AR

AR

AR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Miller Howard North American Energy Fund	-	-	AR, BKR, DINO, EQT, GPOR, MPC, OKE, RRC, SU, TRP, WTTR	Canada, energy, Natural Gas, oil, Refiners, Shale, water	The Permian Basin produces three barrels of water for every barrel of oil, making wastewater remediation a key growth industry. Western Midstream's acquisition of ARIS Water Solutions at a 25% premium underscored the value of water treatment companies. The manager added to their Select Water Solutions position following this transaction.		View
2025 Q1	May 22, 2025	Goehring & Rozencwajg Associates, LLC	-	-	AAPL, AMZN, AR, BMW.DE, CCJ, CVX, FANG, GOOGL, IMPUY, META, MSFT, NFLX, NVDA, OXY, PXD, RRC, SBSW, SHOP.TO, TSLA, XOM	commodities, Drought, energy, gold, Mining, natural resources, Platinum, Shale	The bear market in platinum and palladium is drawing to a close after 16 years for platinum and 4 years for palladium. Demand shifts favor PGMs as EV adoption disappoints and hybrid vehicles require more PGMs than traditional ICE vehicles. Both markets are in structural deficit with supply constraints from South Africa and declining recycled supply.		View
2025 Q1	May 20, 2025	Tall Oak Capital Advisors	-	-	AEM, AMZN, AR, COST, EHC, EQIX, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MRK, MS, MSFT, NVDA, PANW, REL.L, VRSK	Canada, Deglobalization, diversification, downside protection, global, Resilience, tariffs, Trade Policy	The first quarter marked a pivotal moment in global trade dynamics with the announcement of Liberation Day tariffs in early April, raising effective U.S. tariff rates to levels not seen in nearly a century. This signals a structural regime shift toward economic nationalism, strategic industrial policy, and deglobalization that will create more regionalized supply chains and persistent inflationary pressures.	MELI	View
2026 Q1	May 1, 2026	Aristotle Core Equity Fund	-4.5%	-4.5%	AR, BSX, COHR, DAR, IMNM, MSFT, TEM	AI, Biotechnology, energy, growth, large cap, semiconductors, technology		TEM IMNM COHR	View
2026 Q1	Apr 28, 2026	Diamond Hill Small-Mid Cap Strategy	-2.5%	-2.5%	AR, AVTR, CIEN, HII, HUM, ICLR, LAMR, LPLA, PNFP, RKT, RRX, RTO.L, SSNC, WTW	AI, defense, energy, healthcare, mid cap, Quality, small cap, volatility			View
2026 Q1	Apr 28, 2026	Diamond Hill Mid Cap	-2.0%	-2.0%	AIG, AR, AVTR, CARR, CIEN, FCX, HUM, KMB, LAMR, MGM, RRX, RTO, SSNC, WAY	AI, Defensive, energy, Geopolitical, healthcare, mid cap, Quality			View
2025 Q1	Mar 31, 2025	Miller Howard North American Energy Fund	-	-	AESI, AR, COP, CVE, CVX, EQT, GPOR, HES, KMI, LBRT, SM, SOBO, SU, TRGP, WTTR, XOM	Canada, dividends, energy, Midstream, Natural Gas, oil, Trade Policy	Oil prices remained flat during the quarter despite energy sector outperformance. The portfolio focuses on producers with long drilling inventory to reduce volatility from short-term oil price fluctuations. Permian Basin production analysis shows rapid well decline rates, making longer-term price stability more likely than short-term volatility.		View
2025 Q1	Mar 31, 2025	Aristotle Core Equity Fund	-6.1%	-6.1%	AAPL, ADI, AMZN, AR, AVGO, COST, GH, GOOGL, GTLS, ICE, JPM, META, MSFT, NOW, NVDA, ORCL, ORLY, TECH, V, VRTX	AI, growth, large cap, semiconductors, tariffs, technology, value	The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements and continued weakness as concerns around AI capex cuts increased.	ADI	View
2024 Q4	Feb 13, 2025	Tall Oak Capital Advisors	-	-	AAPL, AMZN, ANET, AR, CCO.TO, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, PLTR, REGN, TOU.TO, VST	AI, Data centers, energy, growth, infrastructure, Quality, technology	AI's rapid expansion is driving unprecedented demand for high-performance data centres, with AI workloads requiring vast computing power and significantly increased energy consumption. Hyperscalers are rapidly expanding infrastructure, pushing AI data centre power demand projected four times higher by 2030.	ANET GEV	View
2024 Q4	Dec 31, 2024	Miller Howard North American Energy Fund	-	-	AESI, AR, DINO, EQT, KMI, LBRT, LYB, PBA, PSX, RRC, SM, SOBO, TRP, WTTR, XOM	AI, China, Data centers, energy, Natural Gas, oil, Pipelines, Refiners	Natural gas emerged as a key beneficiary of AI-driven data center demand growth. Weather-driven price surges boosted natural gas producers like Antero Resources and Range Resources. The fund added natural gas pipelines as emerging beneficiaries of power-hungry AI/data center boom.		View
2025 Q3	Nov 16, 2025	Aristotle Atlantic Core Equity Strategy	7.1%	15.1%	ADPT, AMP, AR, AVGO, BDX, BKR, CEG, DAR, DXCM, GH, GOOGL, HAL, ICE, NOW, ORCL	AI, energy, growth, healthcare, large cap, nuclear, technology, Trade Policy	Oracle's transformative growth in cloud infrastructure driven by AI demand, with Oracle Cloud Infrastructure revenue expected to grow through fiscal 2030. The company closed multiple multi-billion-dollar deals including the $30 billion Stargate contract with OpenAI. Natural gas demand is increasing for AI data center power generation, benefiting companies like Antero Resources.	BDX BKR CEG DXCM ADPT ORCL AR DAR	View
2025 Q3	Oct 19, 2025	Miller Howard Investments	-	-	AR, BK, CAG, CCI, CMCSA, CNP, COP, DINO, ELS, ENB, EPD, GEL, GS, HESM, HRB, HRL, JPM, NI, NRG, STT, TTE, WTTR	AI, dividends, energy, financials, inflation, infrastructure, Natural Gas, Utilities	Miller/Howard emphasizes dividend increases as the strongest signal of management confidence, with 70% of financial holdings raising dividends by an average 14% in the quarter. The firm projects 2025 dividend growth of 5.0% for Income-Equity and 4.9% for the no-MLP version, maintaining their focus on high current income and dividend growth as core investment principles.		View
2025 Q3	Oct 19, 2025	Miller Howard North American Energy Fund	-	-	AR, BKR, DINO, EQT, GPOR, MPC, OKE, RRC, SU, TRP, WTTR	Canada, energy, Natural Gas, oil, Pipelines, Refiners, water	The Permian Basin produces three barrels of water for every barrel of oil, making wastewater remediation a key growth industry. Western Midstream's acquisition of ARIS Water Solutions at a 25% premium underscored the value of water treatment companies. The manager added to their Select Water Solutions position following this transaction.		View
2025 Q4	Jan 20, 2026	Greenlight Capital	8.5%	9.0%	AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD	Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value	Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns.	CNR SPB HSIC GPN DECK AR TEVA VSCO FLR	View
2024 Q3	Sep 30, 2024	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	AMAT, AR, EL, GH, GOOGL, HAL, HD, ICE, NEE, NSC, TT	energy, industrials, large cap, technology, Utilities, value	Applied Materials faced investor pullback in AI-related semiconductor names due to concerns about AI market growth and profitability of massive capex investments. The company continues to benefit from secular shift to highly complex semiconductors design and manufacturing, but faces weakness in NAND manufacturing and potential trade restrictions on Chinese equipment purchases.	ICE TT HAL AMAT	View
2024 Q3	Sep 30, 2024	Aristotle Core Equity Fund	2.9%	21.3%	AAPL, AMAT, AMZN, AR, AVGO, COST, EL, GH, GOOGL, HAL, HD, ICE, JPM, META, MSFT, NEE, NSC, NVDA, TT	energy, HVAC, large cap, semiconductors, technology, value	Applied Materials detracted from performance as part of general investor pullback in AI-related semiconductor names due to concerns about overall AI market growth in the near-term and profitability of massive capex investments being made in AI infrastructure. The company continues to benefit from a secular shift to highly complex semiconductors design and manufacturing.	EL HAL ICE TT AMAT	View
2025 Q1	Mar 31, 2025	Aristotle Atlantic Core Equity Strategy	-6.0%	-6.0%	ADI, AR, AVGO, CHI, GH, ICE, NOW, ORCL, ORLY, TECH, VRTX	AI, large cap, semiconductors, technology, Trade Policy, value	The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements. Intercontinental Exchange highlighted new AI solutions in its Mortgage Technology product suite to improve and digitize workflows.	ADI	View
2023 Q4	Feb 26, 2024	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	AR, AVGO, BDX, BMY, CHH, DAR, EXPE, HAL, LLY, NOW, PEP, SPR, TFX, VRTX	earnings, energy, healthcare, large cap, technology, value	Broadcom reported strength in its AI business segments during Q4. The company provided positive fiscal year 2024 guidance that included synergy target goals ahead of schedule for the combined businesses following the VMware acquisition.	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC ALLY	View
2022 Q4	Jan 31, 2023	Aristotle Core Equity Fund	2.9%	21.3%	AME, AR, AVGO, CTLT, GTLS	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	David Einhorn	Antero Resources Corporation	Energy	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	acquisition, Acreage, cashflow, natural gas, valuation	View Pitch
Nov 29, 2025	Fund Letters	Owen Fitzpatrick, Thomas Hynes, Jr, Brendan O’Neill	Antero Resources Corporation	Energy	Oil & Gas Exploration & Production	Bull	NYSE	AI demand, Basis, Cyclicality, LNG, natural gas	View Pitch
Aug 7, 2025	Seeking Alpha	Patient Tech Investor	Antero Resources	Energy	Oil & Gas E&P	Bull	NYSE	—	View Pitch

BSD Shareholders of AR

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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