ATO

ATO

ATO

Market Cap: $29.43B

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 Investments Utilities Plus	-	-	ATO, AWK, CNP, ETR, FTS, MDU, NI, NRG, PEG, PPL, SRE, VST, XEL	Data centers, dividends, energy, infrastructure, Transmission, Utilities	Excitement around data centers and their implications for US electricity demand have been a major driver of utility performance. The requisite power generation and high-voltage transmission needed to deliver that power represents a clear opportunity for utilities to deploy incremental capital and earn regulated returns.		View
2025 Q1	Mar 31, 2025	Miller Howard Investments Infrastructure	-	-	AMT, ATO, AWK, CCI, CEG, CMCSA, CSX, EQIX, ETR, EXC, HCA, NI, SRE, T, TMUS, TRGP, UPS, WCN, WM, WMB	Data centers, Defensive, dividends, infrastructure, Telecom, Utilities, Waste management	Infrastructure sector outperformed S&P 500 by widest margin in 20 years, providing downside protection amid market uncertainty. Portfolio focuses on essential service providers with high barriers to entry, stable cash flows, and attractive risk-adjusted returns with strong up/down capture ratios.		View
2025 Q1	Mar 31, 2025	Miller Howard Investments Utilities Plus	-	-	AEE, AEP, ATO, AWK, CEG, CNP, EIX, ETR, EVRG, EXC, NGG, NI, PCG, SO, SRE, VST, XEL	Data centers, Defensive, dividends, infrastructure, regulation, Utilities	15 of 31 holdings announced dividend increases with an average increase of 5.4%. Portfolio transactions were focused on improving dividend and earnings growth profile, which historically leads to outperformance.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments Utilities Plus	-	-	ATO, AWK, CNP, ETR, FTS, MDU, NI, NRG, PEG, PPL, SRE, VST, XEL	AI, Data centers, dividends, Electrification, energy, infrastructure, Transmission, Utilities	Excitement around data centers and their implications for US electricity demand have been a major driver of utility performance. The requisite power generation and high-voltage transmission needed to deliver that power represents a clear opportunity for utilities to deploy incremental capital and earn regulated returns.		View
2024 Q3	Sep 30, 2024	Aristotle Value Equity Fund	6.3%	12.3%	ADBE, ADSK, AIG, AMGN, AMP, ATO, BX, COF, CRBG, CTVA, LEN, MCHP, MLM, MRK, MSFT, PH, QCOM, VZ, XEL	Alternative Assets, insurance, large cap, semiconductors, Telecommunications, value	The fund invested in Verizon Communications, viewing it as positioned to benefit from 5G technology adoption and fiber network expansion. Verizon's wireless services account for approximately 70% of revenue, serving over 90 million postpaid customers as the country's largest wireless carrier. The company announced a $20 billion acquisition of Frontier to expand its fiber network to 31 states.	AIG VZ	View
2024 Q3	Sep 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	ATO, AWK, BKH, CEG, CNP, DUK, ETR, MDU, MSFT, NEE, NEP, NI, PCG, VST	Data centers, dividends, income, nuclear, Power, rates, Utilities	Rising electricity demand from datacenter trends remained at the forefront of investors' minds and drove independent power producer performance. Constellation Energy's 20-year power purchase agreement with Microsoft to restart Three Mile Island nuclear unit created a catalyst for the group.		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 Q1	Mar 30, 2022	Aristotle Value Equity Fund	6.3%	12.3%	ATO, BX, CORTVSR BZ, EWBC, LEN, OSK, XEL	-			View
2024 Q4	Jan 30, 2025	Aristotle Value Equity Fund	-4.4%	7.2%	ADBE, AMGN, AMP, ANSYS, ATO, BX, CFR, COF, CTVA, LEN, MCHP, MLM, MSFT, MUFG, PH, SONY	Asset Management, financials, Homebuilders, semiconductors, technology, value	The fund follows a quality-oriented approach to intrinsic value investing focused on fundamentals and unfolding catalysts measured in years, not quarters. The manager believes value investors often seek to invest in companies that are not in vogue with investors, and their approach is best measured over a full market cycle of three to five years.	MCHP LEN AMP COF	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Oct 9, 2025	Seeking Alpha	Seeking Alpha	Atmos Energy Corporation		Utilities - Regulated Gas	Bull		Atmos Energy, capital expenditure, equity issuance, long-term return, natural gas, pipeline business, predictable cash flows, rate base growth, regulated utility, Texas legislation	View Pitch

BSD Shareholders of ATO

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
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$2.9M	0.01%	17,439	-38,367	-68.75%	0.0099%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$432,988	0.00%	2,583	+147	+6.03%	0.0015%
Israel Englander	Millennium Management LLC	$233.2B	$11.2M	0.00%	66,985	+6,559	+10.85%	0.0382%
Terrence Murphy	Clearbridge Investments	$124.9B	$22.9M	0.02%	136,633	+47,242	+52.85%	0.0778%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$604,139	0.00%	3,604	-43,960	-92.42%	0.0021%
Cliff Asness	AQR Capital Management	$190.6B	$84.9M	0.04%	506,617	+18,423	+3.77%	0.2886%
Rich Handler	Jefferies	$19.3B	$1.2M	0.01%	6,863	+6,863	+100.00%	0.0039%
Richard Kayne & John Anderson	Kayne Anderson Rudnick Investment Management	$37.3B	$1,173	0.00%	7	+0	+0.00%	0.0000%

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