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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Utilities Plus | - | - | AEP, CEG, CMS, EXC, PCG, PEG, PPL, SRE, VST | Data centers, dividends, electricity demand, infrastructure, Utilities | The letter highlights regulated utilities and independent power producers as beneficiaries of surging electricity demand from AI, data centers, and electrification trends. Management stresses that utilities offer lower volatility, growing dividends, and improving growth visibility as capital spending accelerates. The theme balances defensive characteristics with structural demand growth. | View | |
| 2024 Q1 | Apr 15, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AEP, PGRE, TSN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Utilities Plus | - | - | AEP, CNP, EIX, ETR, EXC, PCG, SO, VST, XEL | - | View | ||
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Utilities Plus | - | - | AEP, ATO, ETR, FTS CN, MDU, NRG, PEG, PPL, SRE, VST, XEL | Data centers, dividends, Electrification, Transmission, Utilities | Utilities benefited from electrification trends and surging data center power demand driven by AI infrastructure growth. Regulatory clarity and transmission investment are major growth catalysts, with utilities poised to expand capital expenditure and regulated returns. The strategy maintains a focus on dividend growth and infrastructure resilience. | View | |
| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners LP | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
View |
| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments Utilities Plus | -2.4% | 14.2% | AEP, BKH, CEG, DTE, MDU, NEE, PEG, PPL, SO, SRE, VST, XEL | Capital Expenditure, Data centers, dividends, earnings growth, Grid Infrastructure, nuclear, Power Markets, Utilities | US electricity demand continues to grow driven by data center proliferation. Utilities are deploying accelerating capital into grid infrastructure to bridge the gap between existing capacity and rising future demand. Companies like NextEra Energy and Black Hills are benefiting from their ability to serve data centers with diversified offerings. Utilities are deploying ever-accelerating amounts of capital into grid infrastructure to meet rising electricity demand. S&P 500 Utility Index capex forecasts for 2026 and 2027 increased by 16% and 15% respectively. Higher levels of capital deployed within the regulated utility framework are lifting utility growth profiles. This quarter, 10 of the 32 holdings announced dividend increases with an average increase of 15.3%. An enhanced earnings profile should strengthen utilities' ability to provide high and rising income to investors. The portfolio focuses on generating total returns with a high and rising stream of income. NextEra Energy signed a 25-year power purchase agreement with Google to restart the Duane Arnold nuclear plant. Constellation Energy benefited from a FERC ruling on co-location that was viewed as positive for Independent Power Producer development and from PJM Interconnection capacity auction pricing. Tightening power markets for independent power producers lifted utility growth profiles. Constellation Energy benefited from FERC ruling on co-location viewed as positive for IPP development. The company also benefited from PJM Interconnection capacity auction where pricing came in at the top of the collar range. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 13, 2025 | Seeking Alpha | Value Sights | American Electric Power | Utilities | Utilities - Regulated Electric | Bull | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||