Just caught something interesting - Brave Warrior Advisors completely dumped their Kinetik Holdings stake back in February, selling off over 1.6 million shares. That's roughly a 70 million dollar exit from the energy midstream space, which honestly feels like a pretty significant move for a fund that had this as a meaningful position.

The timing's kind of telling too. Kinetik's been underperforming badly - down 16% over the past year while the broader market's up around 16%. The company's still generating solid cash flow though, hitting nearly $988 million in adjusted EBITDA last year with decent dividend coverage. But I guess when you're managing a big portfolio, sometimes you just decide commodity and infrastructure exposure isn't worth the headache anymore.

What's weird is the fundamentals aren't terrible. They've got those long-term gathering agreements locked in through the mid-2030s and new pipeline projects coming online. But this 70 million dollar retreat suggests the fund's risk calculation just shifted. They're apparently rotating into consumer finance and healthcare names instead - probably betting on more predictable returns there. Makes you wonder if other institutional money is thinking the same way about midstream energy right now.