The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
The Utilities Plus portfolio outperformed its benchmark during the third quarter of 2026 despite persistent headwinds confronting the broader utilities complex. Pressure mounted as the 10-year Treasury yield surpassed 5.00% to close near 5.29%, while intensifying concerns regarding rising retail customer electric bills spurred regulatory and legislative pushback. Within the utility landscape, water utilities and local natural gas distribution companies outperformed due to limited data center exposure, while regulated electric utilities and independent power producers lagged. Macroeconomic headwinds were heavily dictated by rising yields and public debate over data center power agreements. Regulators in Texas instituted pauses on data center interconnections, while PJM Interconnection jurisdictions debated legislative solutions to avoid shifting infrastructure costs onto residential ratepayers. Miller/Howard emphasizes the necessity of structured tariffs where data centers absorb their own capital costs through dedicated long-term supply contracts and updated wholesale market frameworks. Portfolio turnover reflected this shifting regulatory and growth environment. Conviction was increased in Ameren, MDU Resources, and NRG Energy, capitalizing on attractive earnings trajectories and tightening generation supply. Conversely, the manager exited Fortis due to a valuation premium unsupported by balance sheet metrics, and trimmed Sempra in response to legislative inaction on California wildfire liability frameworks.
Invest in high-quality utilities and power infrastructure companies capable of generating reliable income, growing dividends, and delivering attractive total returns as power markets tighten.
Management remains optimistic that the utility sector can establish regulatory solutions enabling data center expansion while safeguarding residential ratepayers from cost increases.
Neutral / Balanced
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