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	Horizon Kinetics	-	-	0388.HK, 6544.T, AAPL, AB, AMZN, CME, CVX, FCX, GOOGL, LSEG.L, MA, META, MSFT, NEM, NRG, NVDA, TPL, TREE, TSLA, V, XOM	AI, Data centers, ETFs, gold, Indexation, Japan, Owner-Operators, Scarcity	AI poses competitive threats to the Magnificent 7 companies through creative destruction. OpenAI's ChatGPT could provide competition to Google's search engine, while Sora Video Generator threatens YouTube's content model. The Private Mag 7 companies represent significant competitive risks to the Public Mag 7.	6544.T AB 6544 JP	View
2025 Q2	Aug 7, 2025	Invesco Small Cap Value Fund	6.5%	0.2%	AL, COHR, DAVA, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, Banking, energy, healthcare, Intrinsic Value, materials, small cap, 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 estimated intrinsic value was attractive, indicating potential long-term capital appreciation. 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.	TEX SAIA	View
2025 Q2	Aug 25, 2025	Lyrical Asset Management	12.7%	11.9%	AAPL, AIZ, AMZN, CNC, CPAY, EXPE, FLEX, GOOGL, GPN, HCA, JCI, META, MSFT, NRG, NVDA, SU, TSLA, UBER, URI, WEX	growth, international, Outperformance, stock selection, valuation, value	Lyrical maintains an uncommon combination of deep value and growth, with S&P 500 forward P/E 73% higher than Lyrical's CS composite despite higher growth profile. The firm attributes outperformance to idiosyncratic stock selection in a difficult environment where only 29% of S&P 500 constituents outperformed.		View
2025 Q2	Aug 22, 2025	Shelton Equity Income Strategy	7.2%	-	AAPL, APH, BMY, HPQ, JCI, META, MRK, MSFT, NRG, NVDA, OMC, ORCL, XOM	dividends, income, Options, tariffs, technology, volatility	The second quarter brought dramatic market volatility with the S&P 500 plunging into bear market territory in March-April due to Liberation Day tariffs before staging one of the fastest recoveries in history. The strategy is positioned to capitalize on volatility and buffer pullbacks.		View
2025 Q2	Jul 3, 2025	Frank Value Fund	-	8.4%	CTLP, NRG, VST	AI, catalysts, Electricity, Independent Power Producers, mid cap, spinoffs, value	IPPs led performance reversal after tariff tantrum, with both fund holdings ranking in top S&P 500 performers YTD. NRG Energy completed transformative acquisition adding Northeast and Texas generation assets, with seller taking $2.8B in NRG stock showing confidence in electricity demand dynamics. Companies guiding strong growth driven by AI datacenter buildouts from hyperscaler technology companies.	CTLP VST NRG CTLP VST NRG	View
2025 Q2	Jul 22, 2025	Harbor Mid Cap Value Fund	4.9%	2.1%	ADT, BK, CNHI, FLEX, FOXA, HIG, HPQ, JAZZ, JBL, KR, MCK, NRG, ORI, PHM, SNX, STT, SYF, TAP, TXT, WDC	earnings, energy, financials, mid cap, technology, value	Value stocks were left behind in the market rally and continue to trade at significant discounts to their growth counterparts, enhancing the potential for outperformance if valuations between growth and value stocks revert to a more normal, historical average. The Fund trades at just over 10x forward earnings and 7x cash flow, which are significant discounts to the core and value benchmark.	MCK ADT	View
2025 Q2	Jul 22, 2025	Miller Howard Investments Utilities Plus	-	-	ATO, AWK, CNP, ETR, FTS, MDU, NI, NRG, PEG, PPL, SRE, VST, XEL	Data centers, dividends, energy, infrastructure, Transmission, Utilities	Excitement around data centers and their implications for US electricity demand have been a major driver of utility performance. The requisite power generation and high-voltage transmission needed to deliver that power represents a clear opportunity for utilities to deploy incremental capital and earn regulated returns.		View
2025 Q1	Apr 30, 2025	Invesco Small Cap Value Fund	-14.6%	-14.6%	AVTR, CCK, IART, ICLR, NRG, QDEL	healthcare, industrials, small cap, tariffs, value, volatility	The fund uses an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. The team believes the difference between market price and estimated intrinsic value of holdings was very attractive at month end, indicating above-average capital appreciation potential. Recent market volatility has provided opportunities to purchase new holdings and add to existing positions at attractive prices.		View
2026 Q1	Apr 16, 2026	Lyrical Asset Management	-6.7%	-6.7%	ARW, EBAY, EXPE, FFIV, FIS, FLEX, GEN, ICLR, JCI, NRG, SSNC, UBER, WCC	earnings, financials, healthcare, industrials, technology, value			View
2025 Q1	Mar 31, 2025	John Hancock Bond Fund	2.7%	2.7%	BAC, ET, F, JPM, NRG, WFC	Bonds, credit, duration, Fed policy, fixed income, MBS, rates	The Trump administration's tariff approach led to concerns about economic growth slowdown, reviving expectations for Fed rate cuts in 2025. More rate-sensitive assets like longer-dated Treasuries registered the largest gains in this environment.		View
2025 Q1	Mar 31, 2025	Harbor Mid Cap Value Fund	-2.7%	-2.7%	AIG, ALSN, AMKR, ATKR, BK, DOX, EBAY, FOXA, HIG, HPQ, KR, NFG, NRG, ORI, PHM, PVH, STT, TOL, UAL, UGI	consumer discretionary, financials, mid cap, Trade Policy, Utilities, value	The fund maintains a deep value discipline with stretched valuation spreads remaining historically wide. The portfolio continues to trade at discounts relative to the benchmark, focusing on high-quality, profitable companies that generate strong cash flow, pay dividends, and actively buy back shares.		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
2024 Q4	Feb 11, 2025	Invesco Small Cap Value Fund	4.3%	24.5%	AVTR, COHR, CSTM, EWBC, EXPE, GL, GTLS, HUN, ICLR, LITE, MSM, MXL, NRG, ONTO, QDEL, RMBS, TECK, VRT, VST, WAL, WBS	financials, industrials, Intrinsic Value, semiconductors, small cap, value	The fund employs an intrinsic value approach to select holdings, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimates of intrinsic value was attractive, indicating above-average long-term capital appreciation potential. The fund maintains a long-term investment horizon focused on wealth creation through undervalued opportunities.	MSM ONTO ICLR	View
2025 Q3	Nov 17, 2025	Tall Oak Capital Advisors	-	-	AAPL, AEM, ANET, BABA, CCO.TO, EDV, EQT, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NRG, NVDA, PANW, SAP, SCCO, VST	AI, Canada, energy, gold, inflation, Robotics, semiconductors, technology	AI enthusiasm continued to fuel gains in semiconductors and cloud infrastructure stocks. The humanoid robotics space is evolving rapidly as one of the most promising frontiers in AI and automation. Morgan Stanley projects the humanoid robot market could exceed US$5 trillion in annual revenue by 2050, with the inflection point arriving by the mid-2030s.	TW META MSFT GS JPM NVDA ASML NA BABA US	View
2025 Q3	Oct 27, 2025	Horizon Kinetics	-	-	ALS.TO, CLF, EME, FCX, FNV, LB, LNG, MCD, MOS, MSB, NEM, NRG, NTR, NVDA, SBR, SJT, TRC, WBI, WPM, XOM	AI, DataCenters, Exchanges, gold, inflation, Natural Gas, Scarcity, water	Securities exchanges sit atop market action like casino croupiers, collecting spreads and benefiting from volatility while remaining indifferent to market fashions. They have extraordinary ability to let products compound without impediment and minimal capital investment requirements to support new volume levels.	MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN	View
2025 Q3	Oct 20, 2025	Invesco Small Cap Value Fund	10.0%	10.2%	AL, COHR, DAVA.L, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, energy, healthcare, Intrinsic Value, materials, small caps, Transportation, 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. Following outperformance of large-caps over small-caps in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments	-	-	AR, BK, CAG, CCI, CMCSA, CNP, COP, DINO, ELS, ENB, EPD, GEL, GS, HESM, HRB, HRL, JPM, NI, NRG, STT, TTE, WTTR	AI, dividends, energy, financials, inflation, infrastructure, Natural Gas, Utilities	Miller/Howard emphasizes dividend increases as the strongest signal of management confidence, with 70% of financial holdings raising dividends by an average 14% in the quarter. The firm projects 2025 dividend growth of 5.0% for Income-Equity and 4.9% for the no-MLP version, maintaining their focus on high current income and dividend growth as core investment principles.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments Utilities Plus	-	-	ATO, AWK, CNP, ETR, FTS, MDU, NI, NRG, PEG, PPL, SRE, VST, XEL	AI, Data centers, dividends, Electrification, energy, infrastructure, Transmission, Utilities	Excitement around data centers and their implications for US electricity demand have been a major driver of utility performance. The requisite power generation and high-voltage transmission needed to deliver that power represents a clear opportunity for utilities to deploy incremental capital and earn regulated returns.		View
2025 Q3	Oct 14, 2025	Lyrical Asset Management	3.4%	15.7%	AAPL, AMP, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, GPN, HCA, JCI, LKQ, MSFT, NRG, NVDA, TSLA, UBER, URI	earnings, growth, Outperformance, Performance, value	The portfolio maintains an uncommon combination of deep value and growth characteristics. The value spread between the portfolio and S&P 500 is historically wide at 80%, with portfolio trading at 12.2x-12.6x P/E versus S&P 500 at 22.7x. Despite value characteristics, portfolio EPS growth exceeds 10% annually, significantly outpacing S&P 500 growth of 6.4%.		View
2024 Q4	Jan 9, 2025	Torre Financial	2.4%	19.3%	AAPL, AMP, AMZN, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NVDA, TSLA, UBER, URI	earnings, growth, international, Performance, portfolio, value	Portfolio trades at significant discount to S&P 500 with value spread at historically wide 80%. Manager emphasizes uncommon combination of deep value and growth characteristics.		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
2023 Q4	Jan 2, 2024	Frank Value Fund	-	15.1%	NRG, OPRA, PCG	Buybacks, catalysts, Construction, dividends, infrastructure, mid cap, Pharmaceuticals, value	NRG Energy repurchased shares worth over 15% of its market cap in 2023, contributing to material outperformance. The pharmaceutical company is expected to use proceeds from asset sales to repurchase shares, with magnified effects due to high passive ownership reducing available float.	ENRG LN	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 Q3	Sep 30, 2024	Invesco Small Cap Value Fund	6.5%	19.5%	ATGE, BECN, COHR, EWBC, EXPE, GL, GTLS, HSIC, IART, LITE, MKSI, MTZ, MXL, NFE, NRG, QDEL, RMBS, SPB, VRT, VST, WAL, WBS	AI, healthcare, industrials, Intrinsic Value, Regional Banks, semiconductors, small cap, value	The fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive according to their estimation. Following outperformance of large-cap over small-cap in recent years, they see greater long-term upside to intrinsic value in many small-cap stocks compared to large-cap stocks.	QDEL RMBS BECN	View
2024 Q2	Jul 29, 2024	Legacy Ridge Capital	0.0%	19.7%	AMZN, EQT, ETRN, LLY, META, MSFT, NRG, NVDA, SMLP, VST	Concentration, energy, Midstream, Natural Gas, Power Generation, value	The fund has been invested in IPPs like NRG and VST since 2018, with VST being their largest position entering 2023 and 2024. The AI narrative and implications for electricity demand drove VST from $26 to $107, causing the margin of safety to dissipate. The manager believes more data centers will be built requiring base load energy, and the US will likely be short base load energy.	EQT SMLP VST	View
2024 Q2	Jun 30, 2024	Invesco Small Cap Value Fund	6.5%	19.5%	ATGE, AVTR, COHR, CRS, ENDV.L, EPAM, EXPE, GL, LITE, MOH, MTZ, MXL, NFE, NRG, SEM, SIMO, VRT, VST, WAL, WBS	Intrinsic Value, materials, small cap, technology, Utilities, value	The fund benefits from AI growth through holdings like Coherent, which develops optical transceivers that are key enablers for networking of AI servers. Vistra shares rose due to better outlook for long-term demand driven by the build out of energy-intensive AI data centers.	EPAM DAVA GL	View
2023 Q1	May 15, 2023	Elliott Management	0.0%	0.0%	NRG	activism, Capital Allocation, energy, Utilities, value creation	Elliott is engaging in activist investing with NRG Energy, demanding board changes, operational improvements, and strategic review of the Vivint acquisition. The firm is pushing for a comprehensive value creation plan called the Repower NRG Plan to address what it sees as significant underperformance since their previous successful engagement in 2017.		View
2022 Q4	Feb 22, 2023	Miller Howard Investments Infrastructure	0.0%	0.0%	NRG	-			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
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
Apr 13, 2026	Fund Letters	Frank Value Fund	NRG Energy	Utilities	Independent Power and Renewable Electricity Producers	Bull	NYSE	acquisition, AI Datacenter, electricity generation, growth, hyperscaler, Independent Power Producer, Northeast US, share repurchase, Texas, utilities	View Pitch
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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