MAA

MAA

MAA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 12, 2026	Davis Real Estate Fund	0.0%	-5.7%	AMT, ARE, AVB, BRX, BXP, CPT, CUZ, DEI, DLR, EQIX, EXR, GPOR.L, HPP, MAA, PLD, REXR, SHO, VTR, WELL	AI, Data centers, Passive flows, Performance, real estate, REITs, valuation	Fund focuses on real estate investment trusts across multiple sectors including senior housing, apartments, office, industrial, and life sciences. Performance was impacted by passive flows favoring larger companies and sector rotation dynamics. The fund maintains overweight positions in apartments and office while being underweight in senior housing. AI demand driving unprecedented data center space requirements with holdings in Digital Realty and Equinix benefiting from recent leasing deals. Risks include power availability constraints, transmission limitations, and potential technology disruption that could reduce data center demand over time.	DLR EQIX PLD ARE WELL	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
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 22, 2025	Alluvial Capital Management	15.5%	33.6%	CRAWA, EACO, FLTB, GTX, MAA, RGTI, SENEA, TLN	Communications, contrarian, Europe, REITs, small caps, value	Manager emphasizes investing in companies with durable cash flows, valuable assets, and healthy balance sheets rather than speculative companies without revenue. Contrasts Rigetti Computing trading at 2,000x revenue with Mid-America Apartment Communities owning tangible apartments producing real cash flows.	CBL NLOP MCB LN FTLF ZEG LN CBL NLOP MCB LN FTLF ZEG LN	View
2023 Q3	Oct 17, 2023	Warden Capital	0.0%	9.1%	CUBE, MAA, MAC, PLD, TGT	Cap Rates, Commercial Property, inflation, interest rates, Office, real estate, REITs, retail	The manager discusses the interplay between fundamental performance and interest rates across CRE sectors. Higher rates are impacting all sectors, but higher yielding sectors should see less impact. Quality assets are expected to revert towards replacement values over the long term.		View
2023 Q3	Sep 30, 2023	Diamond Hill Mid Cap	8.3%	13.3%	AIG, ALGT, BHF, CIEN, CTRA, CTSH, ENOV, ESAB, EXR, LHX, LNDC, MAA, RRR, SRCL, WBS, WCC, WY	energy, financials, industrials, mid cap, REITs, technology, value	Initiated position in L3 Harris Technologies, a defense contractor focused on communications, surveillance and electronic warfare. Anticipate US defense budget will be better than expected as the Defense Department prepares for peer-level threats. Believe there is room for improvement in recent execution, particularly at recently acquired Aerojet Rocketdyne.		View
2023 Q3	Sep 30, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ALGT, CALM, CIEN, CTRA, CVNA, ENOV, ESAB, LANC, MAA, PRGS, RRR, WCC	energy, financials, industrials, rates, small caps, value	Energy was the best performing sector in Q3 with a 17% gain driven by rising oil prices and OPEC+ production cuts. The portfolio benefited from holdings like Civitas Resources and Coterra Energy, both oil and gas producers with assets in key basins.		View
2024 Q2	Jul 26, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ALGT, BKU, COOP, ENOV, FTRE, GDDY, GNRC, LH, MAA, MGY, RRR, RRX, SANM, SNV, UDR, VRSN, WCC, WWW	financials, healthcare, industrials, real estate, small caps, technology, value	Apartment REITs Mid-America Apartment Communities and UDR benefited from stronger than expected rents and occupancy rates, positioning them well for peak leasing season. The portfolio's above-benchmark exposure to real estate contributed positively to relative performance as the sector outperformed the broad index.		View
2024 Q2	Jul 26, 2024	Diamond Hill Mid Cap	8.3%	13.3%	ADM, BSX, CIVI, ENOV, GDDY, GNRC, HUM, LH, MAA, NXPI, PH, RRR, RRX, SYY, UDR, VRSN, WCC	AI, mid cap, Quality, technology, value	AI-related stocks have driven increasingly narrow market performance, with a small number of massive technology stocks driving the majority of index returns. This creates opportunities for active managers to add value by avoiding the temptations of following trends and maintaining disciplined fundamental approaches. The concentration in AI stocks affords opportunities to identify high-quality, underappreciated companies outside the obvious front lines of the latest fad.		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
2023 Q1	Mar 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	CMCSA, CMS, CPT, CSCO, DINO, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MAA, ORI, POR, PPL, SO, STAG, TTE, UPS	Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities	Miller/Howard emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in Q1 2023. The firm believes dividend commitments signal management confidence in stable cash flows and impose discipline on capital allocation. High-dividend-yield stocks outperformed the S&P 500 over 30 years with lower volatility.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 21, 2026	Seeking Alpha	Seeking Alpha	Mid-America Apartment Communities, Inc.	Real Estate	Residential REIT	Bear	New York Stock Exchange	asset yield, Credit rating, debt management, investment strategy, Market Capitalization, overvalued, preferred stock, REIT, suburban markets, yield-to-worst	View Pitch

BSD Shareholders of MAA

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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