NRG

NRG

NRG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Invesco Small Cap Value Fund	6.5%	0.2%	BECN, CAKE, COHR, GLOB, IART, LITE, LIVN, NRG, QDEL, TKR	Balance Sheets, cash flow, Mean reversion, small caps, valuation	The letter emphasizes historically wide valuation discounts in small-cap equities relative to large caps, driven by years of underperformance and risk aversion. Management argues that balance sheet strength, cash flow durability, and normalized earnings power provide downside protection. The fund positions value as a cyclical opportunity as economic uncertainty stabilizes and market breadth improves.		View
2025 Q2	Jul 22, 2025	Harbor Mid Cap Value Fund	4.9%	2.1%	ADT, MCK, NRG, TAP	Factor Investing, fundamentals, Mean reversion, mid cap value, Valuation gap	The letter focuses on significant valuation dispersion between growth and value stocks, particularly in the mid-cap segment. Management argues that deep value stocks have been left behind despite solid fundamentals and improving earnings power. Mean reversion and disciplined factor-based stock selection underpin the long-term opportunity.		View
2025 Q4	Feb 20, 2026	Tall Oak Capital Advisors	0.0%	0.0%	AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO	AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology	Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments	-	-	CAG, CCI, COP, NRG, TTE	cash flow, dividends, energy, income, infrastructure	The firm highlights broad-based income-oriented strategies focused on energy, infrastructure, and utilities, emphasizing dividend growth and capital discipline. Energy and infrastructure exposure provided resilient income generation amid a volatile macro backdrop. The strategy continues to target stable, high-yielding sectors with long-term cash flow visibility.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments Utilities Plus	-	-	AEP, ATO, ETR, FTS CN, MDU, NRG, PEG, PPL, SRE, VST, XEL	Data centers, dividends, Electrification, Transmission, Utilities	Utilities benefited from electrification trends and surging data center power demand driven by AI infrastructure growth. Regulatory clarity and transmission investment are major growth catalysts, with utilities poised to expand capital expenditure and regulated returns. The strategy maintains a focus on dividend growth and infrastructure resilience.		View
2025 Q4	Jan 30, 2026	Invesco Small Cap Value Fund	6.8%	17.6%	ACM, ARCB, COHR, CR, CRL, ENTG, EXPE, GL, GMED, HBM.TO, KBR, LITE, MKSI, NRG, PENN, SAIA, WAL, WBS	AI, Biotech, financials, healthcare, Intrinsic Value, small cap, technology, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Small-cap value stocks appear attractive relative to S&P 500 Index stocks. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The Russell 2000 Value Index P/E multiple has been at a historical discount compared to the S&P 500 Index P/E. The fund benefited from AI-driven growth potential in holdings like Lumentum, which rallied due to investor enthusiasm for its AI applications. ArcBest's operational efficiency and technological advancements using artificial intelligence should position the company well for demand recovery in trucking.	LITE GTLB ARCB GMED CRL	View
2025 Q4	Jan 15, 2026	Lyrical Asset Management	2.0%	17.9%	AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI	EPS Growth, growth, international, Performance, valuation, value	Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025.		View
2024 Q2	Jul 29, 2024	Legacy Ridge Capital	0.0%	19.7%	EQT, ETRN, NRG, SMLP, VST	-			View
2023 Q1	May 15, 2023	Elliott Management	0.0%	0.0%	NRG	-			View
2023 Q1	Mar 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	NRG, POR, PPL, SO	-			View
2022 Q4	Feb 22, 2023	Miller Howard Investments Infrastructure	0.0%	0.0%	NRG	-			View
2022 Q4	Jan 31, 2023	Legacy Ridge Capital	0.0%	19.7%	DCP, EPD, NRG, SMLP, VST	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Dec 6, 2025	Fund Letters	Brian Frank	NRG Energy Inc.	Utilities	Utilities - Independent Power Producers	Bull	NYSE	acquisition, buybacks, datacenters, Electricity, Power	View Pitch
Oct 23, 2025	Value Investors Club	bulldog2013	NRG Energy, Inc.	Utilities	Independent Power Producers & Energy Traders	Bull	NYSE	AI power demand, buybacks, data centers, energy transition, Integrated retail	View Pitch
Aug 13, 2025	Seeking Alpha	Chris Lau	NRG Energy	Utilities	Utilities - Independent Power Producers	Bull	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	Ricardo Fernandez	NRG Energy	Utilities	Utilities - Independent Power Producers	Neutral	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Sivanand Birusumanti	NRG Energy, Inc	Utilities	Utilities - Independent Power Producers	Bull	NYSE	—	View Pitch
Aug 7, 2025	Substack	Pacific Northwest Edge	NRG Energy	Utilities	Utilities - Independent Power Producers	Neutral	NYSE	—	View Pitch

BSD Shareholders of NRG

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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