PAA

PAA

PAA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Miller Howard Investments MLP Strategy	-	-	AM, ENB, EPD, ET, GEL, HESM, MPLX, PAA, SUN, WES, WMB	Data centers, dividends, energy, infrastructure, Midstream, Natural Gas	Natural gas demand from data centers is driving significant growth opportunities for midstream companies. Hyperscalers continue increasing capex with most projects powered by natural gas, creating over $10B in new midstream projects recently announced.		View
2024 Q1	May 30, 2024	Bramshill Income Performance Fund	-	-	AEM, ARCC, ARLP, BP, BXSL, C, EIX, ENB, EPD, ET, Gold, KNTK, NEP, OCSL, PAA, SCHW, SD, SRE, TSLX, VNOM	BDC, energy, fixed income, gold, inflation, Preferreds, Stagflation	The firm expects continued above-trend inflation due to fiscal dominance, with federal spending at 6% of GDP overwhelming monetary policy effects. They anticipate commodity inflation driven by geopolitical risks and de-dollarization trends affecting oil pricing.		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 MLP Strategy	-	-	AM, ENLC, EPD, ET, LNG, MPLX, PAA, PAGP, SUN, TRGP	Data centers, dividends, energy, growth, infrastructure, LNG, Midstream, Natural Gas	Data centers are driving significant natural gas demand growth, with midstream companies announcing almost $6 billion in projects to provide natural gas to power data centers in 2024. Another $5 billion in projects are under consideration, representing a major growth driver for the sector.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments MLP Strategy	-	-	AM, ENB, EPD, ET, GEL, HESM, MPLX, PAA, SUN, WES, WMB	Data centers, dividends, energy, infrastructure, Midstream, Natural Gas	Natural gas demand from data centers is driving significant growth, with hyperscalers increasing capex and the majority of projects powered by natural gas. The midstream industry is responding with over $10B of new projects announced recently.		View
2025 Q4	Jan 24, 2026	Miller Howard Investments MLP Strategy	1.9%	6.0%	AM, EPD, ET, GEL, LNG, PAA, SUN, WES, WMB	Data centers, dividends, energy, LNG, Midstream, MLPs, Natural Gas, Pipelines	The midstream energy industry is healthy with declining leverage, stronger balance sheets, and shareholders being rewarded through higher dividends and share buybacks. New tailwinds have developed including natural gas exports, data centers, and electrification trends driving demand growth. Data centers represent a significant tailwind for natural gas demand, with the US expected to see an additional 20-25 Bcf/d of incremental natural gas demand through 2030. However, this tailwind will not fully impact midstream cash flows until 2027. Distribution increases were prominent with 6 of 16 holdings announcing dividend increases this quarter, averaging 7.5% year-over-year growth. Rising dividends are expected as midstream cash flows increase from growing demand. Natural gas exports represent a key growth driver for the midstream sector. However, concerns about LNG supply/demand fundamentals weighed on some stocks, and potential Russian gas returning to Europe could negatively impact US natural gas exports.		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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 28, 2026	Fund Letters	Vivian Y. Chen	Plains All American Pipeline, L.P.	Energy	Midstream Energy	Bull	NASDAQ	cashflow, energy, infrastructure, midstream, yield	View Pitch
Jan 26, 2026	Seeking Alpha	Seeking Alpha	Plains All American Pipeline	Energy	Oil & Gas Midstream	Bull	NASDAQ Stock Market	commodity price resistance, Distribution growth, financial flexibility, high yield, income-focused investment, investment grade, K-1 tax form, oil transportation, Permian Basin, Plains All American Pipeline	View Pitch
Aug 13, 2025	Seeking Alpha	Gen Alpha	Plains All American Pipeline, L.P.	Energy	Oil & Gas Midstream	Bull	NASDAQ	—	View Pitch

BSD Shareholders of PAA

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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