HIW

HIW

HIW

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 29, 2024	Andrew Hill Investment Advisors	-	-	AAPL, AMZN, AXON, CEG, CMG, EQT, GEV, HIW, ISRG, LLY, MSFT, MSI, NEE, NVDA, UTHR	AI, Energy Transition, Rate Cuts, real estate, technology, Utilities	Due to increasing power needs driven by Artificial Intelligence, utility stocks saw the greatest appreciation during the quarter. AHIA identified this trend early and favored the utility sector with positions in companies providing carbon-free reliable electricity. The firm sees continued room for appreciation as lower rates benefit these sectors.	UTHR ISRG AXON MSI CMG LLY HIW NEE GEV CEG	View
2025 Q2	Aug 27, 2025	Cullen Small Cap Value Equity	2.1%	-7.6%	AMZN, DENN, DOUG, GLDD, GOOGL, HIW, HP, META, MSFT, NMRK, NVDA, TEX, TREE	AI, Fed policy, real estate, small caps, tariffs, Trade Policy, value	Small caps are emerging from a prolonged earnings recession with improving fundamentals and attractive valuations. Credit spreads have normalized, volatility has fallen, and the yield curve has steepened - all historically favorable conditions for small-cap performance. The environment is becoming more favorable for active managers who focus on fundamentals as quality metrics like return on invested capital start to improve.	NMRK NMRK	View
2025 Q2	Jul 14, 2025	Chilton Capital Management	10.9%	6.2%	AAPL, BXP, DOV, HIW	earnings, fixed income, Global Markets, Rate Cuts, REITs, tariffs, technology	Trump's tariff rollout initially caused market volatility but subsequent de-escalation has been a major driver of recovery. American companies have quickly adapted by shifting supply chains and seeking tariff avoidance strategies. The ultimate impact remains uncertain as negotiations continue.		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 Q4	Feb 17, 2026	Cullen Small Cap Value Equity	-5.6%	-0.4%	CTRA, CUZ, DOUG, EFSC, HIW, HP, JBSS, LDI, NMRK, POR, SSB, TREE	earnings, energy, financials, rates, small caps, Utilities, value	Small-cap equities ended 2025 on a positive but volatile note with the Russell 2000 returning 12.8% for the year. The outlook for small-cap equities entering 2026 is increasingly constructive, particularly within value-oriented segments, with consensus expectations pointing to meaningful acceleration in small-cap earnings growth in the low-to-mid teens. Value-oriented stocks remain attractively positioned with growth stocks continuing to trade at a meaningful premium to value across most valuation measures. Historically, periods of accelerating profits have favored value leadership, particularly within smaller-cap universes. The strategy's P/E is 12.2x forward earnings versus 15.0x for the Russell 2000 Value. The Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Following a 25 basis point cut in September, the Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery. Earnings are central to the manager's optimism with consensus expectations pointing to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical and value-oriented sectors.	JBSS	View
2025 Q4	Jan 21, 2026	Harbor Mid Cap Value Fund	4.1%	16.0%	AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC	Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value	The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock.	AMKR EA ENS GTX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Andrew Hill Investment Advisors	Highwoods Properties, Inc.	Real Estate	Office REITs	Bull	NYSE	Corporate Office, High-end Properties, Interest Rate Sensitive, Office REIT, Real Estate, Southeastern Markets	View Pitch

BSD Shareholders of HIW

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
No investor data available.

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