will vary over time. There is no guarantee that the Fund currently holds any of the securities listed. The information above is based on the total assets of the Fund, excluding Cash. The holdings listed should not be considered recommendations to purchase or sell a particular security.
Sector and country allocations and asset classes determined by the Adviser are expressed as a percentage of total investments (by market value), excluding Cash, and will vary over time.