HRL

HRL

HRL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Oct 19, 2025	Miller Howard Investments Income-Equity Strategies	3.6%	-	ABBV, BK, C, CAG, CMCSA, COP, ELS, EMN, GSK, HRL, JNJ, ORI, PAYX, TTE, TXN	AI, cash flow, dividends, financials, value	Income-Equity portfolios outperformed on dividend strength from financials and healthcare while contrasting AI-driven spending by large-cap tech firms. The strategy emphasizes high and growing income from undervalued cash-generative companies, avoiding speculative AI capex cycles.	TTE HRL ELS COP	View
2025 Q4	Jan 24, 2026	Miller Howard Investments Income-Equity Strategies	15.6%	15.6%	ABBV, C, COP, CSCO, EMN, ETR, GILD, GPS, GSK, HRB, HRL, JEF, JNJ, JPM, MPLX, MTB, PAYX, RF, STT, VICI, VZ	AI, dividends, income, productivity, value	AI represents a transformative technology that could drive step-change improvements in economic productivity. The manager believes AI's greatest impact will come from companies using it as an input to improve operations rather than those selling AI products. Many dividend-paying companies in labor-intensive industries could benefit significantly from AI adoption through process automation and efficiency gains. The portfolio focuses on high dividend yields approximately 3x the S&P 500, with strong dividend coverage ratios and projected dividend growth. Six companies increased dividends in the quarter, led by MPLX with a 13% increase. The strategy emphasizes collecting high and rising dividends while compounding real cash returns through disciplined reinvestment. The portfolio trades at significant discounts to the broad market, with P/E ratios 40-42% below the S&P 500. The manager believes many steady-growing companies are overlooked by markets focused on AI winners, creating opportunities in businesses with lower assumed margins and productivity that could benefit from AI adoption.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Balanced Fund	0.0%	6.6%	AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC	AI, Balanced, earnings, financials, healthcare, rates, technology	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Growth Fund	2.7%	10.5%	FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS	AI, growth, healthcare, large cap, technology, valuation	AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Adam Fackler	Hormel Foods Corporation	Consumer Staples	Packaged Foods & Meats	Bull	NYSE	consumer, dividends, inflation, Margins, Protein, stability, Staples	View Pitch
Aug 13, 2025	Seeking Alpha	Mark Bern, CFA	Hormel Foods Corporation	Consumer Staples	Packaged Foods	Bull	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	Dividend Power	Hormel Foods Corporation	Consumer Staples	Packaged Foods	Bull	NYSE	—	View Pitch

BSD Shareholders of HRL

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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