109 investment ideas from 65 funds across 86 stocks. Every thesis and quote on this page comes from a fund manager's own investor letter, not a 13F filing, so you can see the reasoning, risks and conviction behind each Oil, Gas & Natural Resources position.
LongIMCDOct 2026
Night Watch believes specialty chemical distributors are approaching an earnings inflection after a prolonged three-year bear market in chemicals. Customer inventories accumulated after the Covid-era shortages have large
LongAZEOct 2026
Night Watch believes specialty chemical distributors are approaching an earnings inflection after a prolonged three-year bear market in chemicals. Customer inventories accumulated after the Covid-era shortages have large
LongLNGSep 2026
Cheniere is the largest U.S. producer and exporter of liquefied natural gas and links abundant domestic gas supply with international demand. The fund expects the company to benefit from Europe's ongoing need for reliabl
LongOKESep 2026
ONEOK owns pipelines, processing facilities and storage assets that move natural gas and natural gas liquids from production regions to end markets. The fund likes the infrastructure-based model because returns are drive
LongMETSO
Metso's recent earnings were better than expected and management indicated that mining end markets are improving as customers gain confidence and increase capital expenditure. New business wins support the fund's confide
LongTGS
Horos trimmed TGS after the seismic-data company more than doubled from its 2025 lows, but it remains one of the larger positions in the international portfolio. The business benefited from the Iran conflict and, more im
LongSUZ
Horos initiated a position in Suzano after reallocating capital away from stainless steel. Suzano is the world's largest pulp producer, with capacity almost three times that of its nearest competitor, and has expanded in
LongXPRO
Horos increased Expro after its share price came under pressure despite results that contained no major surprises. The acquisition of Enhanced Drilling adds pressure-management technology for well drilling to Expro's por
LongTPL
Texas Pacific Land remains a highly profitable long-term holding that earns royalties from oil and water resources on its Texas land. The manager sees an additional source of upside from the possibility that data centers
LongVLO
Valero is the fund's independent refining exposure in the United States and is the largest US refiner. The company has a significant presence on the US Gulf Coast and is benefiting from a recovery in refining margins. Th
LongTRP
TC Energy is one of the fund's four North American midstream holdings. Guinness expects hydrocarbon demand in the US and Canada to grow over the next five years, with natural gas especially important. Against that backdr
LongKMI
Kinder Morgan is one of the fund's four North American midstream holdings. Guinness expects hydrocarbon demand in the US and Canada to grow over the next five years, with natural gas especially important. Against that ba
“For those reasons, we have built meaningful positions in two European distributors of specialty chemicals: Azelis (AZE BB) and IMCD (IMCD NA).”
“For those reasons, we have built meaningful positions in two European distributors of specialty chemicals: Azelis (AZE BB) and IMCD (IMCD NA).”
“This combination of irreplaceable infrastructure, contracted cash flows, and durable global demand makes Cheniere a reliable holding.”
“we believe ONEOK is well positioned to benefit from these long-term trends.”
“New business wins reinforce confidence in Metso's ability to drive aftermarket services”
“We continue to see notable upside potential, which is why TGS remains among the top positions in our international portfolio.”