PPL

PPL

PPL

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 Infrastructure	-	-	AES, CEG, CMS, CSX, NG/ LN, OKE, PPL, TMUS, TPGP, WCN, WMB, XEL	cash flow, Electrification, inflation protection, infrastructure, regulated assets	The commentary highlights infrastructure equities as long-duration assets benefiting from secular investment cycles in energy transition, electrification, and grid modernization. Management notes that regulated assets and contracted cash flows offer inflation protection and downside resilience despite short-term rate volatility. Infrastructure is positioned as a hybrid growth-and-income theme with improving visibility into long-term returns.		View
2025 Q2	Jul 22, 2025	Miller Howard Investments Utilities Plus	-	-	AEP, CEG, CMS, EXC, PCG, PEG, PPL, SRE, VST	Data centers, dividends, electricity demand, infrastructure, Utilities	The letter highlights regulated utilities and independent power producers as beneficiaries of surging electricity demand from AI, data centers, and electrification trends. Management stresses that utilities offer lower volatility, growing dividends, and improving growth visibility as capital spending accelerates. The theme balances defensive characteristics with structural demand growth.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments Infrastructure	3.0%	-	AMT, CCI, CMCSA, ENB CN, ETR, KMI, OKE, PPL, SRE, TRP CN, UPS	AI, dividends, energy, infrastructure, Utilities	Infrastructure assets gained from AI-related data center expansion and natural gas project growth. Utilities and midstream firms benefit from AI-driven energy consumption and capital projects, while cell towers underperformed amid slowing growth. The portfolio remains positioned for stable income and dividend growth from regulated assets.	PPL SRE ETR ENB CN CCI	View
2025 Q3	Oct 19, 2025	Miller Howard Investments Utilities Plus	-	-	AEP, ATO, ETR, FTS CN, MDU, NRG, PEG, PPL, SRE, VST, XEL	Data centers, dividends, Electrification, Transmission, Utilities	Utilities benefited from electrification trends and surging data center power demand driven by AI infrastructure growth. Regulatory clarity and transmission investment are major growth catalysts, with utilities poised to expand capital expenditure and regulated returns. The strategy maintains a focus on dividend growth and infrastructure resilience.		View
2025 Q4	Jan 8, 2026	Diameter Capital Partners LP	0.3%	8.0%	AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD	AI, credit, distressed, energy, Fraud, healthcare, technology	The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly.	NVDA SATS ORCL	View
2025 Q4	Jan 24, 2026	Miller Howard Investments Utilities Plus	-2.4%	14.2%	AEP, BKH, CEG, DTE, MDU, NEE, PEG, PPL, SO, SRE, VST, XEL	Capital Expenditure, Data centers, dividends, earnings growth, Grid Infrastructure, nuclear, Power Markets, Utilities	US electricity demand continues to grow driven by data center proliferation. Utilities are deploying accelerating capital into grid infrastructure to bridge the gap between existing capacity and rising future demand. Companies like NextEra Energy and Black Hills are benefiting from their ability to serve data centers with diversified offerings. Utilities are deploying ever-accelerating amounts of capital into grid infrastructure to meet rising electricity demand. S&P 500 Utility Index capex forecasts for 2026 and 2027 increased by 16% and 15% respectively. Higher levels of capital deployed within the regulated utility framework are lifting utility growth profiles. This quarter, 10 of the 32 holdings announced dividend increases with an average increase of 15.3%. An enhanced earnings profile should strengthen utilities' ability to provide high and rising income to investors. The portfolio focuses on generating total returns with a high and rising stream of income. NextEra Energy signed a 25-year power purchase agreement with Google to restart the Duane Arnold nuclear plant. Constellation Energy benefited from a FERC ruling on co-location that was viewed as positive for Independent Power Producer development and from PJM Interconnection capacity auction pricing. Tightening power markets for independent power producers lifted utility growth profiles. Constellation Energy benefited from FERC ruling on co-location viewed as positive for IPP development. The company also benefited from PJM Interconnection capacity auction where pricing came in at the top of the collar range.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	NRG, POR, PPL, SO	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Adam Fackler	PPL Corporation	Utilities	Electric Utilities	Bull	NYSE	AI, data centers, Earnings stability, Joint venture, Power generation, utilities	View Pitch
Aug 7, 2025	Seeking Alpha	Low Budget Dividend Investing	PPL Corporation	Utilities	Utilities - Regulated Electric	Bull	NYSE	—	View Pitch

BSD Shareholders of PPL

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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