CAG

CAG

CAG

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 Income-Equity Strategies	3.8%	-	AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN	AI, Banking, dividends, financials, income, technology, value	AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among Magnificent 7 companies, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain.	HRL ELS COP	View
2025 Q2	Jul 15, 2025	Coho Relative Value Equity	-	-	AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TOST, TSLA	AI, Concentration, Consumer Staples, GLP1, healthcare, multiples, technology, value	AI euphoria following ChatGPT release sparked impressive but narrowly led market rally in Information Technology sector. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-driven momentum propelled sectors Coho tends to underweight.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, small cap, Utilities, value	The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, Quality, Utilities, value	The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, Midstream, MLPs, Utilities	The letter extensively discusses dividend increases as an underappreciated tailwind for wealth building. Miller/Howard analyzes dividend growth patterns across the Russell 1000, showing that companies with higher free cash flow yields and earnings growth are more likely to announce larger dividend increases. The firm emphasizes using bond conventions to measure dividend increases in basis points rather than percentages.		View
2025 Q3	Nov 8, 2025	Cullen Enhanced Equity Income Fund	0.9%	5.4%	AMZN, BAX, BDX, CAG, GOOGL, META, MSFT, NVDA, ORCL, RIO, SW	AI, dividends, Fed, growth, tariffs, technology, value	Euphoria around AI investments has propelled markets higher, with the rebound in the Magnificent 7 pushing valuations to record highs. The trillions of dollars being invested into agentic AI will eventually need to be monetized. Capital expenditures among the top five hyperscalers have surged as these companies race to establish leadership in generative AI.	SPGI	View
2025 Q3	Nov 17, 2025	Appleseed Fund	-	-	AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY	commodities, Dollar, global, gold, inflation, value	Gold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher.		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 Investments Income-Equity Strategies	3.6%	-	AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN	AI, dividends, energy, financials, income, technology, value	AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among the Magnificent 7, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion dollars by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain.	TTE HRL ELS COP	View
2023 Q3	Sep 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities	The letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Recession, Utilities, value	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Utilities, value	The firm emphasizes dividend-paying stocks as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They advocate for dividend investing as a strategy that relies on the power of compounding income over time rather than heroic forecasts.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, GS, HESM, JPM, MPC, MPLX, NEE, NS, NTR, PAYX, SO, SUN, TRGP, TXN, VST	AI, dividends, energy, income, inflation, interest rates, Midstream, Utilities	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide downside protection.		View
2024 Q2	Jun 30, 2024	Coho Relative Value Equity	0.0%	6.1%	ABT, AMGN, CAG, CVS, DG, DIS, GPN, NKE, NVDA, STZ, UNH	AI, Concentration, growth, healthcare, technology, value	The manager emphasizes their value-focused approach, noting the portfolio trades at an uncharacteristically meaningful discount to the S&P 500 Index. They believe the market is mispricing risk and undervaluing the earnings, cash flow, and dividend growth potential of their portfolio. The valuation gap between their portfolio and the market is expected to close as market breadth expands.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities	Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, Natural Gas, Utilities, value	Miller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, Midstream, Natural Gas, Utilities	Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. Dividend payers return 91% of free cash flow to shareholders versus 53% for non-dividend payers. Regular dividends are viewed as management commitments that signal confidence in future profitability.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	Banking, Data centers, dividends, Energy Infrastructure, free cash flow, Natural Gas, Utilities	The letter extensively analyzes dividend-paying stocks versus non-dividend payers, arguing that dividend payers have higher quality free cash flow after adjusting for stock-based compensation. Regular dividend payers return 91% of free cash flow to shareholders through dividends and buybacks, compared to 53% for non-dividend payers.		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	The Sound Shore Fund	6.7%	21.1%	AMAT, AVTR, CAG, CAH, LEN, OGN, ORCL, PFE	contrarian, Cyclical, healthcare, large cap, technology, value	Technology sector benefited from excitement around artificial intelligence potential, driving semiconductor demand. Oracle and Applied Materials are positioned to benefit from AI-driven cloud and infrastructure growth, with Oracle's AI efforts potentially doubling earnings over 5 years.	COGN3 BZ CAH GLEN AMAT ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2023 Q4	Feb 23, 2024	Coho Relative Value Equity	0.0%	6.1%	AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TSLA	AI, Consumer Staples, GLP1, healthcare, Quality, technology, Valuations, value	AI euphoria following ChatGPT release drove Information Technology sector returns over 40% in 2023. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-related stocks dominated market performance but created narrow market breadth.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 20, 2026	Seeking Alpha	Seeking Alpha	Conagra Brands, Inc.	Consumer Goods	Packaged Foods	Bull	New York Stock Exchange	AI initiative, Conagra Brands, consumer behavior, Food inflation, GLP-1 drugs, health-conscious trends, operational efficiency, Packaged Foods, Project Catalyst, protein-focused products	View Pitch

BSD Shareholders of CAG

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
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