Institutional Manager · CIK 0001599511

Tortoise Investment Management, LLC

WHITE PLAINS, NY · File #028-15827

Latest AUM

$1.14B

Positions

240

Top-10 Concentration

43.5%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	VANGUARD INSTL INDEX FD	922040845	+70,852	+$5.3M	-$1,543
ADD	SPDR SERIES TRUST	78464A854	+49,424	+$4.0M	+$221,824
ADD	ISHARES TR	46429B747	+36,733	+$3.8M	-$513,912
ADD	BLACKROCK MUN TARGET TERM TR	BLK	+138,536	+$3.2M	+$440,137
REDUCE	ISHARES TR	464287200	-4,601	-$3.2M	+$2.4M
REDUCE	NUVEEN MUN VALUE FD INC	NU	-324,206	-$2.9M	+$34,957
ADD	J P MORGAN EXCHANGE TRADED F	46641Q647	+53,778	+$2.7M	+$14,292
ADD	SIMPLIFY EXCHANGE TRADED FUN	82889N525	+52,377	+$2.6M	+$25,130
REDUCE	ISHARES TR	46436E718	-25,836	-$2.6M	-$99,664
ADD	PIMCO ETF TR	72201R635	+48,130	+$2.2M	+$242

Sector Allocation

8.4%$95.6M

2.0%$22.9M

0.5%$5.4M

0.3%$4.0M

Consumer Discretionary

0.3%$3.7M

Consumer Staples

0.1%$1.3M

Energy

0.1%$960,750

Communication Services

0.1%$869,752

Filing History

Feb 6, 202613F HOLDINGS REPORTQ/E Dec 2025240 pos · $1.14B
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 20251,569 pos · $1.12B
Aug 8, 202513F HOLDINGS REPORTQ/E Jun 20251,311 pos · $1.05B
Aug 7, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025894 pos · $876.9M
Aug 7, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025831 pos · $960.3M
Aug 7, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025801 pos · $737.1M
Aug 7, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025892 pos · $957.2M
Aug 7, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025876 pos · $823.7M
Aug 7, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025810 pos · $671.5M
Aug 7, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025873 pos · $947.2M
May 14, 202513F HOLDINGS REPORTQ/E Mar 2025831 pos · $960.3M
Feb 7, 202513F HOLDINGS REPORTQ/E Dec 2024873 pos · $947.2M
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 2024892 pos · $957.2M
Aug 1, 202413F HOLDINGS REPORTQ/E Jun 2024894 pos · $876.9M
May 9, 202413F HOLDINGS REPORTQ/E Mar 2024876 pos · $823.7M
Nov 9, 202313F HOLDINGS REPORTQ/E Dec 2023810 pos · $671.5M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464287200	147,003	$100.7M	11.55%
2	ISHARES TR	46429B747	566,503	$58.0M	6.65%
3	AMERICAN CENTY ETF TR	025072885	359,435	$40.2M	4.61%
4	BLACKROCK MUN TARGET TERM TR	BLK	1,361,137	$31.1M	3.56%
5	ISHARES TR	46436E718	285,711	$28.7M	3.29%
6	J P MORGAN EXCHANGE TRADED F	46641Q647	530,147	$26.8M	3.07%
7	VANGUARD SCOTTSDALE FDS	92206C847	438,668	$24.5M	2.81%
8	SIMPLIFY EXCHANGE TRADED FUN	82889N525	470,695	$23.7M	2.72%
9	SCHWAB STRATEGIC TR	808524870	895,124	$23.7M	2.72%
10	DOUBLELINE ETF TRUST	25861R402	445,735	$22.1M	2.54%
11	ISHARES INC	46434G103	308,861	$20.8M	2.38%
12	SCHWAB STRATEGIC TR	808524201	705,007	$19.0M	2.18%
13	ISHARES TR	464287622	47,607	$17.8M	2.04%
14	ISHARES TR	464287150	119,211	$17.7M	2.03%
15	DIMENSIONAL ETF TRUST	25434V104	368,042	$17.2M	1.98%
16	VANGUARD INDEX FDS	922908744	88,221	$16.8M	1.93%
17	WISDOMTREE TR	WT	285,367	$16.3M	1.87%
18	SCHWAB STRATEGIC TR	808524888	356,927	$16.3M	1.86%
19	SPDR S&P 500 ETF TR	SPY	23,737	$16.2M	1.86%
20	SPDR INDEX SHS FDS	78463X509	333,685	$15.6M	1.79%