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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 3, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALB, BALL, CCI, CHE, CIGI, DECK, DINO, ELS, EXPO, GPN, LAD, NOC, RLI, SSD, TSM, TTC, TXN, WH, XOM | Beta Hedging, Long/Short, quantitative, risk management, Systematic | View | ||
| 2025 Q2 | Jul 22, 2025 | Longleaf Partners Global Fund | 10.5% | 8.1% | AMG, ANGI, BIO, CNX, DINO, ERF.PA, EXO.MI, FDX, GLB.L, IAC, KHC, MAT, PHG, PVH, REGN, RKT.L | Buybacks, global, healthcare, Spin-Offs, Trade Policy, undervalued, value | Portfolio trades at high-50s% price-to-value ratio with P/FCF below 10x versus broader market at 20x. Manager continues to avoid popular favorites and tilts toward emotional mispricings. Securities owned have stock-specific undervaluation reasons. | FDX REGN KHC LH.PA GLB.L CANAL.PA CAN LN |
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| 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 | |
| 2024 Q1 | May 21, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH | Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic | The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks. | View | |
| 2026 Q1 | Apr 21, 2026 | Harbor Mid Cap Value Fund | 4.6% | 4.6% | ANGI, APA, CF, CMC, DINO, EXPE, FLEX, FOXA, HAL, JBL, MTDR, SFD, UPWK, WDC | AI, energy, mid cap, quantitative, Rotation, small caps, value | View | ||
| 2026 Q1 | Apr 13, 2026 | Distillate Capital Small/Mid Cap Quality & Value | 5.9% | 5.9% | APA, BTU, CF, CHRD, CSL, DINO, EPAM, FBIN, HRB, ICLR, MATX, OVV, PTEN, SNX, TNET, UAN, VYX | energy, fundamentals, Quality, rebalancing, small caps, value | View | ||
| 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 | |
| 2024 Q3 | Oct 2, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALGN, AMT, APO, BALL, CAAP, CGNX, CHE, CIGI, COP, DINO, EXPO, FIX, MCK, NOC, PAGS, RLI, SAIA, SSD, TSM | Alpha Generation, Long/Short, quantitative, risk management, Systematic | 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 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 | |
| 2024 Q4 | Jan 6, 2025 | LRT Capital Management | 0.0% | 15.8% | AAPL, ABG, BURL, CGNX, CHE, CIGI, COP, DECK, DINO, EXPO, FIX, GPN, IESC, PRI, RLI, TSLA, TSM, WH, WMT, WSM | AI, fundamentals, Long/Short, momentum, Overvaluation, Systematic, value | Manager criticizes momentum-driven markets where fundamentals have been ignored for three years. Value factor declined 17% in 2024 while momentum returned 57%. The fund maintains a fundamentals-based approach despite challenging environment for value investing. | View | |
| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN | Buybacks, Cash, Defensive, Leverage, Quality, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property. | ANGI PVH PYPL MGM IAC REGN MAT DINO KHC |
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| 2024 Q3 | Sep 30, 2024 | Miller Howard North American Energy Fund | 0.0% | 0.0% | AESI, CHRD, CVE, CVX, DINO, HES, KMI, OXY, PBA, TRGP, TRP, WTTR, XOM | energy, Midstream, Natural Gas, oil, Pipelines, Shale | Portfolio rotation into natural gas-focused midstream stocks delivered strong returns this quarter, partially offsetting oil producer and refiner weakness. Kinder Morgan is seeing excitement around long-term exposure to AI-related natural gas developments. | AESI WTTR |
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| 2023 Q4 | Aug 1, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALB, ALGN, BALL, BF-B, CCI, CHE, CIGI, CSWI, DINO, EXPO, GPN, LAD, NOC, PSX, RLI, SSD, TPL, TSM, WH | Defensive, Long/Short, Market Neutral, Quality, risk management, valuation | Manager emphasizes owning high-quality companies that outperformed during December's challenging environment. Portfolio companies are described as firing on all cylinders with strong fundamentals. | View | |
| 2023 Q3 | Apr 10, 2023 | LRT Capital Management | 0.0% | 15.8% | ABG, ACGL, ALGN, AZPN, BALL, CCI, CHE, DINO, ELS, EME, FIX, JKHY, NOC, RLI, SSD, TPL, TSM, URI, WH, WSM | Hedging, Long/Short, Quality, SMID Cap, Systematic | The fund focuses on high quality, diversified, and liquid companies with economic moats. The strategy emphasizes businesses with strong competitive dynamics that are unlikely to be meaningfully affected by small changes in interest rates. | 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 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 | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Fund | -1.3% | 8.8% | ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG | Buybacks, energy, Media, Natural Gas, payments, technology, value | Fund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Longleaf Partners Fund | HF Sinclair | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Bull, energy infrastructure, Fossil Fuels, insider buying, Middle East, Non-refining Assets, refining | View Pitch |
| Jan 16, 2026 | Fund Letters | Ross Glotzbach | HF Sinclair Corporation | Energy | Oil & Gas Refining & Marketing | Bull | New York Stock Exchange | infrastructure, Insiderbuying, refining, Spreads, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Seeking Profits | HF Sinclair | Energy | Oil & Gas Refining & Marketing | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Ronald Ferrie | HF Sinclair | Energy | Oil & Gas Refining & Marketing | Neutral | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $23.1M | 0.04% | 500,598 | -337,966 | -40.30% | 0.2401% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $19.1M | 0.02% | 413,705 | +6,000 | +49.59% | 0.1984% |
| Ray Dalio | Bridgewater Associates | $27.4B | $21.3M | 0.08% | 461,375 | +365,038 | +378.92% | 0.2213% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.3M | 0.00% | 29,106 | -576,643 | -95.20% | 0.0140% |
| Israel Englander | Millennium Management LLC | $233.2B | $26.2M | 0.01% | 569,511 | -101,323 | -15.10% | 0.2731% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $38.7M | 0.06% | 840,556 | +738,207 | +721.26% | 0.4031% |
| Cliff Asness | AQR Capital Management | $190.6B | $200.9M | 0.11% | 4,359,370 | +523,709 | +13.65% | 2.0907% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $768,799 | 0.06% | 16,684 | +2,376 | +16.61% | 0.0080% |
| Rich Handler | Jefferies | $19.3B | $6.2M | 0.03% | 134,419 | +134,419 | +100.00% | 0.0645% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $40,445 | 0.00% | 877 | +0 | +0.00% | 0.0004% |