Encompass Capital Advisors LLC

Encompass Capital Advisors LLC declares $262.6M in 3 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 9.3% of its $2.8B 13F portfolio. Largest positions: Solaris Energy Infrastructure (3.3% of the company) and Powell Industries (0.44% of the company). Over time: $262.6M in 3 of these companies for Q2 2026, against $12.7M in 1 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $73.1M and sold $84.7M of these stocks, at the quarter's prices: a net sale of $11.6M; 1 sold out.

Performance of its AI picks

The AI-stock portfolio Encompass Capital Advisors LLC declared for Q2 2026 (Form 13F), held unchanged, returned -15.5% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +41.5% (SMH +87.2%). Over three years, quarter after quarter: +381.6% (SMH +325.8%). Over five years, quarter after quarter: +166.2% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Solaris Energy Infrastructure (SEI) — $202.7M: 2.5M shares, 3.3% of the company, 7.2% of its portfolio (added this quarter); held since Q2 2024
2. Powell Industries (POWL) — $45.5M: 158,899 shares, 0.44% of the company, 1.6% of its portfolio (added this quarter); held since Q1 2026
3. Quanta Services (PWR) — $14.4M: 20,000 shares, 0.01% of the company, 0.51% of its portfolio (trimmed this quarter); held since Q1 2026

By sector

• Power, electrical & cooling — $262.6M, 100% of its AI holdings, 3 companies

Biggest changes this quarter

• added to Solaris Energy Infrastructure (SEI): +$61.9M at the quarter's price
• sold out of Constellation Energy (CEG): -$55.9M at the quarter's price
• trimmed Quanta Services (PWR): -$28.8M at the quarter's price
• added to Powell Industries (POWL): +$11.1M at the quarter's price

Schedule 13D/G declarations

• Solaris Energy Infrastructure (SEI) — 13G filed May 15, 2026: 1.8M shares as of Mar 31, 2026, 3.0% as declared
• Solaris Energy Infrastructure (SEI) — 13G filed Feb 17, 2026: 2.6M shares as of Dec 31, 2025, 5.2% as declared
• Solaris Energy Infrastructure (SEI) — 13G filed Nov 14, 2025: 2.9M shares as of Sep 30, 2025, 6.6% as declared
• Solaris Energy Infrastructure (SEI) — 13G filed May 15, 2025: 3.6M shares as of Mar 31, 2025, 9.6% as declared
• Oklo (OKLO) — 13G filed Feb 14, 2025: 0 shares as of Dec 31, 2024, 0.00% as declared
• Solaris Energy Infrastructure (SEI) — 13G filed Feb 14, 2025: 2.3M shares as of Dec 31, 2024, 6.2% as declared

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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