AES

AES

AES

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 24, 2025	The Sound Shore Fund	3.1%	-	AES, DIS, FLEX, HOLX, TEVA	AI, earnings, energy, healthcare, long-term, Media, technology, value	The appetite for semiconductor chips is being fueled by excitement around artificial intelligence technology potential. The world needs more data centers and electricity to power AI infrastructure, creating opportunities for suppliers like FLEX.	DIS AES FLEX HOLX TEVA DIS AES FLEX HOLX TEVA	View
2024 Q1	May 18, 2024	Massif Capital	2.4%	12.0%	AES, COPX, ENR.DE, ENVX, EQX.TO, LIT, OCI.AS, PLL	energy, Fertilizers, gold, materials, Mining, real assets	Gold has rallied 25% since October 2023 despite traditional models suggesting otherwise, driven by fear-based buying from central banks, Asian retail, and US retail rather than wealth-driven consumption. Central banks have accelerated gold accumulation due to USD system concerns and geopolitical instability. The manager expects continued bullish momentum given low probability of fear-reducing events.	OCI.AS	View
2023 Q4	Dec 31, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AES, BKH, ES, ETR, EVRG, NEE, NEP, OGS, PEG, POR, VST	dividends, energy, income, infrastructure, interest rates, Utilities	The letter extensively discusses dividend growth as an underappreciated tailwind, showing how companies with larger dividend increases historically outperform. The analysis demonstrates that dividend increases compound to substantially higher income over time, with 40 basis points of annual increases tripling the beginning yield after 10 years.		View
2024 Q4	Dec 31, 2024	Miller Howard Investments Infrastructure	-	-	AES, AM, AMT, CCI, EQIX, ETR, HCA, KMI, LNG, NEE, OKE, PAGP, SOBO, TRGP, TRP, WMB	Data centers, dividends, income, infrastructure, Midstream, REITs, Utilities	The portfolio focuses on high and rising income through dividend increases, with 7 of 35 holdings announcing dividend increases averaging 8% this quarter. Over 80% of holdings increased dividends annually over the last 5 years, exceeding the large-cap dividend-paying universe.		View
2024 Q4	Dec 31, 2024	Miller Howard Investments Utilities Plus	-	-	AEP, AES, CEG, CNP, ETR, MDU, NEE, NI, PCG, SO, VST	AI, dividends, energy, Power, rates, regulation, Utilities	Data center and artificial intelligence trends are driving growing electricity demand, benefiting power producers like Vistra Corp. The company was the second-best performing name in the S&P 500 this year as a key beneficiary of these trends. Entergy also increased guidance due to META's plans to build a $10B AI data center in northeast Louisiana.		View
2025 Q3	Nov 8, 2025	The Sound Shore Fund	-	-	AES, AMZN, BLK, CEG, CTRA, DIS, FIS, Gold, GPN, META, VST, WBD	energy, free cash flow, gold, M&A, Media, payments, undervalued, value	Legacy media companies are creating value through strategic restructuring and streaming business improvements. Warner Brothers Discovery exemplifies this with balance sheet deleveraging, streaming profitability, and potential asset separation creating sum-of-parts value recognition.	AES WBD TLNE	View
2022 Q3	Oct 20, 2022	Massif Capital	2.4%	12.0%	AES, EQX, PIF	-			View
2023 Q3	Oct 18, 2023	Massif Capital	2.4%	12.0%	AES, CTM.AX, EQX.TO	commodities, energy, materials, Mining, Nickel, oil, uranium, Utilities	Manager argues oil demand will continue growing for decades despite renewable investments, driven by developing world consumption growth. Current global oil demand hits new highs even during economic weakness. Developing world consumes 3 barrels per capita annually versus 15 in developed world, creating massive demand potential.	CTM.AX	View
2023 Q2	Jul 14, 2023	Massif Capital	2.4%	12.0%	ADT.AX, AES, AFM.TO, CTM.AX, EC, ENR.DE, EQNR, EQX, FLNC, IXR.AX, LAC, PICK, VALE	commodities, energy, materials, Mining, natural resources, real assets, Utilities	Manager views energy transition as requiring massive investment in renewable assets while maintaining hydrocarbon infrastructure. Believes oil and gas remain critical for supporting economic growth needed to fund transition to low-carbon economy. Sees environmental and economic sustainability as interconnected.	ENR.DE CTM.AX AES	View
2023 Q2	Jun 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, infrastructure, interest rates, Recession, small caps, technology, Utilities	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend growth prospects and views regular dividends as management confidence signals.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AES, AGO, AGRO, AM, BCC, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EME, EMN, ENB, ENLC, EPD, ETD, EVR, EXR, FFBC, FULT, GS, HCA, JHG, JNJ, JPM, KEY, KFY, KNF, LBRT, LNG, LYB, MATX, MDU, MED, MEI, MPC, MSFT, MSM, NGG, NSP, NVDA, OMAB, OMF, POR, PPL, PSX, QCRH, RRC, RY, SBAC, SLP, SO, SUN, UGI, UHT, VLO, VST, WINA, WMB	dividends, energy, income, technology, Utilities, value, volatility	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend coverage and growth potential, with their Income-Equity strategies yielding 3.5-3.7% and positioned for dividend growth throughout market cycles.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, income, infrastructure, technology, Utilities, value	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard emphasizes dividend growth as a key investment criterion across all strategies, with multiple holdings announcing dividend increases during the quarter.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, income, infrastructure, Recession, technology, Utilities, volatility	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. During recessions, dividend increases still outnumber decreases by 3-to-1, with companies having lower leverage and stronger fundamentals more likely to maintain dividend growth.		View
2023 Q2	Jun 30, 2023	ClearBridge Investments All Cap Growth	0.0%	0.0%	ABBV, ABNB, AES, CLH, CP, CVS, EQT, GILD, META, MRVL, ORCL, PFE, SQ, VMC	AI, financials, Recession, small caps, technology, value	Artificial intelligence furor and speculation that benefits will accrue to mega cap incumbents explains much of the tech rally. Time will tell whether AI aids mega cap tech or helps unseat them, but market indicators point to a harder road for their outperformance going forward.	CLH AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM	View
2024 Q1	Mar 31, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AES, AM, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, HESM, IPG, JPM, KMI, KO, LAMR, LBRT, LNG, MPC, NEE, NTR, OKE, ORI, PAGP, PCG, PEG, POR, SRE, STAG, TMUS, TRGP, TTE, UPS, VST, WM	dividends, energy, income, infrastructure, Midstream, Utilities, value	The letter extensively analyzes dividend investing, arguing that high-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. The manager believes dividend stocks are positioned for a revival as market concentration reverses.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM	AI, dividends, energy, growth, Utilities, valuation	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses.		View
2022 Q4	Jan 25, 2023	Massif Capital	2.4%	12.0%	AES, CGP CN, ENR GR, EQX, ORA, PIF CN	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Massif Capital	AES Corporation	Utilities	Electric Utilities	Bull	NYSE	contrarian, Electric Power, energy storage, regulated utility, renewable energy, South America, US, utilities, Value	View Pitch
Apr 13, 2026	Fund Letters	The Sound Shore Fund	The AES Corporation	Utilities	Independent Power Producers & Energy Traders	Bull	NYSE	data centers, infrastructure, Investment Tax Credits, Power generation, private equity, renewable energy, utilities	View Pitch
Jan 8, 2026	Fund Letters	Harry Burn	The AES Corporation	Utilities	Independent Power and Renewable Electricity Producers	Bull	New York Stock Exchange	data centers, infrastructure, renewable energy, tax credits, utilities	View Pitch
Nov 29, 2025	Fund Letters	Harry Burn, John P. DeGulis, T. Gibbs Kane	AES Corporation	Utilities	Independent Power Producers & Energy Traders	Bull	NYSE	acquisition, datacenters, infrastructure, Power, renewables, Solar, Storage, utilities	View Pitch
Aug 13, 2025	Seeking Alpha	Thomas Mazzarino	The AES Corporation	Utilities	Utilities - Diversified	Bear	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	Joseph E. Jones	AES Corporation	Utilities	Utilities - Diversified	Bull	NYSE	—	View Pitch

BSD Shareholders of AES

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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