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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q2 | Aug 25, 2026 | Old West Investment Management | -0.9% | 14.9% | AR, BRKR, CNR, NOK, NVTS, TDW | AI, Coal, Data centers, energy, infrastructure, Natural Gas, Power, semiconductors | AR CNR TDW NOK BRKR NVTS |
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| 2026 Q2 | Jul 28, 2026 | Diamond Hill Small-Mid Cap Strategy | 9.7% | 7.0% | AR, CIEN, CNC, CTRA, DVN, EFX, ERII, FBIN, HII, HUM, RRX, SSNC, VLTO, VRSK, WBS, WIX | AI, Data centers, healthcare, Managed Care, Quality, small caps, valuation | View | ||
| 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 | |
| 2026 Q2 | Jul 20, 2026 | Invesco Small Cap Value Fund | 22.7% | 34.7% | ALGM, APA, AR, CHRD, COHR, CRC, ENTG, EQX.TO, ESAB, ESI, GL, JHX, MKSI, MSM, PNFP, RMBS, SEE, SIMO, TFX, WAL | AI, energy, financials, Intrinsic Value, semiconductors, small cap, technology, value | 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 2022 Q4 | Jan 31, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | AME, AR, AVGO, CTLT, GTLS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 26, 2026 | Fund Letters | Old West Investment Management | Antero Resources Corporation | Oil & Gas E&P | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | AI data centers, Appalachian Basin, Cyclical, electricity generation, Equity, LNG Exports, natural gas, Natural gas liquids, Value | View Pitch |
| 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 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Michael Price | Empyrean Capital Partners | $2.7B | $3.5M | 0.13% | 101,400 | +0 | +0.00% | 0.0335% |
| Irving Kahn | Kahn Brothers | $560.9M | $215,099 | 0.04% | 6,242 | -11,600 | -65.02% | 0.0021% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $6.9M | 0.01% | 199,152 | -38,380 | -16.16% | 0.0658% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $14.0M | 0.02% | 405,239 | -38,100 | -46.46% | 0.1338% |
| Cliff Asness | AQR Capital Management | $190.6B | $161.8M | 0.08% | 4,694,364 | +1,226,828 | +35.38% | 1.5499% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.9M | 0.00% | 55,200 | +1,751,092 | +3970.73% | 0.0182% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.9M | 0.00% | 84,500 | -800,683 | -41.11% | 0.0279% |
| Boaz Weinstein | Saba Capital Management | $3.3B | $323,924 | 0.01% | 9,400 | -600 | -6.00% | 0.0031% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $27.5M | 0.04% | 796,662 | +291,102 | +57.58% | 0.2630% |
| Arnold Van Den Berg | Van Den Berg Management I, Inc | $436.5M | $274,646 | 0.06% | 7,970 | +75 | +0.95% | 0.0026% |
| Sunil Jagwani | Key Group Holdings | $1.9B | $14.3M | 0.74% | 407,000 | -2,547,000 | -86.22% | 0.1367% |
| Rich Handler | Jefferies | $19.3B | $15.3M | 0.08% | 443,368 | -1,255,309 | -73.90% | 0.1464% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $345 | 0.00% | 10 | -54 | -84.38% | 0.0000% |
| Ray Dalio | Bridgewater Associates | $27.4B | $10.0M | 0.04% | 289,749 | -577,321 | -66.58% | 0.0957% |