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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Mar 31, 2025 | Miller Howard North American Energy Fund | - | - | AESI, AR, COP, CVE, CVX, EQT, GPOR, HES, KMI, LBRT, SM, SOBO, SU, TRGP, WTTR, XOM | Canada, dividends, energy, Midstream, Natural Gas, oil, Trade Policy | Oil prices remained flat during the quarter despite energy sector outperformance. The portfolio focuses on producers with long drilling inventory to reduce volatility from short-term oil price fluctuations. Permian Basin production analysis shows rapid well decline rates, making longer-term price stability more likely than short-term volatility. | 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 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 | - | - | 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 1, 2025 | Seeking Alpha | Seeking Alpha | South Bow Corporation | Oil & Gas Midstream | Bull | Alberta, dividend yield, EBITDA guidance, energy infrastructure, Growth Opportunities, liquids transportation, Pipeline infrastructure, South Bow Corporation, spinoff, U.S. markets | View Pitch | ||
| Dec 1, 2025 | Seeking Alpha | Seeking Alpha | South Bow Corporation | Oil & Gas Midstream | Bull | Alberta, crude oil pipelines, EBITDA guidance, energy infrastructure, financial stability, high dividend yield, liquids transportation, South Bow Corporation, spinoff, U.S. refining markets | 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $6.6M | 0.00% | 240,475 | +195,978 | +440.43% | 0.1058% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $199.5M | 0.16% | 7,262,965 | +209,864 | +2.98% | 3.1961% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $21.0M | 0.03% | 765,932 | -4,978 | -0.65% | 0.3371% |