DUK Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Brookfield Asset Management	-	-	DUK, GATX, GOOGL, MSFT, WFC	AI, credit, Data centers, Energy Transition, infrastructure, private equity, real estate, Renewable Power	Artificial intelligence is transforming how data is created, processed, transported, and consumed, driving rapid demand for computing power and network capacity. Brookfield is launching a dedicated strategy focused on AI infrastructure development to meet growing demand from hyperscalers, enterprises, and governments. The firm sees AI infrastructure as one of the defining investment themes of the decade.		View
2025 Q2	Aug 27, 2025	Global High Dividend ADR	8.6%	17.3%	2899.HK, 8766.T, AVGO, BA.L, BTI, CVX, DUK, ET, IBE.MC, JCI, JNJ, JPM, MRK, MS, NVS, SGO.PA, SIE.DE, TSCO.L, UCG.MI, ZURN.SW	dividends, Dollar, Europe, financials, international, long-term, Quality, value	Global value has outperformed growth over the last one, three, five and seven years. Value remains more out of favor today over a trailing 10-year basis than during the peak of the Dot-Com Bubble. Key drivers include strong performance of financial companies benefiting from rising interest rates and industrial companies exposed to long-term secular tailwinds.		View
2025 Q2	Jul 27, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX	AI, financials, growth, healthcare, income, large cap, semiconductors, technology	AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund reduced AI exposure to neutral levels after taking profits, citing concerns about market concentration in this single catalyst. AI infrastructure spending by major tech companies continues to rise, supporting companies like Corning, Oracle, and Broadcom.	LRCX ABBV AVGO ORCL GLW ETN	View
2024 Q2	Jun 30, 2024	Andrew Hill Investment Advisors	-	-	AAPL, AMSC, AMZN, ANET, CEG, CMG, COST, DELL, DUK, GRMN, HIW, ISRG, JNJ, LLY, META, MSFT, NVDA, VRTX	AI, Data centers, energy, healthcare, semiconductors, technology	AI theme is the most prevalent across portfolios with holdings from enablers to users. Nvidia dominates data center semiconductors with 92% market share and significant competitive advantages. Microsoft's Copilot AI works alongside Office 365, while Apple recently unveiled Apple Intelligence for iOS18.		View
2025 Q2	Jun 26, 2025	Andrew Hill Investment Advisors	-	-	AAPL, AMSC, CEG, DUK, EQT, GE, GRMN, HASI, JPM, MSFT, MSI, NFLX, NVDA, OKE, PGR, SFM, TMO, UBER, VRTX, YETI	AI, Bonds, energy, gold, healthcare, Stablecoins, tariffs, technology	AI infrastructure investment remains strong despite global conflicts and political policies. Approximately one-third of equity holdings are directly involved in AI infrastructure build-out spanning technology, communications, finance, and utilities. AI holdings have largely driven strong equity returns over the past few years, modestly outperforming the S&P 500 in 2025.		View
2025 Q1	Apr 28, 2025	Advisors Capital	-	-	AAPL, AMZN, AVGO, DUK, GOOG, META, MSFT, NVDA	AI, Defensive, fixed income, global, Recession, tariffs, Trade Policy	The Trump Administration implemented extensive tariff policies in Q1 2025, including reciprocal tariffs on 90 countries ranging from 10% to 125% rates. While markets initially reacted negatively, the firm believes adaptation mechanisms and potential negotiations will mitigate worst-case scenarios. The policy creates both challenges through higher costs and opportunities through domestic production shifts.		View
2024 Q1	Apr 15, 2024	Matrix Large Cap Value Strategy	0.0%	0.0%	ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH	AI, dividends, financials, large cap, rates, technology, Utilities, value	Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio.	TSN AEP	View
2024 Q1	Apr 15, 2024	Matrix Dividend Income	0.0%	0.0%	ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH	dividends, financials, large cap, Rate Cuts, technology, Utilities, value	Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio.	TSN AEP	View
2024 Q1	Apr 15, 2024	Skybound Wealth Management	10.3%	10.3%	ADBE, AGX, AXSM, CRM, DUK, GHM, META, MSFT, ORCL, VST, ZETA	AI, Biotechnology, defense, energy, growth, small caps, technology	Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity. AI data centers consume extreme amounts of power which the current grid capacity is not suited for. Zeta Global's software platform combined with artificial intelligence helps companies market more efficiently by targeting ads based on specific demographics.	AXSM ZETA GHM AGX	View
2025 Q1	Mar 31, 2025	Global High Dividend ADR	-	-	AIBRF, BAESY, CVX, DNBBY, DUK, ENB, ET, IBE.MC, JNJ, KOF, MO, MURGF, NSRGY, NVS, SIE.DE, SVNLY, UNCRY, VICI, VOLVY, ZURVY	dividends, energy, Europe, financials, international, Utilities, value	Following four consecutive years of strong dividend growth, 82% of portfolio companies that declared dividends increased payments by an average of 9.7% year-over-year. Across the entire portfolio, dividend income grew 5.8% year-over-year. The strategy focuses on companies with balance sheet strength and operational resilience to deliver progressive dividend growth over the long term.	2899.HK DTE.DE AIBG.L UCG.MI ENB.TO	View
2025 Q1	Mar 31, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, AVGO, CVX, DUK, ETN, GS, HPE, IBM, JPM, MCD, MSFT, ORCL, PG, TMUS, UNH	AI, Defensive, dividends, financials, healthcare, Quality, technology	The quarter witnessed mounting concerns regarding the sustainability of rapid AI investment pace. Chinese DeepSeek's competitive AI model created concerns for Microsoft's OpenAI stake, while the Stargate Project represents a $500 billion AI infrastructure investment over four years.		View
2025 Q1	Mar 26, 2025	Andrew Hill Investment Advisors	-	-	1211.HK, AAPL, ACN, AMZN, ANET, CEG, DUK, EQT, GE, GLD, GRMN, JNJ, JPM, MSFT, NFLX, NVDA, PGR, TTEK	AI, Bonds, defense, Electric Vehicles, healthcare, inflation, Natural Gas, tariffs	The Trump Administration is pursuing tariffs, immigration controls, and budget cuts to reshape the US economy from global services-based to domestically focused manufacturing. Tariffs are viewed as generally bad policy that will result in lower margins and less efficient operations. The uncertainty around tariffs is leading to lower business activity and stock prices.	MSFT GRMN DUK AMZN AAPL NFLX JPM PGR JNJ	View
2024 Q4	Feb 12, 2025	GROW Funds	-	-	ADBE, AGX, AXSM, CRM, DUK, GHM, META, MSFT, ORCL, VST, ZETA	AI, Biotechnology, defense, energy, growth, small caps, technology, Trimming	Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity. AI data centers consume extreme amounts of power which the current grid capacity is not suited for. Zeta Global's software platform combined with artificial intelligence helps companies market more efficiently by targeting ads based on specific demographics.	AXSM ZETA GHM AGX AXSM ZETA GHM AGX AXSM ZETA GHM AGX	View
2025 Q3	Oct 19, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX	AI, financials, growth, healthcare, income, large cap, semiconductors, technology	AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund maintains exposure to AI infrastructure leaders like Corning, Oracle, and Broadcom, though managers reduced AI exposure to neutral levels after taking profits due to concentration concerns.		View
2024 Q3	Oct 11, 2024	GROW Funds	-	-	AAPL, ADBE, AGX, AMZN, BRZE, CRM, DUK, GOOGL, KVYO, META, MSFT, NVDA, ORCL, TSLA, VST, ZETA	Advertising, AI, growth, Natural Gas, small caps, technology, value	AI is driving power demand for data centers, creating opportunities for companies like Argan that build natural gas power plants. Microsoft and Meta are building new AI data centers that consume extreme amounts of power which the current grid capacity cannot support.	AGX ZETA AGX ZETA	View
2025 Q4	Jan 19, 2026	Carillon Eagle Growth & Income Fund	0.0%	0.0%	ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS	AI, Capital markets, earnings, growth, large cap, semiconductors, technology	AI-related investment remains robust and has the potential to broaden its impact across industries. The AI super-cycle continues to provide powerful support, yet it carries risks. Investor willingness to underwrite aggressive AI spending has cooled somewhat, and the debate over whether we are in an AI bubble has increased. Lam Research benefitted from improving sentiment regarding the importance of its products within the semiconductor capital spending market. As a leading provider of equipment tied to memory requirements for AI, Lam Research could have a long and healthy path to growth. Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. Earnings growth was the clear engine of the market's advance in 2025. Forward S&P 500 earnings are projected to rise 16% in 2026 over 2025. Bloomberg projects S&P 500 EPS growth of 16% in 2026, up from 15% in 2025 with 7 of 11 sectors expected to deliver double-digit gains. Goldman Sachs Group's shares contributed to fourth-quarter performance due to positive financial results, coupled with increased optimism regarding capital markets activity heading into 2026. Goldman Sachs maintains one of the strongest global merger and acquisition advisory and trading, with increased activity in M&A, initial public offerings, and debt issuance activity directly boosting its financial performance.		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 Q3	Sep 30, 2024	Matrix Dividend Income	0.0%	0.0%	ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, PYPL, QCOM, SBUX, UNP	dividends, financials, healthcare, large cap, rates, value	Matrix's Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q3, three portfolio holdings raised their dividends by an average of 6.1%, and over the past 12 months 23 of 24 holdings increased their dividends by 6.1%. The portfolio maintains a 2.80% dividend yield compared to the S&P 500's 1.28% yield.	NESN.SW BDX MDT	View
2024 Q3	Sep 30, 2024	Matrix Large Cap Value Strategy	0.0%	0.0%	ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, NESN.SW, PYPL, QCOM, SBUX, UNP	dividends, financials, healthcare, large cap, rates, value	Matrix's Dividend Income portfolio delivered strong performance with 19 holdings raising dividends by 6.4% average in nine months. The portfolio maintains a 2.80% dividend yield versus 1.28% for S&P 500, with 23 of 24 holdings increasing dividends over past 12 months by 6.1% average.	NESN.SW BDX MDT	View
2022 Q4	Jan 3, 2023	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	BKEN, BP, DUK, ECCE, PR	-			View

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