Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 7, 2025 | GoodHaven Capital Management | - | -5.9% | ABG, ARW, BAC, BLDR, BRK-B, CB, CPT, EXOR.MI, JEF, KKR, LEN.B, PGR, TOL, TVK.TO | Buybacks, Capital markets, Homebuilders, insurance, Long/Short, Trade Policy, value | The White House announced materially higher tariffs for many countries, followed by counter measures and economic volatility. Current average tariff is 18% compared to 3% during 2018 trade war. Material tariffs increase risk of higher inflation and potentially hinder economic growth. | BRK.B TVK.TO JEF BLDR TVK |
View |
| 2025 Q4 | Feb 12, 2026 | Davis Real Estate Fund | 0.0% | -5.7% | AMT, ARE, AVB, BRX, BXP, CPT, CUZ, DEI, DLR, EQIX, EXR, GPOR.L, HPP, MAA, PLD, REXR, SHO, VTR, WELL | AI, Data centers, Passive flows, Performance, real estate, REITs, valuation | Fund focuses on real estate investment trusts across multiple sectors including senior housing, apartments, office, industrial, and life sciences. Performance was impacted by passive flows favoring larger companies and sector rotation dynamics. The fund maintains overweight positions in apartments and office while being underweight in senior housing. AI demand driving unprecedented data center space requirements with holdings in Digital Realty and Equinix benefiting from recent leasing deals. Risks include power availability constraints, transmission limitations, and potential technology disruption that could reduce data center demand over time. | DLR EQIX PLD ARE WELL |
View |
| 2024 Q4 | Dec 31, 2024 | Miller Howard Investments Income-Equity Strategies | - | - | ABBV, CPT, EIX, ETR, EWBC, GILD, GS, GSK, HST, JEF, JNJ, JPM, KO, LAMR, LYB, MAA, MDT, MRK, MSM, ORI, RY, TTE, USB | dividends, financials, healthcare, income, Utilities, value | The fund focuses on companies with high and rising dividend yields, tracking both the percentage of holdings announcing dividend increases and the average size of those increases. In 2024, over 90% of holdings announced dividend increases versus only 50% for the Russell 1000 Index. The average dividend increase was 23 basis points for Income-Equity versus only 5 basis points for Russell 1000 dividend payers. | View | |
| 2024 Q4 | Dec 31, 2024 | Miller Howard Investments | - | - | ABBV, AESI, AM, CPT, EIX, EQIX, ETR, GSK, HCA, HST, LAMR, LBRT, LNG, LYB, MAA, MRK, MSM, OKE, ORI, PAGP, PCG, RY, SM, SOBO, TRP, USB, VST, WMB | Data centers, dividends, energy, infrastructure, Natural Gas, retirement, Utilities | The letter extensively analyzes dividend-based retirement strategies, demonstrating that high-yield stocks historically outperformed the S&P 500 with 11.1% vs 9.8% annualized returns from 1928-2023. Dividend spending strategies never failed in 67 simulated 30-year retirements, while allowing higher average spending than the traditional 4% Rule. | View | |
| 2024 Q3 | Oct 8, 2024 | Brasada Focused Equity Strategy | 0.0% | 0.0% | CPT | dividends, Fed policy, interest rates, real estate, REITs, value | The Fed has begun cutting rates after hiking from 0 to 550 basis points in 16 months. Market expects additional 150 basis points of cuts by end of 2025. Lower rates should benefit companies that struggled with higher rates including commercial construction, home sales, auto sales, and leveraged companies. | CPT |
View |
| 2024 Q2 | Jul 16, 2022 | Warden Capital | 0.0% | 9.1% | BX, CPT, EQR, KKR, NXRT, USRT | CRE, Fed, inflation, Multifamily, rates, real estate, REITs | Evidence building that CRE markets may be at a bottom in private market pricing unless recession occurs. Multifamily pricing has firmed with institutional interest from KKR and Blackstone. Delinquency rates continue rising but replacement costs have increased dramatically, positioning quality assets well below replacement cost for future appreciation. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, DINO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, LYB, MAA, MMP, MPLX, ORI, POR, PPL, SO, STAG, TRGP, TTE, UPS | Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities | The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitments as signals of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, MAA, MMP, MPLX, ORI, STAG, TTE, UPS | Banking, credit, dividends, infrastructure, interest rates, Recession, Utilities | The fund focuses on dividend-paying companies with a history of dividend increases. Almost half of holdings raised their regular dividend in the first quarter. The fund believes dividend-paying stocks outperformed over the past 30 years with lower volatility. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MMP, MPLX, ORI, POR, STAG, TTE, UPS | Banking, dividends, energy, inflation, infrastructure, interest rates, Midstream, Recession | The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitment as a signal of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | CMCSA, CMS, CPT, CSCO, DINO, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MAA, ORI, POR, PPL, SO, STAG, TTE, UPS | Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities | Miller/Howard emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in Q1 2023. The firm believes dividend commitments signal management confidence in stable cash flows and impose discipline on capital allocation. High-dividend-yield stocks outperformed the S&P 500 over 30 years with lower volatility. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Brasada Focused Equity Strategy | Camden Property Trust | Real Estate | Residential REITs | Bull | NYSE | Apartments, demographic trends, dividend yield, Interest Rate Sensitive, Multifamily, Real Estate, REIT, Rent growth, Rental Housing, Residential, Supply Shortage, Value | View Pitch |
| Feb 1, 2026 | Seeking Alpha | Seeking Alpha | Camden Property Trust | Real Estate | Residential REIT | Bull | New York Stock Exchange | Camden Property Trust, De-dollarization, high absorption, multifamily residential, Real Estate, REIT, stock buyback, strong balance sheet, Sunbelt markets, supply-demand dynamics | View Pitch |
| Oct 6, 2025 | Value Investors Club | nassau799 | Camden Property Trust | Real Estate | Residential REITs | — | NYSE | REIT, multifamily housing, Sunbelt, apartments, rent growth, supply/demand, NAV discount, cap rate, demographics, balance sheet strength | View Pitch |
| Sep 25, 2025 | Seeking Alpha | Seeking Alpha | Camden Property Trust | REIT - Residential | Bull | apartment REIT, Camden Property Trust, capital recycling, diversified portfolio, economic resilience, growth potential, housing affordability, Interest rates, Sunbelt markets, valuation | 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 |
|---|---|---|---|---|---|---|---|---|
| Andreas Halvorsen | Viking Global Investors | $37.7B | $524.5M | 1.39% | 4,764,495 | +917,755 | +23.86% | 4.5227% |
| Marc Rowan | Apollo Global Management | $10.6B | $27.9M | 0.26% | 253,690 | +253,690 | +100.00% | 0.2408% |
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $6.9M | 0.16% | 62,603 | -3,971 | -5.96% | 0.0594% |
| Chris Davis | Davis Selected Advisers | $22.2B | $9.6M | 0.04% | 86,930 | -91,310 | -51.23% | 0.0825% |
| John Khoury | Long Pond Capital | $851.2M | $5.9M | 0.69% | 53,679 | -1,892,019 | -97.24% | 0.0510% |
| Lee Ainslie | Maverick Capital | $9.3B | $202.3M | 2.17% | 1,837,790 | +1,837,790 | +100.00% | 1.7445% |
| Israel Englander | Millennium Management LLC | $233.2B | $28.9M | 0.01% | 262,606 | +146,456 | +126.09% | 0.2493% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $55.4M | 0.08% | 503,071 | -238,949 | -32.20% | 0.4775% |
| Cliff Asness | AQR Capital Management | $190.6B | $45.0M | 0.02% | 409,243 | +47,796 | +13.22% | 0.3885% |
| Mario Gabelli | GAMCO Investors | $10.4B | $1.9M | 0.02% | 17,583 | +0 | +0.00% | 0.0167% |
| Louis Bacon | Moore Capital Management | $6.8B | $6.1M | 0.09% | 55,840 | +55,840 | +100.00% | 0.0530% |