PSX

PSX

PSX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 26, 2023	Pelican Bay Capital Management	9.1%	11.5%	AAPL, AMZN, APAM, BATRA, BLDR, CPRI, EXPE, FLT, GNRC, GOOGL, META, MSFT, NTR, NVDA, PSX, TOL, TSLA	Fertilizers, Homebuilders, Speculation, Travel, Valuations, value	Homebuilders are benefiting from record low inventory of existing homes as high rates discourage homeowners with 3% rates from moving. They can buy down mortgage rates to 4-5% instead of offering traditional incentives, making new homes more attractive than existing properties with 7% mortgages. The sector continues to trade at reasonable valuations despite recent gains.		View
2026 Q1	Apr 21, 2026	BNY Mellon Global Equity Income Fund	2.4%	2.4%	BARC.L, COP, FANG, MSFT, PSX, PUB.PA, SGOB.PA, UMG.AS	AI, dividends, energy, Geopolitical, income, rates, valuation			View
2026 Q1	Apr 20, 2026	Hosking Partners	3.2%	3.2%	000660 KS, 005930 KS, 1662.T, AXP, CCO.TO, COF, DHT, GLW, HAFN.OL, III.L, INSW, JEF, LRCX, MOH.AT, MPC, MU, NE, PSK.TO, PSX, STX, SYF, TDW, UBS, VLO, WISE.L	AI, Capital Cycle, diversification, energy, Geopolitical, semiconductors			View
2024 Q1	Apr 15, 2024	Aristotle Value Equity Fund	6.3%	12.3%	ADBE, AMP, ANSS, COF, CTVA, ELS, LEN, LOW, MCHP, MLM, MSFT, PH, PSX, SONY, SYY, TTE, XEL	energy, financials, large cap, materials, technology, Utilities, value	TotalEnergies implements a two-pillar strategy balancing traditional energy with renewable investments, planning to invest over 30% of spending in low-carbon businesses. The company aims to rank among the world's top five providers of solar and wind energy by 2030. Xcel Energy is positioned to benefit from increased demand for clean energy with strong wind and solar resources.	TTE LOW	View
2023 Q1	Apr 12, 2023	Pelican Bay Capital Management	2.2%	2.2%	BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, FIS, GOOG, PSX, RIO, TOL	Banking, energy, healthcare, Homebuilders, technology, value, volatility	Manager emphasizes constructing a portfolio favoring high-quality companies with attractive valuations and dividend yields. The Concentrated Value portfolio trades at 12.0x forward P/E versus 15.4x for Russell 1000 Value Index, with superior margins and returns on capital.		View
2026 Q1	Mar 31, 2026	Oakmark Select Fund	-8.0%	-8.0%	CRM, IT, MMC, PSX	AI, Buybacks, energy, Geopolitical, software, value		MMC IT CRM PSX	View
2026 Q1	Mar 31, 2026	Harris Associates Concentrated Strategy	-8.0%	-8.0%	COF, COP, CRM, IQV, IT, PSX, TRGP	AI, Buybacks, concentrated, energy, financials, software, value		IT COF IQV CRM TRGP COP PSX	View
2024 Q4	Feb 11, 2025	Elliott Management	-	-	MPC, PSX, VLO	activism, Conglomerate, Midstream, operations, Refiners, Spinoff, value	Elliott criticizes Phillips 66's refining operations, noting EBITDA per barrel trails best-in-class peer Valero by $3.75 per barrel, widening to $4.75 in Q4 2024. The firm calls for ambitious refining targets reflecting best-in-class performance and closing the EBITDA gap with peers.		View
2024 Q4	Dec 31, 2024	Oakmark Select Fund	6.0%	14.2%	ABNB, CNC, COP, CRM, EFX, FCNCA, FI, IQV, KDP, PAYC, PSX, WFC	energy, financials, healthcare, large cap, Quality, technology, value	The fund focuses on investing in high-quality businesses at attractive prices with wide spreads in valuation multiples providing opportunities. They believe this approach provides both margin of safety and potential for superior future returns despite broad market valuations being above historic averages.	KDP EFX ABNB IQV PAYC	View
2024 Q4	Dec 31, 2024	Miller Howard North American Energy Fund	-	-	AESI, AR, DINO, EQT, KMI, LBRT, LYB, PBA, PSX, RRC, SM, SOBO, TRP, WTTR, XOM	AI, China, Data centers, energy, Natural Gas, oil, Pipelines, Refiners	Natural gas emerged as a key beneficiary of AI-driven data center demand growth. Weather-driven price surges boosted natural gas producers like Antero Resources and Range Resources. The fund added natural gas pipelines as emerging beneficiaries of power-hungry AI/data center boom.		View
2024 Q4	Dec 26, 2024	RD Capital Partners	-	-	BST.L, PSX, TRMCF	Acquisitions, Construction, consumer, Engineering, growth, healthcare, industrials, United Kingdom	RDCP acquired MCS Group, a UK infrastructure and construction main contractor with £130m revenue and £8m EBITDA, specializing in industrial and commercial projects. The business has strong client retention of 70% and plans to scale revenues to £140m by FY26. This acquisition solidifies RDCP's entry into the UK main contractor construction sector.		View
2023 Q3	Nov 16, 2023	Auxier Asset Management	7.4%	0.0%	AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO	energy, healthcare, insurance, rates, technology, value	Bond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money.		View
2025 Q3	Nov 13, 2025	Auxier Asset Management	5.4%	-	BA, BAC, BK, C, CAT, DEO, GD, GLW, GOOGL, KR, LMT, MA, META, MSFT, PH, PM, PSX, RTX, TAP, VLO	AI, Banking, credit, defense, energy, infrastructure, Speculation, technology	Robust capital investment boom in Artificial Intelligence is boosting the US economy and market, with up to half of 3.8% GDP gain attributable to tech capital spending. Companies like Alphabet, Microsoft and Meta are putting up exceptional growth in cloud computing, AI and digital advertising. The massive infrastructure buildout to expand data center capacity has boosted demand for traditional machinery and power solutions.		View
2023 Q3	Oct 24, 2023	Pelican Bay Capital Management	2.7%	14.6%	CPRI, FANG, GNRC, GOOGL, PSX, PXD, TPR, VZ, XOM	buyouts, Concentration, dividends, energy, oil, Quality, value	Oil prices rose 32% in Q3 as global demand runs 1-2 million barrels per day ahead of supply, reaching record highs of 103 million barrels per day in July. Years of underinvestment outside US shale and prolonged OPEC production cuts have created supply constraints. The manager believes oil prices could continue rising given multi-year timeframes needed for new supplies and environmental policies constraining investment.	PXD DIPSX FANG BVZN SW GNRC CPRI	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
2022 Q4	Jan 20, 2023	Pelican Bay Capital Management	9.9%	-1.9%	CPRI, FIS, GNRC, PSX	-			View
2024 Q3	Sep 30, 2024	Auxier Asset Management	7.4%	0.0%	AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO	AI, Buybacks, energy, financials, nuclear, Onshoring, value	Manager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable.		View
2024 Q3	Sep 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, BAC, BK, CAH, CNQ, EPD, ETR, GILD, GS, HST, JEF, JPM, KO, LAMR, MRK, NTR, OGE, ORI, PSX, TXN	AI, dividends, financials, Market Concentration, Utilities, value	The firm focuses on high-yield dividend stocks that offer yields over 2.5x the S&P 500. They had 7 dividend increases in the quarter and believe their portfolios are well-positioned for dividend growth throughout the full market cycle. The relationship between market breadth and high-yield dividend stock performance is central to their investment thesis.	ETR	View
2023 Q3	Sep 30, 2023	Oakmark Fund- International Small Cap	7.4%	0.0%	BAC, CHTR, CNC, COF, COP, CSCO, CTVA, CVS, DHR, GM, META, ORCL, PSX, SCHW	energy, financials, healthcare, large cap, technology, value	The fund focuses on finding cheap stocks on traditional value metrics amid a challenging environment where growth has outperformed value by 2,300 basis points year to date. The manager emphasizes investing in companies trading at discounts to intrinsic value estimates.	CVS CSCO DIPSX CNC CTVA DHR	View
2023 Q4	Aug 1, 2024	Oakmark Select Fund	8.1%	0.0%	APA, AXP, CBRE, CHTR, COF, EOG, FCNCA, GOOGL, MPC, ORCL, PAYC, PSX, VLO	energy, financials, real estate, technology, value	The fund continues to find attractive opportunities to invest in undervalued securities that meet their value investment criteria. They sold Oracle and redeployed capital into stocks they believe offer superior prospective risk-adjusted returns including American Express, Paycom Software, and Phillips 66.	DIPSX PAYC AXP	View
2023 Q4	Aug 1, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, ALGN, BALL, BF-B, CCI, CHE, CIGI, CSWI, DINO, EXPO, GPN, LAD, NOC, PSX, RLI, SSD, TPL, TSM, WH	Defensive, Long/Short, Market Neutral, Quality, risk management, valuation	Manager emphasizes owning high-quality companies that outperformed during December's challenging environment. Portfolio companies are described as firing on all cylinders with strong fundamentals.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities	Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, Natural Gas, Utilities, value	Miller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, Midstream, Natural Gas, Utilities	Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. Dividend payers return 91% of free cash flow to shareholders versus 53% for non-dividend payers. Regular dividends are viewed as management commitments that signal confidence in future profitability.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	Banking, Data centers, dividends, Energy Infrastructure, free cash flow, Natural Gas, Utilities	The letter extensively analyzes dividend-paying stocks versus non-dividend payers, arguing that dividend payers have higher quality free cash flow after adjusting for stock-based compensation. Regular dividend payers return 91% of free cash flow to shareholders through dividends and buybacks, compared to 53% for non-dividend payers.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, infrastructure, interest rates, Recession, small caps, technology, Utilities	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend growth prospects and views regular dividends as management confidence signals.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AES, AGO, AGRO, AM, BCC, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EME, EMN, ENB, ENLC, EPD, ETD, EVR, EXR, FFBC, FULT, GS, HCA, JHG, JNJ, JPM, KEY, KFY, KNF, LBRT, LNG, LYB, MATX, MDU, MED, MEI, MPC, MSFT, MSM, NGG, NSP, NVDA, OMAB, OMF, POR, PPL, PSX, QCRH, RRC, RY, SBAC, SLP, SO, SUN, UGI, UHT, VLO, VST, WINA, WMB	dividends, energy, income, technology, Utilities, value, volatility	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend coverage and growth potential, with their Income-Equity strategies yielding 3.5-3.7% and positioned for dividend growth throughout market cycles.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, income, infrastructure, technology, Utilities, value	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard emphasizes dividend growth as a key investment criterion across all strategies, with multiple holdings announcing dividend increases during the quarter.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, income, infrastructure, Recession, technology, Utilities, volatility	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. During recessions, dividend increases still outnumber decreases by 3-to-1, with companies having lower leverage and stronger fundamentals more likely to maintain dividend growth.		View
2024 Q1	May 4, 2024	Harris Associates Concentrated Strategy	6.7%	6.7%	CHTR, COF, DE, DFS, HLT, KKR, LAD, PSX, WBD	Agriculture, concentrated, energy, financials, Intrinsic Value, value	KKR showed strong performance with private markets fundraising, carried interest revenue and capital markets fee generation achieving their best results since mid-2022. The firm benefited from improved market conditions for alternative asset managers.	DE PSX KKR COF	View
2022 Q1	Mar 30, 2022	Aristotle Core Equity Fund	2.9%	21.3%	PSX, PYPL, SPR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 7, 2026	Fund Letters	Harris Associates Concentrated Strategy	Phillips 66	Oil & Gas Refining & Marketing	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	cash flow, Crack Spreads, Downstream Energy, energy, Equity, geopolitical risk, refining	View Pitch
Apr 28, 2026	Fund Letters	Oakmark Select Fund	Phillips 66	Oil & Gas Refining & Marketing	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	cash flow, Crack Spreads, Downstream Energy, energy, Petroleum Products, refining, shareholder returns	View Pitch
Apr 13, 2026	Fund Letters	Harris Associates Concentrated Strategy	Phillips 66	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Downstream, energy, energy infrastructure, integrated energy, midstream, Oil & Gas, refining	View Pitch
Aug 8, 2025	Seeking Alpha	On the Pulse	Phillips 66	Energy	Oil & Gas Refining & Marketing	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Gen Alpha	Phillips 66	Energy	Oil & Gas Refining & Marketing	Bull	NYSE	—	View Pitch

BSD Shareholders of PSX

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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