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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, ROG.SW, RRL.AX, RYA.L, THO, UMG.AS, WBA | Concentration, global, Gold Miners, healthcare, retail, value | The fund maintains a value-oriented approach, buying companies trading below their intrinsic valuations. The managers discuss specific valuation assessments for holdings like Capri, HCA Healthcare, and Dick's Sporting, making buy/sell decisions based on price versus value considerations. | View | |
| 2025 Q2 | Aug 7, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, FL, GOOGL, GPI, HCA, LBRDK, LNR.TO, LYB, MA, MCK, RHI, RYAAY, THO, V | Airlines, Auto Dealers, Market Exuberance, Plastics, tariffs, value | The fund focuses on solid businesses generating reliable cash flows trading at cheap to fair value multiples, contrasting with the broader market's focus on growth and speculative investments. Most fund holdings trade at forward P/E multiples between 10-18 times versus S&P 500 at 23 times and Nasdaq at 30.5 times. | BABA LYB RHI LBRDA THO GPI AN LNR CN DKS |
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| 2025 Q2 | Jul 25, 2025 | Hourglass Capital | - | 9.5% | CPRI, LYB, PFE | Bubble, Credit Stress, inflation, rates, Risk Appetite, Trade Policy, value | The manager discusses punitive tariffs by the world's largest economy aimed at realigning global trade balance, which incited the single largest two-day selloff since early pandemic. China responded with reciprocal tariffs, creating new global trade barriers that central banks are responding to with economic stress measures. | View | |
| 2024 Q1 | Jun 7, 2024 | Quercus Fund | 0.0% | 35.3% | ACWI, BAK, LYB, OTIS, SPY | China, Cyclical, Patience, Services, undervalued, value | Otis China's elevator maintenance portfolio has grown from 210k to 400k units, representing over 50% of Otis' global portfolio growth. With decades-long modernization needs for elevators installed 15+ years ago, the portfolio is expected to continue growing at double-digit rates as China transitions to a more mature, service-focused market. | 002110.SZ 1826.HK |
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| 2023 Q2 | Jun 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, RRL.AX, RYA.L, THO, UMG.AS, WBA | AI, Airlines, Concentration, global, gold, healthcare, value | European airline consolidation accelerating post-pandemic with weaker carriers collapsing while efficient operators like Ryanair gain market share. Ryanair ordered 300 new Boeing aircraft for delivery 2027-2033, targeting 300m passengers annually by 2034 with improved cost advantages from newer, more efficient planes. | RYA.L |
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| 2026 Q1 | Apr 21, 2026 | Alluvium Global Fund | -1.7% | -1.7% | AMZN, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MA, MCK, RYA.L, UMG.AS, V | AI, Concentration, defense, Geopolitical, healthcare, technology, value | AMZN |
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| 2026 Q1 | Apr 18, 2026 | ACATIS Investment | - | - | 1810 HK, AIXA.DE, BNTX, CCJ, COP, EQNR, HAL, IFX.DE, KHC, KWS.DE, LYB, NEM, PBR, ROST, SHEL, SU.PA, VIST, WPM, YAR.OL | AI, China, commodities, Fertilizers, geopolitics, Iran War, nuclear, oil, Precious Metals, Value Investing | 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 Income-Equity Strategies | - | - | ABBV, CPT, EIX, ETR, EWBC, GILD, GS, GSK, HST, JEF, JNJ, JPM, KO, LAMR, LYB, MAA, MDT, MRK, MSM, ORI, RY, TTE, USB | dividends, financials, healthcare, income, Utilities, value | The fund focuses on companies with high and rising dividend yields, tracking both the percentage of holdings announcing dividend increases and the average size of those increases. In 2024, over 90% of holdings announced dividend increases versus only 50% for the Russell 1000 Index. The average dividend increase was 23 basis points for Income-Equity versus only 5 basis points for Russell 1000 dividend payers. | View | |
| 2024 Q4 | Dec 31, 2024 | Miller Howard Investments | - | - | ABBV, AESI, AM, CPT, EIX, EQIX, ETR, GSK, HCA, HST, LAMR, LBRT, LNG, LYB, MAA, MRK, MSM, OKE, ORI, PAGP, PCG, RY, SM, SOBO, TRP, USB, VST, WMB | Data centers, dividends, energy, infrastructure, Natural Gas, retirement, Utilities | The letter extensively analyzes dividend-based retirement strategies, demonstrating that high-yield stocks historically outperformed the S&P 500 with 11.1% vs 9.8% annualized returns from 1928-2023. Dividend spending strategies never failed in 67 simulated 30-year retirements, while allowing higher average spending than the traditional 4% Rule. | View | |
| 2025 Q3 | Oct 17, 2025 | Hosking Partners | 3.4% | 6.1% | 0700.HK, BABA, BAC, BTU, C, CFG, CRDA.L, DGE.L, FCX, HBAN, JEF, KWR, LXS.DE, LYB, NVDA, PNC, RCO.PA, RI.PA, SYNT.L, WFC | AI, broadening, Capital Cycle, China, Japan, Mining, small caps, value | The strategy sees speculative excess in AI with hyperscalers dramatically increasing capital bases for datacentres, creating a classic capital cycle with real risk of over-build. Nvidia represents 8% of S&P 500 and 5% of MSCI ACWI, creating alarming concentration. The AI bet must pay off given the weight in global indices. | SAGA LN FCX US |
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| 2025 Q3 | Oct 13, 2025 | Hourglass Capital | - | 14.6% | BRK-A, FHI, LYB, OXY | AI, Labor, rates, technology, valuation, value | AI continues to compel investors to buy into technology regardless of costs or potential for adequate returns. The manager draws parallels to the late 1990s tech boom, noting that AI promises to change information usage and displace workforce portions, but costs are massive and ROI is years away while valued as if having infinite promise. | OXY US LYB US FHI US |
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| 2025 Q4 | Jan 23, 2026 | Alluvium Global Fund | -1.1% | -0.1% | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V | AI, Airlines, global, healthcare, technology, underperformance, value | The fund discusses the rapid adoption of AI technologies, particularly Alphabet's Gemini AI which gained 650 million monthly active users in six months. Questions remain about quantifying efficiency gains and monetary benefits versus the immense capital outlays by providers. Ryanair represents the fund's largest position at 9.4%, benefiting from earlier aircraft deliveries and upgraded traffic expectations. Management expects reasonable net profit growth with strengthening competitive positioning. The fund follows a value-oriented approach, buying more of poorly performing investments as they decline. The managers acknowledge the value investor's curse of buying too early and selling too early, citing examples of premature exits from gold miners and semiconductor companies. | View | |
| 2025 Q4 | Jan 16, 2026 | Massif Capital | 9.6% | 50.0% | 1211.HK, BHP, ENVX, EQNR, EQX.TO, GLEN.L, GLO.TO, GMIN.V, Gold, HBR.L, KGHM, LITM, LRV.AX, LUN.TO, LYB, MGN.V, MMA.V, RIO, VALE, VAR.OL | commodities, Copper, energy, geopolitics, gold, inflation, Mining, real assets | Portfolio exposure narrowed from 16% to 10% in single position (Equinox Gold). Manager believes gold serves as monetary hedge amid central bank independence concerns and persistent inverse relationship with dollar. Central bank accumulation from emerging markets expected to continue. Largest theme at 29% allocation across core positions. Structurally tight physical market with mine supply disruptions exceeding 6% of global output. Treatment charges collapsed to negative levels signaling constrained concentrate availability. Policy-driven stockpiling creates upside convexity. 16% portfolio allocation expecting price volatility as base case. Market characterized by visible surplus yet episodic geopolitical premiums. Focus on companies with proven economics at mid-cycle prices and flexible capital programs rather than directional oil price bets. Manager challenges assumptions about demand destruction and rapid substitution in energy. Views transition as energy addition rather than replacement, raising near-term energy intensity. Supply governed by decline rates rather than responsiveness. Policy creating regional cost asymmetries and oligopolies in heavy industry. Geopolitics now shapes supply chains, governs capital access, and determines project feasibility. Political alignment increasingly influences risk premia and monetization. Persistent inflation driven by labor constraints, energy dynamics, and geopolitical fragmentation challenges embedded assumptions from post-2009 regime. Higher real-rate environment appears durable rather than transitory, altering risk-return arithmetic. | GLO CN LAR LUN CN MMA CN EQNR NO HBR LN VAR NO GMIN CN EQX CN |
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| 2024 Q3 | Sep 30, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, BABA, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MCK, MU, RYAAY, THO, UMG.AS, V | active management, capital preservation, Concentrated Portfolio, Global Equities, long-term, Quality, Value Investing | The fund initiated a new position in Visa, recognizing the value of high-quality payment network businesses. Visa and Mastercard operate essential open-loop payment systems with insurmountable barriers to entry, benefiting from digital payment growth trends including e-commerce, mobile payments, and emerging market adoption. | LMT V |
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| 2024 Q2 | Jul 21, 2024 | Alluvium Global Fund | 0.0% | 0.0% | AEM, AN, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, RGS.AX, RHI, RYAAY, THO, UMG.AS | AI, Airlines, Auto Dealers, Buybacks, Concentration, global, gold, value | The manager draws parallels between current AI euphoria and the dot-com bubble, noting Nvidia's eight-fold price increase over two years and its 25x forecast revenue multiple. They suggest Alphabet's 20.8% return was driven more by AI sentiment than fundamentals. The manager warns that AI-driven valuations may be unsustainable, citing historical examples of tech bubble collapses. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities | Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, Natural Gas, Utilities, value | Miller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, Midstream, Natural Gas, Utilities | Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. Dividend payers return 91% of free cash flow to shareholders versus 53% for non-dividend payers. Regular dividends are viewed as management commitments that signal confidence in future profitability. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | Banking, Data centers, dividends, Energy Infrastructure, free cash flow, Natural Gas, Utilities | The letter extensively analyzes dividend-paying stocks versus non-dividend payers, arguing that dividend payers have higher quality free cash flow after adjusting for stock-based compensation. Regular dividend payers return 91% of free cash flow to shareholders through dividends and buybacks, compared to 53% for non-dividend payers. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, infrastructure, interest rates, Recession, small caps, technology, Utilities | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend growth prospects and views regular dividends as management confidence signals. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AES, AGO, AGRO, AM, BCC, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EME, EMN, ENB, ENLC, EPD, ETD, EVR, EXR, FFBC, FULT, GS, HCA, JHG, JNJ, JPM, KEY, KFY, KNF, LBRT, LNG, LYB, MATX, MDU, MED, MEI, MPC, MSFT, MSM, NGG, NSP, NVDA, OMAB, OMF, POR, PPL, PSX, QCRH, RRC, RY, SBAC, SLP, SO, SUN, UGI, UHT, VLO, VST, WINA, WMB | dividends, energy, income, technology, Utilities, value, volatility | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend coverage and growth potential, with their Income-Equity strategies yielding 3.5-3.7% and positioned for dividend growth throughout market cycles. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, income, infrastructure, technology, Utilities, value | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard emphasizes dividend growth as a key investment criterion across all strategies, with multiple holdings announcing dividend increases during the quarter. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, income, infrastructure, Recession, technology, Utilities, volatility | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. During recessions, dividend increases still outnumber decreases by 3-to-1, with companies having lower leverage and stronger fundamentals more likely to maintain dividend growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LMR.TO, LMT, LYB, MCK, PAG1.L, RHI, RYAAY, THO, UMG.AS, V | global, healthcare, tariffs, technology, uncertainty, value | Trump's tariff policies are creating significant uncertainty across portfolio companies, with managers unable to make investment plans due to constantly changing directives. Canadian companies like Linamar are particularly exposed, while broader implications affect auto dealers, recreational vehicle producers, and other businesses with international supply chains. | THO RHI MCK BABA |
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| 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 | |
| 2024 Q4 | Jan 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LMT, LNR.TO, LYB, MA, MCK, RYAAY, THO, V | Airlines, Automotive, healthcare, payments, policy, technology, Trump, value | The fund maintains a value-oriented approach, seeking businesses trading below intrinsic value. The manager discusses the long-term performance divergence between growth and value stocks, noting that growth has outperformed value significantly over recent years but maintains their disciplined value philosophy regardless of market trends. | View | |
| 2023 Q4 | Jan 14, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, MU, NST.AX, RMS.AX, RYAAY, THO, UMG.AS, WBA | Cash, Consolidation, Cyclical, Diversified, global, Quality, value | Gold miners rebounded strongly as falling long-term interest rates reduced the opportunity cost of owning gold. Regis Resources gained 46.3% and Northern Star 32.0%, with Agnico Eagle also performing well at 18.6%. The fund completed its divestment of Northern Star after a 2.6-year holding period that returned 18.5%. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 3, 2025 | Fund Letters | Stuart Pearce | LyondellBasell Industries N.V. | Materials | Commodity Chemicals | Bull | NYSE | asset sales, Chemicals, Free Cash Flow, Margins, restructuring | View Pitch |
| Nov 25, 2025 | Substack | Monopolistic Investor | LyondellBasell Industries N.V. | Materials | Specialty Chemicals | Bear | Chemicals, commodity prices, DCF valuation, eco-friendly products, financial stability, LyondellBasell, market competition, polyolefins, Pricing power, technology segment | View Pitch | |
| Aug 13, 2025 | Seeking Alpha | Rida Morwa | LyondellBasell Industries N.V. | Materials | Specialty Chemicals | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Ronald Ferrie | LyondellBasell Industries N.V. | Materials | Specialty Chemicals | Neutral | NYSE | — | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $730.9M | 0.39% | 16,879,077 | -89,985 | -0.53% | 4.0555% |
| Robert Bruce | Bruce & Co. | $322.5M | $2.6M | 0.81% | 60,000 | +20,000 | +50.00% | 0.0144% |
| Ronald Muhlenkamp | Muhlenkamp & Co Inc | $371.8M | $8.0M | 2.16% | 185,821 | +1,746 | +0.95% | 0.0446% |
| Bill Miller | Miller Value Fund | $283.8M | $1.6M | 0.58% | 38,000 | +0 | +0.00% | 0.0091% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $15.7M | 0.03% | 361,553 | -94,601 | -20.74% | 0.0869% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $13.8M | 0.02% | 318,500 | +300,900 | +1709.66% | 0.0765% |
| Israel Englander | Millennium Management LLC | $233.2B | $3.2M | 0.00% | 73,400 | -51,000 | -41.00% | 0.0176% |
| Jeremy Grantham | GMO LLC | $39.1B | $20.5M | 0.05% | 474,399 | +120,019 | +33.87% | 0.1140% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $15.2M | 0.02% | 350,251 | +350,251 | +100.00% | 0.0842% |
| Cliff Asness | AQR Capital Management | $190.6B | $133.9M | 0.07% | 3,093,318 | +2,588,636 | +512.92% | 0.7432% |
| Rich Handler | Jefferies | $19.3B | $21.3M | 0.11% | 492,372 | +483,170 | +5250.71% | 0.1183% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $669 | 0.00% | 15 | -14 | -48.28% | 0.0000% |