FTS Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Letter
2025 Q2	Jul 22, 2025	Miller Howard Investments Utilities Plus	-	-	ATO, AWK, CNP, ETR, FTS, MDU, NI, NRG, PEG, PPL, SRE, VST, XEL	Data centers, dividends, energy, infrastructure, Transmission, Utilities	Excitement around data centers and their implications for US electricity demand have been a major driver of utility performance. The requisite power generation and high-voltage transmission needed to deliver that power represents a clear opportunity for utilities to deploy incremental capital and earn regulated returns.	View
2025 Q3	Oct 19, 2025	Miller Howard Investments Utilities Plus	-	-	ATO, AWK, CNP, ETR, FTS, MDU, NI, NRG, PEG, PPL, SRE, VST, XEL	AI, Data centers, dividends, Electrification, energy, infrastructure, Transmission, Utilities	Excitement around data centers and their implications for US electricity demand have been a major driver of utility performance. The requisite power generation and high-voltage transmission needed to deliver that power represents a clear opportunity for utilities to deploy incremental capital and earn regulated returns.	View
2024 Q1	Mar 31, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AES, AM, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, HESM, IPG, JPM, KMI, KO, LAMR, LBRT, LNG, MPC, NEE, NTR, OKE, ORI, PAGP, PCG, PEG, POR, SRE, STAG, TMUS, TRGP, TTE, UPS, VST, WM	dividends, energy, income, infrastructure, Midstream, Utilities, value	The letter extensively analyzes dividend investing, arguing that high-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. The manager believes dividend stocks are positioned for a revival as market concentration reverses.	View
2024 Q1	Mar 31, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM	AI, dividends, energy, growth, Utilities, valuation	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses.	View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
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BSD Shareholders of FTS

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

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