PAGP

PAGP

PAGP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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 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
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 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 Infrastructure	0.0%	0.0%	AEE, AMT, AWK, CEG, CNP, CSX, ETR, HCA, LNG, MPC, NEE, NEP, NI, PAGP, TMUS	Data centers, dividends, infrastructure, Midstream, Natural Gas, Power, REITs, Utilities	Datacenter proliferation is driving accelerating power demand, benefiting utilities and midstream sectors. Natural gas will be used to meet incremental demand as intermittent renewable power requires dispatchable generation supplementation.		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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Aug 8, 2025	Seeking Alpha	Samuel Smith	Plains GP Holdings, L.P.	Energy	Oil & Gas Midstream	Bull	NASDAQ	—	View Pitch

BSD Shareholders of PAGP

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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