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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Orbis Global Equity | - | - | CEG | - | View | ||
| 2025 Q2 | Jul 22, 2025 | Harbor Capital Appreciation Fund | 19.5% | 7.4% | AAPL, AVGO, BSX, CEG, HUBS, MA, NFLX, NVDA, SHOP | AI Adoption, Balance Sheets, earnings momentum, innovation, Large Cap Growth | The commentary highlights resilient U.S. large-cap growth driven by AI adoption, strong earnings momentum, and corporate innovation despite tariff-related volatility. Management stresses bottom-up stock selection in companies with durable growth, pricing power, and strong balance sheets. Growth leadership is expected to broaden beyond a narrow group of mega-cap winners. | BSX SHOP HUBS |
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| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Infrastructure | - | - | AES, CEG, CMS, CSX, NG/ LN, OKE, PPL, TMUS, TPGP, WCN, WMB, XEL | cash flow, Electrification, inflation protection, infrastructure, regulated assets | The commentary highlights infrastructure equities as long-duration assets benefiting from secular investment cycles in energy transition, electrification, and grid modernization. Management notes that regulated assets and contracted cash flows offer inflation protection and downside resilience despite short-term rate volatility. Infrastructure is positioned as a hybrid growth-and-income theme with improving visibility into long-term returns. | View | |
| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Utilities Plus | - | - | AEP, CEG, CMS, EXC, PCG, PEG, PPL, SRE, VST | Data centers, dividends, electricity demand, infrastructure, Utilities | The letter highlights regulated utilities and independent power producers as beneficiaries of surging electricity demand from AI, data centers, and electrification trends. Management stresses that utilities offer lower volatility, growing dividends, and improving growth visibility as capital spending accelerates. The theme balances defensive characteristics with structural demand growth. | View | |
| 2024 Q2 | Jul 1, 2024 | REQ Global Compounders | - | 14.0% | 0R4P LN, 3004 TT, CEG | CashFlow, Compounding, Decentralization, growth, M&A | Compounding: The letter emphasizes strong organic growth, high cash generation, and sustained reinvestment across decentralized acquisition-driven compounders. Portfolio companies announced 99 acquisitions in 1H24, supported by robust cash culture and reinvestment discipline. Acquisition: Notable deals include Diplomas purchase of Peerless Aerospace Fastener and Judges Scientifics acquisition of Rockwash Geodata. These demonstrate disciplined pricing, high returns on capital, and structurally deep private-market pipelines across Europe and the US. Decentralization: REQ highlights that culturenot deal countis the core engine. Decentralized structures, local autonomy, and entrepreneurial incentives enable subsidiaries to scale while maintaining agility. Decentralization is framed as essential to sustaining multi-decade compounding. | View | |
| 2024 Q1 | Apr 15, 2024 | The Sound Shore Fund | 6.7% | 21.1% | CEG, TEVA, VST | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Infrastructure | - | - | AMAR, CEG, CSX, EQIX, EXC, SRE, TMUS, TRGP, UPS | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | CEG, FLUT, GE, NFLX, SBUX, TSM, VRTX | - | View | ||
| 2025 Q4 | Dec 29, 2025 | Andrew Hill Investment Advisors, Inc. | - | - | CEG, GE, GEV | Allocation, gold, income, Macro, valuation | The client letter reviews a volatile but resilient market environment shaped by tariffs, AI enthusiasm, moderating inflation, and shifting leadership across asset classes. Portfolio positioning emphasizes discipline, valuation awareness, and diversification, with increased focus on income, gold, and selective equity exposure as growth slows. Macro awareness is positioned as essential for navigating late-cycle dynamics and preserving capital. | CEG GE GEV |
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| 2024 Q3 | Dec 23, 2024 | Spear Advisors | -3.5% | 0.0% | CEG, NVDA, TSLA | - | View | ||
| 2024 Q4 | Dec 19, 2024 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, ANET, CEG, GEV, GRMN, GS, JPM, MSFT, NVDA | - | View | ||
| 2025 Q3 | Nov 19, 2025 | DKAM Donville Kent Asset Management | - | - | CEG, CPH CN, E CN, FORA CN, GRID CN, GSY CN, MDA CN, PRL CN, TGH CN, VHI CN, ZDC CN | CashEarnings, cybersecurity, SmallCaps, software, VerticalMarket | Software: The letter focuses heavily on AIs impact on SaaS, arguing that vibe-coding cannot replicate secure, regulated, mission-critical software, protecting vertical-market vendors like VitalHub and Constellation. It emphasizes domain expertise, compliance requirements, and multi-decade workflow knowledge as durable moats that AI tools cannot replace. SmallCaps: The manager reiterates that true small-cap value emerges when accounting distortions (IFRS/GAAP vs. cash earnings) are corrected, highlighting Zedcor as deeply mispriced relative to its real cash-generation. CashFlow: Across positions, the fund stresses cash earnings over reported income, presenting models where cash margins, reinvestment IRRs, and capital-light scalability drive intrinsic value regardless of sentiment. :contentReference[oaicite:0]{index=0} | GSY CT E CT MDA CT CSU CT VHI CT |
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| 2024 Q3 | Nov 19, 2024 | Artemis Global Select Fund (converted to Artemis SmartGARP Global Smaller Companies Fund on October 6, 2025) | -3.7% | - | 005930 KS, AMZN, CEG, MTX GR, NVO CN | - | View | ||
| 2025 Q3 | Nov 16, 2025 | Aristotle Atlantic Core Equity Strategy | 7.1% | 15.1% | ADPT, AR, BDX, BKR, CEG, DAR, DXCM, HAL, NOW, ORCL | earnings, policy, tariffs, technology, Trade | The letter highlights tariff-driven volatility as a defining macro theme influencing U.S. growth, trade flows and sector earnings. Policy uncertainty has created dispersion across industries, while resilient corporate earningsparticularly in technologydemonstrate adaptability amid shifting trade dynamics. The manager emphasizes investing in companies with structural growth tailwinds, strong balance sheets and product-driven cycles that can endure policy shocks. | BDX BKR CEG DXCM ADPT ORCL AR DAR |
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| 2023 Q3 | Oct 9, 2023 | Artemis US Select Fund (Class I Accumulation Shares GBP) | 2.6% | - | CEG, CSX, DXCM, META | - | View | ||
| 2022 Q3 | Oct 17, 2022 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | AAP, CEG, SWKS, TCBI | - | View | ||
| 2025 Q3 | Oct 10, 2025 | Akre Focus Fund | -3.4% | 3.9% | CEG | AI, Compounding, ETF, software, technology | The fund discusses volatility from Constellation Softwares drawdown but reaffirms conviction in vertical market software and decentralized business models. Akre highlights AI as an evolutionary force but not a structural threat to long-term compounding businesses. Conversion to an ETF structure is framed as enhancing tax efficiency and liquidity. | CSU CN |
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| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments Infrastructure | -2.9% | 8.8% | AMT, CEG, LNG, MPC, NEE, NGG, PEG, SRE, T, TMUS, TRGP, UPS, VZ, XEL | Data centers, dividends, energy, infrastructure, nuclear, Utilities | The US nuclear industry is undergoing its most significant shift in decades with rising electricity demand, policy support, and emerging technologies creating foundation for long-term capacity expansion. The manager views companies with existing nuclear assets and restart plans as ideal investments with attractive risk/reward profiles. Rising electricity demand driven by data centers is a key growth driver, with hyperscalers signing multiple power purchase agreements for nuclear offtake. Data centers have power demands ranging from 50 MW to 2 GW and are willing to sign agreements at premium prices for nuclear generation. The portfolio offers high dividend yield over 2.5x the S&P 500 Index with strong prospects for dividend growth and ample coverage. Eight holdings announced dividend increases this quarter with an average increase of 9.5%. Policy support through the Infrastructure Investment and Jobs Act and Inflation Reduction Act has provided financial support and tax credits for nuclear development, putting it on level ground with wind and solar while creating a floor for existing nuclear fleet. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments Utilities Plus | -2.4% | 14.2% | AEP, BKH, CEG, DTE, MDU, NEE, PEG, PPL, SO, SRE, VST, XEL | Capital Expenditure, Data centers, dividends, earnings growth, Grid Infrastructure, nuclear, Power Markets, Utilities | US electricity demand continues to grow driven by data center proliferation. Utilities are deploying accelerating capital into grid infrastructure to bridge the gap between existing capacity and rising future demand. Companies like NextEra Energy and Black Hills are benefiting from their ability to serve data centers with diversified offerings. Utilities are deploying ever-accelerating amounts of capital into grid infrastructure to meet rising electricity demand. S&P 500 Utility Index capex forecasts for 2026 and 2027 increased by 16% and 15% respectively. Higher levels of capital deployed within the regulated utility framework are lifting utility growth profiles. This quarter, 10 of the 32 holdings announced dividend increases with an average increase of 15.3%. An enhanced earnings profile should strengthen utilities' ability to provide high and rising income to investors. The portfolio focuses on generating total returns with a high and rising stream of income. NextEra Energy signed a 25-year power purchase agreement with Google to restart the Duane Arnold nuclear plant. Constellation Energy benefited from a FERC ruling on co-location that was viewed as positive for Independent Power Producer development and from PJM Interconnection capacity auction pricing. Tightening power markets for independent power producers lifted utility growth profiles. Constellation Energy benefited from FERC ruling on co-location viewed as positive for IPP development. The company also benefited from PJM Interconnection capacity auction where pricing came in at the top of the collar range. | View | |
| 2025 Q4 | Jan 12, 2026 | Munro Global Growth Fund | -0.7% | 12.2% | 300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout. | CIEN GOOGL |
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| 2024 Q3 | Sep 30, 2024 | Artisan Focus Fund | 7.0% | 28.7% | CEG | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AWK, CEG, DUK, MSFT | - | View | ||
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | CEG, CMCSA, FWRD | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | APP, CDNS, CEG, HEI, MU, PINS | - | View | ||
| 2023 Q3 | Sep 30, 2023 | The Sound Shore Fund | 6.7% | 21.1% | CEG, GEHC, VST | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | BATRA, BILL, CEG, NTRA, PANW, VRDN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Twitter / X | @BourbonCap | Constellation Energy Corporation | Utilities | Electric Utilities | Bull | NASDAQ | AIInfrastructure, CarbonFree, datacenters, ElectricUtilities, ESG, hyperscalers, NuclearPower, PowerContracts | View Pitch |
| Jan 27, 2026 | Fund Letters | Andrew D.W. Hill | Constellation Energy Corporation | Utilities | Electric Utilities | Bull | NASDAQ | Electrification, Nuclear, Power, Pricing, utilities | View Pitch |
| Nov 29, 2025 | Fund Letters | Owen Fitzpatrick, Thomas Hynes, Jr, Brendan O’Neill | Constellation Energy Corporation | Utilities | Electric Power & Renewable Energy | Bull | NASDAQ | AI, clean energy, Decarbonisation, Nuclear, Ppas | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Agar Capital | Constellation Energy | Utilities | Utilities - Renewable | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Litong Tian | Constellation Energy Co. | Utilities | Utilities - Renewable | Bear | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||