SL ADVISORS, LLC Long-Term Concentrated

CIK: 0001680365 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 8, 2026

Total Value ($000): $48,838 (100.0% shares, 0.0% debt)

Holdings (32)

New Positions (2)

SOBO SOUTH BOW CORP F 1.2%

Value ($000) $586 Shares 21,336 Est. Cost $27.16 Unrealized 0.0%

MRK MERCK & CO INC 0.4%

Value ($000) $210 Shares 1,992 Est. Cost $93.24 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOBO	SOUTH BOW CORP F	21,336	$586	1.2%	$27.16	0.0%	COM	83671M105
MRK	MERCK & CO INC	1,992	$210	0.4%	$93.24	0.0%	COM	58933Y105

Increased Positions (3)

KNTK KINETIK HOLDINGS 2.7%

Value ($000) $1,305 (+36.9%) Shares 36,197 (+62.3%) Est. Cost $35.51 Unrealized +1.7%

USAI PACER AMERN ENERGY INDEPENDENCE ETF 7.5%

Value ($000) $3,658 (+10.0%) Shares 95,895 (+14.9%) Est. Cost $28.87 Unrealized —

ET ENERGY TRANSFER LP 15.0%

Value ($000) $7,305 (-1.4%) Shares 442,978 (+2.6%) Est. Cost $11.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KNTK	KINETIK HOLDINGS	36,197 (+62.3%)	$1,305 (+36.9%)	2.7%	$35.51	+1.7%	COM NEW CL A	02215L209
USAI	PACER AMERN ENERGY INDEPENDENCE ETF	95,895 (+14.9%)	$3,658 (+10.0%)	7.5%	$28.87	—	COM	69374H634
ET	ENERGY TRANSFER LP	442,978 (+2.6%)	$7,305 (-1.4%)	15.0%	$11.77	—	COM UT LTD PTN	29273V100

Exited Positions (1)

MKC MC CORMICK & CO INC 0.5%

Value ($000) $222 Shares 3,323 Est. Cost $63.71 Unrealized +3.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MKC	MC CORMICK & CO INC	3,323	$222	0.5%	$63.71	+3.5%	—	579780206

Decreased Positions (15)

LNG CHENIERE ENERGY INC 7.1%

Value ($000) $3,452 (-20.3%) Shares 17,756 (-3.7%) Est. Cost $73.91 Unrealized +184.1%

WMB WILLIAMS COMPANIES 8.2%

Value ($000) $4,003 (-9.3%) Shares 66,598 (-4.4%) Est. Cost $18.91 Unrealized +217.7%

TRGP TARGA RESOURCES CORP 6.8%

Value ($000) $3,302 (+6.8%) Shares 17,895 (-3.0%) Est. Cost $37.65 Unrealized +346.4%

ENB ENBRIDGE INC F 2.8%

Value ($000) $1,349 (-8.9%) Shares 28,199 (-3.9%) Est. Cost $24.97 Unrealized +88.6%

ADP AUTO DATA PROCESSING 1.1%

Value ($000) $517 (-18.9%) Shares 2,010 (-7.5%) Est. Cost $85.94 Unrealized +208.2%

OKE ONEOK INC 6.0%

Value ($000) $2,907 (-3.9%) Shares 39,545 (-4.6%) Est. Cost $51.97 Unrealized +35.6%

PBA PEMBINA PIPELINE CO F 1.6%

Value ($000) $772 (-9.0%) Shares 20,294 (-3.3%) Est. Cost $25.79 Unrealized +49.1%

KMI KINDER MORGAN INC 2.0%

Value ($000) $967 (-6.8%) Shares 35,159 (-4.1%) Est. Cost $12.50 Unrealized +115.3%

LMT KINETIK HOLDINGS 0.9%

Value ($000) $427 (-12.3%) Shares 883 (-9.5%) Est. Cost $207.71 Unrealized +129.3%

MCD MCDONALDS CORP 0.9%

Value ($000) $426 (-11.0%) Shares 1,394 (-11.5%) Est. Cost $115.23 Unrealized +164.8%

MPLX MPLX LP 1.9%

Value ($000) $920 (+4.1%) Shares 17,229 (-2.6%) Est. Cost $36.20 Unrealized —

WES WESTERN MIDSTREAM PAR LP 1.9%

Value ($000) $932 (-3.4%) Shares 23,602 (-3.9%) Est. Cost $32.81 Unrealized —

TRP TC ENERGY CORP F 2.8%

Value ($000) $1,366 (-2.2%) Shares 24,825 (-3.2%) Est. Cost $33.29 Unrealized +60.3%

EPD ENTERPRISE PRODS PART LP 4.7%

Value ($000) $2,300 (-0.6%) Shares 71,745 (-3.0%) Est. Cost $27.02 Unrealized —

PAGP PLAINS GP HLDGS 0.6%

Value ($000) $298 (+0.3%) Shares 15,565 (-4.5%) Est. Cost $21.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LNG	CHENIERE ENERGY INC	17,756 (-3.7%)	$3,452 (-20.3%)	7.1%	$73.91	+184.1%	COM NEW	16411R208
WMB	WILLIAMS COMPANIES	66,598 (-4.4%)	$4,003 (-9.3%)	8.2%	$18.91	+217.7%	COM	969457100
TRGP	TARGA RESOURCES CORP	17,895 (-3.0%)	$3,302 (+6.8%)	6.8%	$37.65	+346.4%	COM	87612G101
ENB	ENBRIDGE INC F	28,199 (-3.9%)	$1,349 (-8.9%)	2.8%	$24.97	+88.6%	COM	29250N105
ADP	AUTO DATA PROCESSING	2,010 (-7.5%)	$517 (-18.9%)	1.1%	$85.94	+208.2%	COM	053015103
OKE	ONEOK INC	39,545 (-4.6%)	$2,907 (-3.9%)	6.0%	$51.97	+35.6%	COM	682680103
PBA	PEMBINA PIPELINE CO F	20,294 (-3.3%)	$772 (-9.0%)	1.6%	$25.79	+49.1%	COM	706327103
KMI	KINDER MORGAN INC	35,159 (-4.1%)	$967 (-6.8%)	2.0%	$12.50	+115.3%	COM	49456B101
LMT	KINETIK HOLDINGS	883 (-9.5%)	$427 (-12.3%)	0.9%	$207.71	+129.3%	COM	539830109
MCD	MCDONALDS CORP	1,394 (-11.5%)	$426 (-11.0%)	0.9%	$115.23	+164.8%	COM	580135101
MPLX	MPLX LP	17,229 (-2.6%)	$920 (+4.1%)	1.9%	$36.20	—	COM UNIT REP LTD	55336V100
WES	WESTERN MIDSTREAM PAR LP	23,602 (-3.9%)	$932 (-3.4%)	1.9%	$32.81	—	COM UNIT LP INT	958669103
TRP	TC ENERGY CORP F	24,825 (-3.2%)	$1,366 (-2.2%)	2.8%	$33.29	+60.3%	COM	87807B107
EPD	ENTERPRISE PRODS PART LP	71,745 (-3.0%)	$2,300 (-0.6%)	4.7%	$27.02	—	COM	293792107
PAGP	PLAINS GP HLDGS	15,565 (-4.5%)	$298 (+0.3%)	0.6%	$21.88	—	LTD PARTNR INT A	72651A207

Unchanged Positions (12)

NEXT NEXTDECADE 10.0%

Value ($000) $4,864 Shares 922,889 Est. Cost $5.27 Unrealized +13.2%

RTX RAYTHEON TECHNOLOGIES CO 1.8%

Value ($000) $861 Shares 4,697 Est. Cost $131.75 Unrealized +31.6%

RSG REPUBLIC SERVICES 1.7%

Value ($000) $835 Shares 3,940 Est. Cost $47.77 Unrealized +349.2%

SPY SPDR S&P 500 ETF 3.0%

Value ($000) $1,464 Shares 2,147 Est. Cost $399.90 Unrealized —

JNJ JOHNSON & JOHNSON 0.5%

Value ($000) $228 Shares 1,103 Est. Cost $169.51 Unrealized +16.2%

PG PROCTER & GAMBLE 0.5%

Value ($000) $221 Shares 1,541 Est. Cost $164.23 Unrealized -10.4%

KO THE COCA-COLA CO 0.5%

Value ($000) $231 Shares 3,300 Est. Cost $35.53 Unrealized +95.3%

ECL ECOLAB INC 0.7%

Value ($000) $339 Shares 1,291 Est. Cost $176.78 Unrealized +50.3%

HSY HERSHEY CO 0.5%

Value ($000) $225 Shares 1,234 Est. Cost $186.05 Unrealized -2.1%

XLP SPDR FUND CONSUMER STAPLES ETF 0.8%

Value ($000) $377 Shares 4,858 Est. Cost $67.29 Unrealized —

BRK/B BERKSHIRE HATHAWAY CLASS B 3.2%

Value ($000) $1,570 Shares 3,124 Est. Cost $165.93 Unrealized +199.8%

WM WASTE MANAGEMENT INC 1.3%

Value ($000) $623 Shares 2,836 Est. Cost $153.98 Unrealized +38.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEXT	NEXTDECADE	922,889	$4,864	10.0%	$5.27	+13.2%	COM	65342K105
RTX	RAYTHEON TECHNOLOGIES CO	4,697	$861	1.8%	$131.75	+31.6%	COM	75513E101
RSG	REPUBLIC SERVICES	3,940	$835	1.7%	$47.77	+349.2%	COM	760759100
SPY	SPDR S&P 500 ETF	2,147	$1,464	3.0%	$399.90	—	TR UNIT	78462F103
JNJ	JOHNSON & JOHNSON	1,103	$228	0.5%	$169.51	+16.2%	COM	478160104
PG	PROCTER & GAMBLE	1,541	$221	0.5%	$164.23	-10.4%	COM	742718109
KO	THE COCA-COLA CO	3,300	$231	0.5%	$35.53	+95.3%	COM	191216100
ECL	ECOLAB INC	1,291	$339	0.7%	$176.78	+50.3%	COM	278865100
HSY	HERSHEY CO	1,234	$225	0.5%	$186.05	-2.1%	COM	427866108
XLP	SPDR FUND CONSUMER STAPLES ETF	4,858	$377	0.8%	$67.29	—	SBI CONS STPLS	81369Y308
BRK/B	BERKSHIRE HATHAWAY CLASS B	3,124	$1,570	3.2%	$165.93	+199.8%	CL B NEW	084670702
WM	WASTE MANAGEMENT INC	2,836	$623	1.3%	$153.98	+38.0%	COM	94106L109