PCG

PCG

PCG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 4, 2025	Artemis US Select Fund	10.1%	-6.2%	AAPL, ABBV, ALL, CEG, CHD, CMFY, FI, KO, MU, NVDA, PCG, STX, TDG, TMO, TXN, WFC, WMT	Data centers, nuclear, semiconductors, tariffs, technology, US	The fund is positioned in data center beneficiaries including Comfort Systems, Constellation Energy, Seagate, and Micron. Management cited strong demand persisting across tech/data centers with no current signs of slowdown in capital expenditure. Constellation announced a 20-year agreement with Meta to provide nuclear power for data centers.	NVDA CMG AAPL	View
2025 Q2	Jul 30, 2025	Third Point Partners	7.5%	-	CASY, COOP, DSV.CO, ENR.DE, FTV, INF.L, KVUE, LSEG.L, LYV, NVDA, PCG, RKT, RR.L, TSM, VST, X	AI, credit, energy, Europe, M&A, Mortgage, technology, Trade Policy	Continued consumer and enterprise adoption of AI as well as relentless commitment to AI capex drove further gains in the technology sector. AI represents a massive downward shift in the cost curve, similar to fracking's impact on energy. The manager believes AI might do for credit in 2025/26 what fracking did in 2015/16, creating opportunities in stressed/distressed technology credits.	INF.L CASY RKT INF LN CASY RKT	View
2025 Q2	Jun 30, 2025	YCG Investment	-	-	AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK	Network Effects, Pricing Power, Quality, regulation, tariffs, value	YCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns.	FICO AAPL	View
2025 Q1	May 22, 2025	Artemis US Select Fund	-14.7%	-14.7%	AAPL, ALL, AVTR, CTVA, EXP, FI, GOOGL, GS, KO, PCG, SAIA, VMC, WST	AI, Data centers, healthcare, industrials, tariffs, technology, Trade Policy, value	Trump's tariff announcements are creating significant market uncertainty and forcing portfolio repositioning. The managers believe tariffs are likely permanent as a revenue generation mechanism for tax cuts, leading them to reduce exposure to companies sensitive to trade disruptions.		View
2024 Q1	May 15, 2024	Third Point Partners	3.9%	14.0%	AAP, AAPL, AMZN, BBWI, DD, GOOGL, HUM, INTC, LSEG.L, META, MRVL, MSFT, NFLX, NVDA, PCG, TSM, VST	AI, Data centers, energy, semiconductors, technology, value	AI is a key element of the thesis for nearly half of Third Point's equity positions. The technology favors incumbents who are deploying financial and intellectual war chests to win the AI arms race. Best-run legacy companies like Microsoft and Amazon have built enormous competitive advantages and seen their growth vectors accelerate.		View
2025 Q1	Apr 30, 2025	Third Point Partners	-3.7%	-3.7%	AMZN, APO, CSGP, CVNA, DHR, ICE, META, PCG, PHNX, RYCEY, TDS, TSM, X	activism, credit, Event Driven, real estate, tariffs	The administration's tariff policies created significant market volatility, with the Liberation Day tariff announcement causing the most violent selloff since Covid. While some aggressive tariff objectives have been mitigated, uncertainty continues around individual trade deals and their economic impact.	CSGP	View
2024 Q1	Apr 25, 2024	Artemis US Select Fund	-	-	AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS	AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation	Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance.	CNM ALL NSC META AAPL	View
2025 Q1	Mar 31, 2025	Miller Howard Investments Utilities Plus	-	-	AEE, AEP, ATO, AWK, CEG, CNP, EIX, ETR, EVRG, EXC, NGG, NI, PCG, SO, SRE, VST, XEL	Data centers, Defensive, dividends, infrastructure, regulation, Utilities	15 of 31 holdings announced dividend increases with an average increase of 5.4%. Portfolio transactions were focused on improving dividend and earnings growth profile, which historically leads to outperformance.		View
2025 Q4	Feb 6, 2026	Third Point Partners	1.9%	-	000660.KS, 034730.KS, BHC, CRS, CSGP, DSV.CO, ENR.DE, META, MIK, MSFT, PCG, PRMB, QBR.B.TO, SNBR, TPG, VST	AI, credit, defense, healthcare, Mortgage, semiconductors, Telecom, value	AI dominates market headlines and is forcing a re-think of established beliefs about capital-light business models like software. Many software companies now face increased investor skepticism about the sustainability of their moats and scrutiny of their high-margin structures. The AI theme seems less bulletproof with recent Oracle selloff. Ongoing rotation from software into semiconductors, memory, and semicap equipment. SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand at meaningfully higher price points and margins. Continued strength in European defense equities as capital-intensive businesses like defense contractors are having their moment. Investors are waking up to their mission critical role in the rebuilding of supply chains and national security complexes. Both private credit and private equity will continue to struggle with monetization due to billions of dollars trapped in private equity that cannot be monetized at acceptable prices. The line between public and private is blurring with the more relevant distinction being traded and not yet traded. Expect more liability management exercises and in-court restructurings with almost 40% of restructurings being repeat offenders. Ratings downgrades and defaults continue to pressure stressed leveraged loans creating attractive entry points with elevated dispersion in the leveraged loan market. Residential mortgages remained resilient in 2025, particularly seasoned loans with lower balances. There is currently $35.8 trillion of home equity in US homeowners' balance sheet, creating large margin of credit protection and ability to expand investments in residential real estate into home affordability products.	SGI 402340 KS	View
2024 Q4	Feb 4, 2025	Third Point Partners	9.1%	-	AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA	credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities	Siemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth.	PCG ENR.DE LYV BN	View
2025 Q4	Feb 11, 2026	BlackRock Core Bond Fund	1.0%	7.4%	EQT, GS, JPM, MS, PCG	credit, duration, Fed policy, fixed income, MBS, rates	The fund moved to an overweight duration position during the quarter, concentrated in the front and belly of the yield curve. Duration positioning detracted from performance as this portion of the curve sold off in October due to investor perceptions of a hawkish Federal Reserve. The fund built a U.S. rate-steepening bias throughout the quarter. Agency mortgage-backed securities contributed to performance as spreads continued to tighten amid strong technical support. The overweight allocation to agency MBS was increased during the quarter. The fund favored high-quality securitized assets.		View
2024 Q4	Dec 31, 2024	Miller Howard Investments Utilities Plus	-	-	AEP, AES, CEG, CNP, ETR, MDU, NEE, NI, PCG, SO, VST	AI, dividends, energy, Power, rates, regulation, Utilities	Data center and artificial intelligence trends are driving growing electricity demand, benefiting power producers like Vistra Corp. The company was the second-best performing name in the S&P 500 this year as a key beneficiary of these trends. Entergy also increased guidance due to META's plans to build a $10B AI data center in northeast Louisiana.		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
2023 Q3	Nov 14, 2023	Third Point Partners	3.9%	14.0%	BBWI, DHR, HTZ, J, MC.PA, MSFT, PCG, SHEL, UBS, VST	credit, Event-Driven, Leverage, Mortgage, private credit, rates, Structured Credit	The market's current obsession with balance sheet strength creates opportunities to distinguish companies with real versus perceived leverage problems. Third Point sees attractive opportunities in improving credits with bulletproof securities yielding 10%-13%, focusing on defensive industries like healthcare and telecommunications.		View
2025 Q3	Oct 31, 2025	Third Point Partners	3.2%	-	000660.KS, 005930.KS, 402340.KS, 6361.T, AMAT, CRH, DSV.CO, FIX, FLTR.L, GOOGL, KVUE, LSEG.L, MIK, MSFT, MU, NVDA, PCG, PRMB, TSLA, TSM	AI, Asia, credit, distressed, Event-Driven, Memory, semiconductors, technology	AI compute demand has accelerated beyond efficiency gains, driven by reasoning-based models and post-training techniques that are orders of magnitude more compute-intensive. OpenAI's recent deals to grow compute capacity by 20x over five years highlight the compute-constrained environment. Third Point maintains investments in TSMC and NVIDIA as integral pieces of this buildout while watching for potential corrections.	CRH LN NVDA TSM 6361 JP 000660 KS CRH LN NVDA TSM 6361 JP 000660 KS	View
2022 Q3	Oct 18, 2022	Third Point Offshore Fund	-	-	CL, DIS, PCG, VTYX	-			View
2022 Q3	Oct 18, 2022	Third Point Offshore Fund	1.1%	-3.0%	CL, DIS, PCG, VTYX	-			View
2024 Q3	Oct 16, 2024	Third Point Partners	3.9%	14.0%	AAP, AMZN, BBWI, CNK, DHR, DSV.CO, FYBR, GOOGL, INTC, KBH, LUMN, MSFT, PCG, VST, VZ	credit, Entertainment, Event-Driven, Logistics, Mortgage, Politics, value	DSV emerged as the leading bidder for DB Schenker, creating the largest freight forwarder with significant synergy potential. The company has a proven track record of consolidating the fragmented global freight forwarding industry with industry-leading margins. Rising complexity in global supply chains benefits DSV's unique network that guarantees capacity and on-time deliveries.	CNK DSV.CO	View
2025 Q3	Oct 14, 2025	Greenlight Capital	-3.6%	0.4%	AAPL, BHF, COYA, EIX, FLR, GRBK, KD, LXS.DE, META, MSFT, NVDA, PCG, SOLB.BR, TECK	AI, Biotechnology, Bubble, Mining, skepticism, technology, Utilities, value	Greenlight is highly skeptical of the massive AI investment cycle, questioning whether trillions in promised spending can generate adequate returns. The firm notes that much AI revenue is circular within the supply chain rather than from external customers, and compares the situation to the internet bubble where capital destruction occurred despite the technology's ultimate importance.		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
2024 Q3	Sep 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	ATO, AWK, BKH, CEG, CNP, DUK, ETR, MDU, MSFT, NEE, NEP, NI, PCG, VST	Data centers, dividends, income, nuclear, Power, rates, Utilities	Rising electricity demand from datacenter trends remained at the forefront of investors' minds and drove independent power producer performance. Constellation Energy's 20-year power purchase agreement with Microsoft to restart Three Mile Island nuclear unit created a catalyst for the group.		View
2023 Q2	Jul 31, 2023	Third Point Offshore Fund	1.1%	-3.0%	9988.HK, AMZN, BBWI, CRM, CSTM, DD, DHC, DHR, FIS, FYBR, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG, PNC	activism, credit, Equity, Long/Short, Structured			View
2023 Q2	Jul 31, 2023	Third Point Partners	3.9%	14.0%	AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG	activism, credit, Hedge Fund, Long/Short, Structured Credit			View
2022 Q4	Jul 1, 2023	Third Point Offshore Fund	1.1%	-3.0%	AIG, BBWI, CL, DD, PCG	-			View
2023 Q1	May 17, 2023	Third Point Offshore Fund	1.1%	-3.0%	AIG, AMD, BABA, BBWI, CL, CRM, CS, DHR, DIS, FIS, GLEN.L, GOOGL, LVMH.PA, MSFT, PCG, SHEL	activism, credit, Hedge Fund, Multi-Strategy, Structured Credit			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
2023 Q1	Mar 31, 2023	Third Point Partners	3.9%	14.0%	AIG, AMD, BABA, BBWI, CL, CRM, DHR, DIS, FIS, GLEN.L, GOOGL, MC.PA, MSFT, PCG, SHEL	activism, credit, Equity, Hedge Fund, Multi-Strategy			View
2022 Q1	Mar 31, 2022	Third Point Offshore Fund	1.1%	-3.0%	GLEN LN, PCG, SHEL	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Third Point Partners	PG&E Corporation	Utilities	Electric Utilities	Bull	NYSE	AB1054, California, Cost Recovery, Electric Utility, Grid Hardening, regulated utility, Undergrounding, Value, Wildfire Risk	View Pitch

BSD Shareholders of PCG

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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