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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Andrew Hill Investment Advisors | - | - | ANET, CARR, DE, EQT, GOOGL, MSFT, NVDA, OKE, PANW | AI, Automation, energy, fixed income, interest rates, Natural Gas, technology | Manager maintains focus on AI leaders including Nvidia as the semiconductor chip leader for highest level AI applications. Microsoft and Google purchase high-end chips from Nvidia to run new AI applications. Palo Alto Networks protects technology infrastructure with new AI products to enhance security. | 2HP.DE PANW ANET GOOGL AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH GRMN EQT COKE CARR |
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| 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 |
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| 2025 Q2 | Jul 22, 2025 | Miller Howard North American Energy Fund | - | - | AR, BKR, DINO, EQT, GPOR, MPC, OKE, RRC, SU, TRP, WTTR | Canada, energy, Natural Gas, oil, Refiners, Shale, water | The Permian Basin produces three barrels of water for every barrel of oil, making wastewater remediation a key growth industry. Western Midstream's acquisition of ARIS Water Solutions at a 25% premium underscored the value of water treatment companies. The manager added to their Select Water Solutions position following this transaction. | View | |
| 2025 Q2 | Jun 26, 2025 | Andrew Hill Investment Advisors | - | - | AAPL, AMSC, CEG, DUK, EQT, GE, GRMN, HASI, JPM, MSFT, MSI, NFLX, NVDA, OKE, PGR, SFM, TMO, UBER, VRTX, YETI | AI, Bonds, energy, gold, healthcare, Stablecoins, tariffs, technology | AI infrastructure investment remains strong despite global conflicts and political policies. Approximately one-third of equity holdings are directly involved in AI infrastructure build-out spanning technology, communications, finance, and utilities. AI holdings have largely driven strong equity returns over the past few years, modestly outperforming the S&P 500 in 2025. | View | |
| 2026 Q1 | Apr 8, 2026 | Andrew Hill Investment Advisors, Inc. | - | - | 1211 HK, AAPL, COST, EQT, GE, GEV, GOOGL, GRMN, MSFT, NFGC, NVDA, NXT, OKE, RIVN, TSLA, VRTX, YETI | AI, energy, geopolitics, Iran, Natural Gas, oil, semiconductors, technology | EQT OKE GOOGL AAPL NXT |
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| 2024 Q1 | Apr 10, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, ANET, CARR, CEG, CMG, DELL, EQT, GE, GRMN, JPM, KEY, MSFT, NEE, NVDA, OKE | AI, energy, growth, large cap, Natural Gas, semiconductors, technology, Utilities | AI is the dominant investment theme with Nvidia rising 82%, Microsoft advancing 15%, and Dell positioned to benefit from computer upgrades needed for AI applications. The manager views AI as requiring significant electricity to power data centers, leading to investments in utilities like Constellation Energy. | View | |
| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments MLP Strategy | - | - | ENB, ENLC, EPD, ET, GEL, HESM, LNG, MPLX, OKE, PAA, SUN, TRGP, WES | dividends, energy, income, infrastructure, Midstream, MLPs, Natural Gas | Midstream energy had a fine quarter with positive territory performance easily outpacing the overall market. The sector offers attractive valuations trading 2.9 turns lower on EV/EBITDA than in 2015, strong balance sheets with declining debt and lower leverage, and much higher free cash flow yield demonstrating financial stability. | 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 | 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 | |
| 2024 Q4 | Dec 19, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, AMSC, AMZN, ANET, CEG, ENPH, GEV, GRMN, GS, IDXX, JNJ, JPM, MSFT, NVDA, OKE, UTHR | AI, energy, financials, inflation, nuclear, tariffs, technology, Utilities | AI drives superior portfolio returns with holdings providing AI products and services or energy to AI providers. NVIDIA leads semiconductor industry providing the brains behind AI, with ChatGPT powered by their chips. Microsoft integrates AI across business lines with Co-Pilot subscription enhancing productivity. | AMZN ANET JPM GEV GS MSFT NVDA CEG GRMN AAPL |
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| 2024 Q3 | Oct 20, 2024 | Marram Investment Management | 8.1% | 14.3% | CMA, COF, ENLC, KEY, OKE, PSFE | Banking, energy, financials, infrastructure, MLPs, Opportunism, payments, value | Following the March 2023 banking crisis, the manager significantly increased exposure to large regional banks at fire-sale prices. The strategy focused on distinguishing between Held To Maturity versus Available For Sale securities unrealized losses, viewing AFS losses as future upside potential. The manager estimates this basket will generate approximately 2.0X returns in the next 3 years through AFS unrealized loss reversals, profitable earnings yields, and valuation multiple expansion. | PSFE |
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| 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 |
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| 2025 Q3 | Oct 19, 2025 | Miller Howard North American Energy Fund | - | - | AR, BKR, DINO, EQT, GPOR, MPC, OKE, RRC, SU, TRP, WTTR | Canada, energy, Natural Gas, oil, Pipelines, Refiners, water | The Permian Basin produces three barrels of water for every barrel of oil, making wastewater remediation a key growth industry. Western Midstream's acquisition of ARIS Water Solutions at a 25% premium underscored the value of water treatment companies. The manager added to their Select Water Solutions position following this transaction. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard North American Energy Fund | 1.0% | 6.1% | CHRD, CNQ, CVE, CVX, EQT, GPOR, HES, LBRT, MPC, OKE, OXY, PBA, PSX, RRC, SM, SU, VLO, XOM | Data centers, dividends, energy, Natural Gas, North America, oil, Refiners | Pressure pumpers are seeing growing interest in supplying power to data centers under long-term contractual arrangements. Mobile generation equipment can be deployed within weeks at competitive efficiency levels. Liberty Energy announced a positive 1GW data center power generation project by year-end 2027. Natural gas prices rallied sharply amid a cold start to winter in the US, supported by strong LNG exports and rising data center power demand. The portfolio reduced natural gas price exposure by selling EQT Corp and trimming Range Resources Corp. Oil prices drifted lower on a near-term supply glut and closed the quarter in the mid-$50/bbl range. Adjusted for inflation, prices are near century lows. At current prices, E&Ps are expected to further rein in production with US supply likely to decline in 2026. The portfolio increased Valero and Phillips 66 on strong refinery dynamics. Marathon Petroleum had a rare refinery earnings miss on operational items believed to be one-time, with favorable 2026 capex guidance. The portfolio currently offers an indicated yield of 3.2% that is well supported down to roughly $45/bbl oil, with potential for significantly larger variable capital returns at higher commodity prices. Suncor Energy raised its dividend 5.3% amid strong buybacks. | View | |
| 2025 Q4 | Jan 20, 2026 | Marram Investment Management | 0.0% | 4.0% | AVDX, BILL, FITB, FOUR, OKE, PAA, PAGP, PAY, PSFE, PYPL | Banking, biopharma, cash flow, energy, payments, value | Payment technology businesses experiencing disconnect between operating fundamentals and share price performance. Companies continue to compound value per share despite valuation compression and shareholder turnover. Manager rebalanced allocation by exiting some positions and concentrating in higher-conviction holdings at lower prices. Energy infrastructure companies with indispensable assets benefiting from geopolitical strife, inflation, and increased recognition of renewable energy limitations. MLPs remain cornerstone allocation with favorable industry demand dynamics, stable cash flows, conservative balance sheets, and inflation protection. Large regional banks purchased during March 2023 banking crisis at fire-sale prices have generated 30%+ IRR. Manager continues to view sector favorably for steady 10%+ annual profits but has prudently moderated exposure due to expanded valuations and gradually easing credit underwriting standards. Sector out of favor due to political factors leading to lower industry R&D spend. Manager believes society will continue to need new drugs and health innovations, expecting capital to return and R&D spend to reaccelerate. Initiated diversified basket allocation via ETFs and service-based businesses. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AM, ENLC, EPD, ET, HESM, LNG, MPLX, OKE, OXY, PAA, PAGP, SUN, TRGP, WES | Data centers, dividends, energy, infrastructure, LNG, Midstream, Natural Gas | Natural gas demand growth is driven by multiple tailwinds including data centers requiring 6-10 Bcf/d, new LNG terminals adding 12 Bcf/d, and Permian production becoming gassier. Total incremental demand could exceed 20 Bcf/d by decade end from LNG, re-shoring, EVs, electrification, and data centers. | 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 15, 2026 | Seeking Alpha | Seeking Alpha | ONEOK, Inc. | Energy | Midstream | Bull | New York Stock Exchange | capital allocation, dividend yield, Fee-based Model, geopolitical tensions, Growth Projects, midstream, natural gas, Pipeline network, shareholder returns, valuation | View Pitch |
| Apr 9, 2026 | Fund Letters | Andrew Hill Investment Advisors, Inc. | ONEOK, Inc. | Oil & Gas Midstream | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Energy security, Fee-based Income, midstream, natural gas, Permian Basin, Pipelines, Tollbooth Model | View Pitch |
| Jan 28, 2026 | Fund Letters | Vivian Y. Chen | ONEOK, Inc. | Energy | Midstream Energy | Bull | New York Stock Exchange | cashflow, Distributions, Energyinfrastructure, inflation, midstream | View Pitch |
| Jan 23, 2026 | Twitter / X | @Suicide95518428 | ONEOK, Inc. | Energy | Oil & Gas Storage & Transportation | Bear | New York Stock Exchange | CapEx, Debt Ebitda, EBITDA, midstream, Oke, Photonics, Projects, Run Rate | View Pitch |
| Dec 4, 2025 | Seeking Alpha | Seeking Alpha | ONEOK, Inc. | Oil & Gas Midstream | Bull | AI boom, data center projects, energy infrastructure, inflation-linked escalators, investment-grade balance sheet, midstream services, natural gas, ONEOK, Stable Cash Flow, stagflation resistance | View Pitch | ||
| Dec 1, 2025 | Seeking Alpha | Seeking Alpha | ONEOK, Inc. | Oil & Gas Midstream | Neutral | Bakken, diversification, EBITDA guidance, growth potential, infrastructure, Mid-Continent, midstream, natural gas, NGL, ONEOK | View Pitch | ||
| Dec 1, 2025 | Seeking Alpha | Seeking Alpha | ONEOK | Oil & Gas Midstream | Neutral | Bakken, diversification, EBITDA guidance, integrated infrastructure, long-term potential, Mid-Continent, midstream operations, natural gas, NGL pipelines, ONEOK | View Pitch | ||
| Oct 12, 2025 | Substack | Pacific Northwest Edge | Oneok | Energy | Oil & Gas Midstream | Bull | capital-intensive, debt management, dividend yield, Export projects, Fixed-fee contracts, infrastructure, midstream energy, Natural gas liquids, Pipeline network, Scale economies | View Pitch | |
| Aug 7, 2025 | Seeking Alpha | Samuel Smith | ONEOK, Inc. | Energy | Oil & Gas Midstream | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Gen Alpha | ONEOK, Inc. | Energy | Oil & Gas Midstream | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $7.6M | 0.01% | 103,400 | -75,000 | -42.04% | 0.0139% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $4.7M | 0.01% | 64,600 | +52,000 | +412.70% | 0.0087% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.4M | 0.01% | 46,860 | +46,860 | +100.00% | 0.0063% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $4.3M | 0.01% | 59,053 | -105,731 | -64.16% | 0.0079% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.9M | 0.00% | 39,800 | -21,100 | -34.65% | 0.0053% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $326.0M | 0.26% | 4,435,030 | +347,516 | +8.50% | 0.5958% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $2.2M | 0.00% | 30,440 | +30,440 | +100.00% | 0.0041% |
| Cliff Asness | AQR Capital Management | $190.6B | $19.4M | 0.01% | 263,501 | +118,309 | +81.48% | 0.0354% |
| Mario Gabelli | GAMCO Investors | $10.4B | $11.3M | 0.11% | 153,650 | -1,100 | -0.71% | 0.0206% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $842,090 | 0.02% | 11,457 | -692 | -5.70% | 0.0015% |
| Rich Handler | Jefferies | $19.3B | $9.0M | 0.05% | 122,946 | +99,523 | +424.89% | 0.0165% |