Market
Memos from Howard Marks: The Calculus of ValuePortfolio
As of 09/30/2025
Characteristics
Top Holdings Concentration
National Grid PLC
9.9%
|
Kinder Morgan Inc
9.8%
|
MPLX LP
9.2%
|
Engie SA
9.1%
|
Energy Transfer LP
8.0%
|
American Electric Power Co Inc
6.0%
|
CMS Energy Corp
4.4%
|
ONEOK Inc
4.4%
|
Crown Castle Inc
4.4%
|
APA Group
4.3%
|
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.