HESM

HESM

HESM

Market Cap: $7.83B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 11, 2025	Bramshill Income Performance Fund	-	5.0%	AGNC, ARCC, ARLP, B, BXSL, CAPL, CQP, DLR, EPD, ET, GLP, HESM, IRM, JFR, NEM, PAXS, TSLX, TXO, VNOM, WMB	BDCs, dividends, energy, income, MLPs, Pass-through, REITs, Yield	Major concentration in domestic energy production including oil and gas producers, with focus on midstream energy infrastructure benefiting from high throughput and profitability due to difficulty in building new transmission facilities.		View
2025 Q2	Jul 22, 2025	Miller Howard Investments MLP Strategy	-	-	AM, ENB, EPD, ET, GEL, HESM, MPLX, PAA, SUN, WES, WMB	Data centers, dividends, energy, infrastructure, Midstream, Natural Gas	Natural gas demand from data centers is driving significant growth opportunities for midstream companies. Hyperscalers continue increasing capex with most projects powered by natural gas, creating over $10B in new midstream projects recently announced.		View
2025 Q1	Mar 31, 2025	Miller Howard Investments MLP Strategy	-	-	ENB, ENLC, EPD, ET, GEL, HESM, LNG, MPLX, OKE, PAA, SUN, TRGP, WES	dividends, energy, income, infrastructure, Midstream, MLPs, Natural Gas	Midstream energy had a fine quarter with positive territory performance easily outpacing the overall market. The sector offers attractive valuations trading 2.9 turns lower on EV/EBITDA than in 2015, strong balance sheets with declining debt and lower leverage, and much higher free cash flow yield demonstrating financial stability.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, small cap, Utilities, value	The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, Quality, Utilities, value	The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, Midstream, MLPs, Utilities	The letter extensively discusses dividend increases as an underappreciated tailwind for wealth building. Miller/Howard analyzes dividend growth patterns across the Russell 1000, showing that companies with higher free cash flow yields and earnings growth are more likely to announce larger dividend increases. The firm emphasizes using bond conventions to measure dividend increases in basis points rather than percentages.		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 Investments MLP Strategy	-	-	AM, ENB, EPD, ET, GEL, HESM, MPLX, PAA, SUN, WES, WMB	Data centers, dividends, energy, infrastructure, Midstream, Natural Gas	Natural gas demand from data centers is driving significant growth, with hyperscalers increasing capex and the majority of projects powered by natural gas. The midstream industry is responding with over $10B of new projects announced recently.		View
2024 Q3	Sep 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AM, ENLC, EPD, ET, HESM, LNG, MPLX, OKE, OXY, PAA, PAGP, SUN, TRGP, WES	Data centers, dividends, energy, infrastructure, LNG, Midstream, Natural Gas	Natural gas demand growth is driven by multiple tailwinds including data centers requiring 6-10 Bcf/d, new LNG terminals adding 12 Bcf/d, and Permian production becoming gassier. Total incremental demand could exceed 20 Bcf/d by decade end from LNG, re-shoring, EVs, electrification, and data centers.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities	The letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Recession, Utilities, value	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Utilities, value	The firm emphasizes dividend-paying stocks as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They advocate for dividend investing as a strategy that relies on the power of compounding income over time rather than heroic forecasts.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, GS, HESM, JPM, MPC, MPLX, NEE, NS, NTR, PAYX, SO, SUN, TRGP, TXN, VST	AI, dividends, energy, income, inflation, interest rates, Midstream, Utilities	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide downside protection.		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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Seeking Alpha	Seeking Alpha	Hess Midstream LP	Energy	Oil & Gas Midstream	Neutral	New York Stock Exchange	Bakken region, C-corporation, Chevron, energy infrastructure, Hess Midstream, high yield, Minimum Volume Commitments, MLP, oil and gas, oil prices	View Pitch
Dec 1, 2025	Seeking Alpha	Seeking Alpha	Hess Midstream LP		Oil & Gas Midstream	Neutral		Bakken, Chevron acquisition, growth prospects, Hess Midstream, income-focused, market positioning, midstream assets, operational efficiency, Strategic Partnerships, yield play	View Pitch
Dec 1, 2025	Seeking Alpha	Seeking Alpha	Hess Midstream LP		Oil & Gas Midstream	Neutral		Bakken region, Chevron acquisition, crude oil, growth outlook, Hess Midstream LP, investment risks, midstream assets, natural gas, operational strength, yield play	View Pitch
Aug 13, 2025	Seeking Alpha	Penguin Value Investing	Hess Midstream	Energy	Oil & Gas Midstream	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Daniel Javier	Hess Midstream LP	Energy	Oil & Gas Midstream	Neutral	NYSE	—	View Pitch

BSD Shareholders of HESM

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

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	$31.5M	0.06%	912,515	+31,265	+3.55%	0.4020%
Steven A. Cohen	Point72 Asset Management	$86.8B	$38.8M	0.04%	1,124,059	+457,505	+68.64%	0.4952%
Ray Dalio	Bridgewater Associates	$27.4B	$2.0M	0.01%	58,362	-43,685	-42.81%	0.0257%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$33.5M	0.04%	972,229	+608,097	+167.00%	0.4283%
Israel Englander	Millennium Management LLC	$233.2B	$1.7M	0.00%	50,000	-75,400	-60.13%	0.0220%
Stephen Selver	Bramshill Investments	$1.8B	$1.3M	0.07%	36,654	+255	+0.70%	0.0161%
Terrence Murphy	Clearbridge Investments	$124.9B	$56.8M	0.05%	1,644,985	+15,600	+0.96%	0.7247%
Rich Handler	Jefferies	$19.3B	$3.2M	0.02%	91,575	+12,015	+15.10%	0.0403%

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