KMI

KMI

KMI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Miller Howard Investments Infrastructure	-	-	AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS	AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities	AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy. This trend is expected to continue for the next generation of AI models.	CMCSA CCI	View
2025 Q2	Jul 10, 2025	Guinness Global Energy	-	5.3%	BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP.MC, SHEL, SU, TTE, XOM	dividends, energy, Geopolitical, Natural Gas, oil, Opec, valuation	Oil prices rose sharply intra-month due to Israel-Iran conflict, with Brent reaching $80/bl before falling back to $68/bl. OPEC+ continues increasing production quotas while US shale production growth slows due to lower rig counts and capital discipline.		View
2025 Q1	Jun 30, 2025	Antero Peak Group	-1.9%	-1.9%	ADI, APO, AXON, CCI, CEG, CME, ENEN.DE, EQIX, GE, HWM, ISRG, KKR, KMI, LIN, LLY, MCO, MSFT, MSI, NDAQ, NVDA, PRMB, RR.L, SAF.PA, SPGI, TDG, TSM, VST, WMB	aerospace, AI, alpha, earnings, energy, growth, large cap, technology	Aerospace normalization theme was a strong contributor in Q1 with General Electric continuing clean execution as a pure play aerospace engine maker and Rolls-Royce seeing positive upward revisions. The team sees aerospace cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class.		View
2026 Q1	May 6, 2026	FPA Source Capital	-0.3%	-0.3%	ADI, AON, BDX, CHTR, CMCSA, FBHS, GLEN.L, GOOGL, KMI, KMX, TEL	Balanced, healthcare, international, private credit, SMID Cap, value			View
2025 Q1	Apr 30, 2025	Guinness Global Energy	9.4%	9.4%	BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP, SHEL, SU, TTE, XOM	dividends, energy, Geopolitical, global, Natural Gas, oil, value	Oil prices remained robust with Brent averaging $75/bl in Q1 2025, supported by lower supply expectations and geopolitical tensions. The managers believe oil remains good value at around 2.7% of global GDP, well below historical averages. They see potential for higher prices driven by OPEC+ production management and geopolitical supply disruptions.		View
2024 Q1	Apr 26, 2024	Fawkes Capital Management	12.0%	12.0%	AGX, AMD, ANET, ARM, ARQ.AX, CAMT, FN, HPS.TO, KMI, NVDA, POWL, SMCI, VRT	AI, energy, Immigration, inflation, infrastructure, Natural Gas, Trade Policy, water	AI demand is driving a quadrupling in electricity demand growth, with data centers expected to increase from 4.5% to 10% of US power supply in 3 years. This creates significant opportunities in energy infrastructure companies that support AI data center requirements.		View
2024 Q1	Apr 15, 2024	The Sound Shore Fund	6.7%	21.1%	BBWI, BKR, BRK-B, CAH, CNC, COF, ELV, FIS, GEHC, GM, HOLX, KHC, KMI, KR, LEN, MRK, OGN, PFE, PRGO, PVH, TEVA, TTE, WFC, WTW	Adaptability, contrarian, energy, large cap, Utilities, value	Sound Shore's contrarian investment process focuses on the adaptability and sustainability of company business models. The fund seeks companies that can best adapt and adjust to changing environments, as exemplified by holdings like Vistra and Constellation Energy that prepared their assets for dynamic markets while maintaining strong balance sheets.	AYI TEVA CEG VST	View
2025 Q1	Mar 31, 2025	Miller Howard North American Energy Fund	-	-	AESI, AR, COP, CVE, CVX, EQT, GPOR, HES, KMI, LBRT, SM, SOBO, SU, TRGP, WTTR, XOM	Canada, dividends, energy, Midstream, Natural Gas, oil, Trade Policy	Oil prices remained flat during the quarter despite energy sector outperformance. The portfolio focuses on producers with long drilling inventory to reduce volatility from short-term oil price fluctuations. Permian Basin production analysis shows rapid well decline rates, making longer-term price stability more likely than short-term volatility.		View
2025 Q1	Mar 31, 2025	FPA Crescent Fund	-0.2%	-0.2%	ADI, AON, C, CMCSA, FERG, GLEN.L, GOOG, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, JEF, KMI, META, TEL	energy, global, Natural Gas, Valuations, value	The fund spoke to generally high stock valuations, particularly in the US, and took advantage of higher prices by reducing and selling some positions. With fewer appealing opportunities to redeploy capital, the fund's net exposure decreased significantly.		View
2025 Q1	Mar 31, 2025	The Sound Shore Fund	-1.9%	-1.9%	BRK.B, C, CHKP, COF, CTRA, DIS, EOG, FIS, GM, Gold, KMI, KR, LEN, MHK, MTCH, NSRGY, PVH, PYPL, TEVA, VST	energy, financials, healthcare, materials, technology, value	Sound Shore emphasizes their value investing approach, highlighting that their portfolio trades at 11.0 times forward earnings versus 20.1 times for the S&P 500. The manager notes that quality at an attractive price has performed well over the past five years as interest rates normalized from zero.	Gold CHKP DIS PYPL TEVA	View
2025 Q1	Mar 31, 2025	Barometer Capital Management	-	-	AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO	Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility	Gold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs.	TMX HWM ERJ AEM	View
2024 Q4	Dec 31, 2024	Miller Howard North American Energy Fund	-	-	AESI, AR, DINO, EQT, KMI, LBRT, LYB, PBA, PSX, RRC, SM, SOBO, TRP, WTTR, XOM	AI, China, Data centers, energy, Natural Gas, oil, Pipelines, Refiners	Natural gas emerged as a key beneficiary of AI-driven data center demand growth. Weather-driven price surges boosted natural gas producers like Antero Resources and Range Resources. The fund added natural gas pipelines as emerging beneficiaries of power-hungry AI/data center boom.		View
2024 Q4	Dec 31, 2024	Miller Howard Investments Infrastructure	-	-	AES, AM, AMT, CCI, EQIX, ETR, HCA, KMI, LNG, NEE, OKE, PAGP, SOBO, TRGP, TRP, WMB	Data centers, dividends, income, infrastructure, Midstream, REITs, Utilities	The portfolio focuses on high and rising income through dividend increases, with 7 of 35 holdings announcing dividend increases averaging 8% this quarter. Over 80% of holdings increased dividends annually over the last 5 years, exceeding the large-cap dividend-paying universe.		View
2024 Q4	Dec 31, 2024	Antero Peak Group	-	31.9%	AAPL, AMZN, APO, CEG, ENR.DE, EQIX, GE, GEV, ISRG, KKR, KMI, LLY, META, NDAQ, PGR, SPOT, TDG, TSLA, TSM, WMB	aerospace, AI, energy, infrastructure, large cap, Natural Gas, private markets, technology	Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. AI has allowed for enhanced user experiences which leads to customer retention, higher incremental margins, and emerging moats. Digital transformation is a paradigm shift with major inflection demand for companies that enable transformation through software, services, and AI.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments Infrastructure	3.0%	-	AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS	AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities	AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy for AI development.	PPL SRE ETR ENB CN CCI	View
2024 Q3	Sep 30, 2024	The Sound Shore Fund	6.7%	21.1%	AVTR, BBWI, BKR, BRK-B, COF, CTRA, DIS, FDX, FIS, GM, Gold, KHC, KMI, KR, LEN, NXPI, PEG, PVH, PYPL, WFC	healthcare, Mining, nuclear, semiconductors, Utilities, value	Sound Shore focuses on attractively priced, out-of-favor stocks where managements are building value not yet recognized by Wall Street. The portfolio trades at a forward P/E of 11.5 times versus 21.5 times for the S&P 500, representing a meaningful discount despite strong balance sheets and free cash flow.	PEG AVTR Gold	View
2024 Q3	Sep 30, 2024	Miller Howard North American Energy Fund	0.0%	0.0%	AESI, CHRD, CVE, CVX, DINO, HES, KMI, OXY, PBA, TRGP, TRP, WTTR, XOM	energy, Midstream, Natural Gas, oil, Pipelines, Shale	Portfolio rotation into natural gas-focused midstream stocks delivered strong returns this quarter, partially offsetting oil producer and refiner weakness. Kinder Morgan is seeing excitement around long-term exposure to AI-related natural gas developments.	AESI WTTR	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
2023 Q1	Mar 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, DINO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, LYB, MAA, MMP, MPLX, ORI, POR, PPL, SO, STAG, TRGP, TTE, UPS	Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities	The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitments as signals of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, MAA, MMP, MPLX, ORI, STAG, TTE, UPS	Banking, credit, dividends, infrastructure, interest rates, Recession, Utilities	The fund focuses on dividend-paying companies with a history of dividend increases. Almost half of holdings raised their regular dividend in the first quarter. The fund believes dividend-paying stocks outperformed over the past 30 years with lower volatility.		View
2024 Q4	Jan 31, 2025	Legacy Ridge Capital	-	40.3%	AAL, CEG, DAL, JBLU, KMI, LUV, NRG, RYAAY, SAVE, TLN, UAL, VST	Airlines, Capital Cycle, Concentration, energy, Midstream, Power Generation, value	Airlines sector experienced classic bullwhip effect post-COVID but is now showing signs of recovery with capacity discipline emerging. Industry consolidation and rationalization since 2009 has improved economics, with capacity growth at decade lows and management commentary suggesting multi-year earnings improvement similar to 2012-2014 period.		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	Kinder Morgan, Inc.	Energy	Oil & Gas Midstream	Bull	New York Stock Exchange	data center market, EBITDA growth, Energy demand, investment backlog, Kinder Morgan, Leverage reduction, midstream segment, natural gas, Permian Basin, pipeline operator	View Pitch
Sep 27, 2025	Seeking Alpha	Seeking Alpha	Kinder Morgan, Inc.		Oil & Gas Midstream	Bull		carbon capture, Dividend Growth, energy infrastructure, energy transition, fee-based cash flow, long-term investment, midstream, natural gas, pipeline, renewable natural gas	View Pitch
Aug 8, 2025	Seeking Alpha	Luca Socci	Kinder Morgan, Inc.	Energy	Oil & Gas Midstream	Neutral	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	VettaFi Research	Kinder Morgan	Energy	Oil & Gas Midstream	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Long Player	Kinder Morgan	Energy	Oil & Gas Midstream	Bull	NYSE	—	View Pitch

BSD Shareholders of KMI

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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