KAYNE ANDERSON CAPITAL ADVISORS LP

CIK 0000949615 · Q1 2026

13F Equity AUM

$5.2B

+18.4% QoQ

Positions

+4 QoQ

AUM Rank

#986

Top 8%

Skill Alpha (FF)

-2.4%/yr^ns

No Clear Edge

Rank #5,743 · Top 70%

vs S&P -14.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 44.4%Top 10: 75.3%Top 20: 94.6%

EPD9.4%

WMB9.3%

ET9.1%

LNG9.0%

MPLX7.5%

KMI7.0%

OKE6.7%

ENB6.3%

TRP5.8%

MNR5.1%

Others (38)24.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy92.4%

Utilities7.0%

Other0.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 48Median: 0.39%Avg: 2.08%

0–0.5%

25(3.3%)

0.5–1%

3(2.1%)

1–3%

8(12.5%)

3–5%

2(6.8%)

5%+

10(75.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 47Unique: 1vs 20 funds

0.6%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.9%

BANK OF AMERICA CORP /DE/

JPMORGAN CHASE & CO

0.9%

BlackRock, Inc.

1.1%

FMR LLC

1.4%

GEODE CAPITAL MANAGEMENT, LLC

1.1%

VANGUARD CAPITAL MANAGEMENT LLC

STATE STREET CORP

VANGUARD PORTFOLIO MANAGEMENT LLC

1.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New11Increased15Decreased20Exited7

New Positions

MPC0.8%

+160K

SWX0.4%

+217K

SUNC0.3%

+217K

USAC0.1%

+251K

IDA0.1%

+39K

VST0.1%

+34K

AEP0.1%

+35K

CEG0.1%

+16K

BWXT0.0%

+8K

SOLV ENERGY INC0.0%

+46K

Increased

ENB6.3%

+1.5M(+33%)

PAA2.6%

+1.1M(+21%)

ET9.1%

+627K(+3%)

KGS0.7%

+582K(+1418%)

AROC0.7%

+445K(+81%)

OKE6.7%

+233K(+6%)

KNRG0.2%

+101K(+34%)

LNG9.0%

+89K(+6%)

PAGPEUR0.1%

+22K(+13%)

XEL0.1%

+21K(+27%)

Decreased

KMI7.0%

-1,663,962(-13%)

WMB9.3%

-948,311(-12%)

TRP5.8%

-530,017(-10%)

MPLX7.5%

-400,833(-6%)

EPD9.4%

-317,752(-2%)

AM1.9%

-286,286(-6%)

EE0.4%

-264,586(-29%)

MNR5.1%

-227,547(-1%)

DTM1.7%

-213,550(-25%)

SRE1.4%

-181,876(-19%)

Exited

-83,411

-191,092

-770,878

-108,000

-231,750

-313,888

-60,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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