Market
Memos from Howard Marks: What’s Going on in Private Credit?Portfolio
As of 03/31/2026
Characteristics
Top Holdings Concentration
|
Kinder Morgan Inc
9.9%
|
|
Engie SA
9.4%
|
|
MPLX LP
9.2%
|
|
National Grid PLC
9.2%
|
|
Energy Transfer LP
7.9%
|
|
American Electric Power Co Inc
6.1%
|
|
APA Group
4.4%
|
|
Clearway Energy Inc
4.3%
|
|
CMS Energy Corp
4.1%
|
|
Aena SME SA
4.0%
|
Asset Allocation
Geographic Allocation
|
U.S.
|
|
Continental Europe
|
|
U.K.
|
|
Canada
|
|
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.