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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Miller Howard North American Energy Fund | - | - | AR, BKR, DINO, EQT, GPOR, MPC, OKE, RRC, SU, TRP, WTTR | Canada, energy, Natural Gas, oil, Refiners, Shale, water | The Permian Basin produces three barrels of water for every barrel of oil, making wastewater remediation a key growth industry. Western Midstream's acquisition of ARIS Water Solutions at a 25% premium underscored the value of water treatment companies. The manager added to their Select Water Solutions position following this transaction. | View | |
| 2024 Q1 | Jun 15, 2024 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | 7203.T, BHP.AX, CCJ, COP, CVX, DVN, EOG, FCX, Gold, HAL, MRO, NEM, OXY, PXD, RELIANCE.NS, RIO, RRC, SHOP.TO, SLB, XOM | Agriculture, AI, Copper, Energy Transition, gold, Natural Gas, oil, uranium | North American natural gas market has reached a turning point with production likely peaking in December 2023 while demand is set to surge from LNG exports and AI data centers. The firm expects a structural deficit to emerge as shale production falters just as new LNG capacity comes online and data center proliferation drives unprecedented electricity demand. | View | |
| 2025 Q1 | May 22, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, AR, BMW.DE, CCJ, CVX, FANG, GOOGL, IMPUY, META, MSFT, NFLX, NVDA, OXY, PXD, RRC, SBSW, SHOP.TO, TSLA, XOM | commodities, Drought, energy, gold, Mining, natural resources, Platinum, Shale | The bear market in platinum and palladium is drawing to a close after 16 years for platinum and 4 years for palladium. Demand shifts favor PGMs as EV adoption disappoints and hybrid vehicles require more PGMs than traditional ICE vehicles. Both markets are in structural deficit with supply constraints from South Africa and declining recycled supply. | View | |
| 2026 Q1 | May 13, 2026 | Kopernik Global All-Cap Fund | 6.9% | 6.9% | 0001.HK, 030200 KS, 1605.T, 1662.T, CNC, CVE.TO, DRW3.DE, GLEN.L, IVN.TO, KAP, NAK, NTR, PBR, PDN.AX, RGLD, RRC, RYN, SDF.DE, SDR.L, VALE | commodities, energy, global, materials, Timber, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Aristotle Small/Mid Cap Equity | -6.2% | -6.2% | ACIW, ADC, AER, AGI, ASGN, BDC, CHE, CIEN, CII, DBI, DY, HURN, ITRI, MMSI, MTSI, NDAQ, ONB, RRC, VVV, WWW | Consulting, gold, healthcare, Regional Banks, semiconductors, small caps, technology, value | The fund maintains exposure to semiconductor companies like MACOM Technology Solutions despite sector weakness during the quarter. The manager believes in meaningful exposure to growing demand from data center and 5G end-market applications, with recent acquisitions expected to drive additional shareholder value. | View | |
| 2025 Q1 | Mar 31, 2025 | Brandes Core Plus Fixed Income Fund | 2.6% | 2.6% | ADT, BAC, C, CCI, F, GS, JPM, NFLX, PBI, RIG, RRC, SCHW, TNL, USB | Corporate Bonds, credit spreads, duration, Fed policy, fixed income, tariffs, Treasuries | Trump administration introduced tariffs during the quarter that were more draconian than market expectations. The manager references historical context of Hawley-Smoot tariffs in 1930 and their negative economic impact. Tariff policy appears central to the current administration's approach and creates market uncertainty. | View | |
| 2025 Q4 | Feb 10, 2026 | Kopernik Global All-Cap Fund | 8.0% | 64.8% | 015760.KS, 3690.HK, BHP, CMCSA, CNC, CVE.TO, GLEN.L, Gold, MOH, NAK, NG, PDN.AX, RGLD, RRC, SDF.DE, SEA.TO, SQM, TPK.L, TWE.AX, VALE | diversification, global, materials, Mining, Precious Metals, undervaluation, value | Gold prices rose 65% in 2025, with precious metals miners performing strongly. The fund trimmed gold positions significantly from 15% to 9% of the portfolio due to strong performance, rolling gains into platinum and industrial metals where more upside is seen. Platinum group metals producers were among the largest contributors for the second consecutive quarter. South African companies Valterra and Impala had strong returns of 20.7% and 26.4% respectively, with substantial upside potential remaining relative to risk-adjusted intrinsic value estimates. After over a decade of underperformance, value stocks had a strong fourth quarter with Russell 1000 Value up 3.3% versus 1.2% for growth. The manager believes the market is beginning to recognize value, emphasizing buying good companies for less than they are worth. Conglomerates performed well with Cresud up 48.7% and LG Corp up 9.1%. The manager notes conglomerates are complex and difficult to analyze, frequently ignored by the market, providing significant opportunities for fundamental bottom-up analysis. | IMP SJ VAL SJ |
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| 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 31, 2024 | Brandes Core Plus Fixed Income Fund | -2.6% | 2.3% | BAC, C, F, GS, NFLX, RRC, S, SCHW, SPR, USB | credit, duration, Fed policy, fixed income, Treasury | Fed delivered a hawkish 25 basis point cut in December, reducing projected 2025 rate cuts from 100 to 50 basis points. The neutral fed funds rate may ultimately be higher than forecasted, with fundamental data suggesting rates may need to remain elevated given strong economic conditions and persistent services inflation. | View | |
| 2024 Q4 | Dec 31, 2024 | Kopernik Global All-Cap Fund | -7.6% | -0.5% | 011170.KS, 015760.KS, 030200.KS, 032640.KS, ANGPY, ARIS.TO, CA.PA, CEPU.BA, E5H.SI, EAPI.PA, ELET6.SA, EQX.TO, EXE, Gold, IMPUY, KBANK.BK, NEM, RRC, SDF.DE | contrarian, emerging markets, global, materials, Mining, value, volatility | Gold hit all-time highs in October before pulling back and finishing the quarter roughly flat. Major gold producers like Newmont and Barrick experienced higher than expected costs and lower than expected production despite the gold price increases. The fund trimmed and added to gold positions based on price movements. | View | |
| 2023 Q3 | Nov 29, 2023 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | BHP, CCO, CVX, GDX, HES, IVN, IVNEF, KAP, OIH, PXD, QQQ, RIO, RRC, SIL, URA, XLE, XOM, XOP | commodities, demand, energy, natural resources, nuclear, Renewables, Shale, Supply Deficit | Managers argue renewable energy investments represent history's worst malinvestment due to poor energy return on investment (EROI). Wind and solar have terrible EROIs compared to fossil fuels, requiring massive raw materials and energy inputs. Recent project cancellations and cost increases validate their contrarian view that renewables cannot replace conventional energy. | View | |
| 2025 Q3 | Oct 19, 2025 | Miller Howard North American Energy Fund | - | - | AR, BKR, DINO, EQT, GPOR, MPC, OKE, RRC, SU, TRP, WTTR | Canada, energy, Natural Gas, oil, Pipelines, Refiners, water | The Permian Basin produces three barrels of water for every barrel of oil, making wastewater remediation a key growth industry. Western Midstream's acquisition of ARIS Water Solutions at a 25% premium underscored the value of water treatment companies. The manager added to their Select Water Solutions position following this transaction. | 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 | |
| 2023 Q2 | Jul 17, 2023 | Capicraft Investment Partners | 0.0% | 0.0% | BBAS3.SA, BMA, CCJ, HSBK.L, RRC | Argentina, Brazil, Currency, emerging markets, energy, REITs, uranium, value | The uranium market is in early stages of a contract cycle where price-insensitive nuclear plants must negotiate for limited uranium production. Western policymakers are recognizing limitations of solar and wind power while the rest of the world builds nuclear stations. The fund holds three uranium positions totaling about 7% of assets. | HSBK.KZ BBAS3.SA BMA ACCOR RRC |
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| 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 | |
| 2023 Q1 | May 31, 2023 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | COPX, GDX, GNR, IGE, OIH, RRC, SIL, XBM.TO, XOP | Central Banks, commodities, Depletion, energy, gold, Natural Gas, oil, Permian | Conventional oil production has peaked globally and unconventional production growth is concentrated in just six counties in West Texas. The Permian Basin shows signs of depletion with per-well productivity declining 6% year-over-year for the first time. The firm predicts Hubbert's Peak is finally here with the Permian likely to peak within twelve months. | View | |
| 2025 Q1 | Mar 31, 2025 | Riverwater Sustainable Value Strategy | - | - | AGM, AM, CG, CIEN, CNX, COOP, IDCC, LMNR, PNFP, RRC, STE | Defensive, Energy Transition, Quality, Regional Banks, small caps, Trade Policy, value | The manager increased exposure to energy transition by adding Range Resources and Antero Midstream Corp. Both companies play critical roles in energy and electrification, with electrification expected to see significant demand growth in coming years and decades. Range is a low-cost natural gas producer while Antero specializes in transporting, gathering and processing natural gas. | AM RRC PNFP COOP LMNR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Capicraft Investment Partners | Range Resources Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Appalachian Basin, energy, Equity, natural gas, Oil & Gas Producer, Pennsylvania | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Sustainable Value Strategy | Range Resources Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | debt management, Electrification, energy transition, ESG, Free Cash Flow, Low-cost producer, natural gas | View Pitch |
| 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. | ||||||||