SRE

SRE

SRE

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 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 Q1	Mar 31, 2025	Miller Howard Investments Infrastructure	-	-	AMAR, CEG, CSX, EQIX, EXC, SRE, TMUS, TRGP, UPS	-			View
2025 Q1	Mar 31, 2025	ClearBridge Investments Large Cap Value	-	-	AVGO, CVS, EIX, GOOG, NVO, ORCL, ORLY, RTX, SRE	-			View
2024 Q4	Dec 31, 2024	ClearBridge Investments Large Cap Value	-	-	AVGO, CVS, DE, ELV, MCHP, SRE, UNH, V	-			View
2025 Q3	Nov 8, 2025	Cullen Value Fund	6.8%	15.9%	BDX, BWA, CI, CMCSA, KVUE, MBGYY, NEE, ORCL, SRE, UNH	Concentration, dividends, growth vs value, Speculation, Valuations	The commentary emphasizes extreme valuation dispersion, with Growth trading at a 110% premium to Valuenear historic highs. AI-driven capex cycles have pushed mega-cap concentration to records, elevating speculative behavior while defensive sectors sit at multi-decade lows. These dynamics create compelling setup conditions for Value and Dividend strategies as sentiment normalizes and earnings growth broadens.	UNH SW BDX	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 24, 2026	Miller Howard Investments Infrastructure	-2.9%	8.8%	AMT, CEG, LNG, MPC, NEE, NGG, PEG, SRE, T, TMUS, TRGP, UPS, VZ, XEL	Data centers, dividends, energy, infrastructure, nuclear, Utilities	The US nuclear industry is undergoing its most significant shift in decades with rising electricity demand, policy support, and emerging technologies creating foundation for long-term capacity expansion. The manager views companies with existing nuclear assets and restart plans as ideal investments with attractive risk/reward profiles. Rising electricity demand driven by data centers is a key growth driver, with hyperscalers signing multiple power purchase agreements for nuclear offtake. Data centers have power demands ranging from 50 MW to 2 GW and are willing to sign agreements at premium prices for nuclear generation. The portfolio offers high dividend yield over 2.5x the S&P 500 Index with strong prospects for dividend growth and ample coverage. Eight holdings announced dividend increases this quarter with an average increase of 9.5%. Policy support through the Infrastructure Investment and Jobs Act and Inflation Reduction Act has provided financial support and tax credits for nuclear development, putting it on level ground with wind and solar while creating a floor for existing nuclear fleet.		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
2024 Q2	Jun 30, 2024	ClearBridge Investments Dividend Strategy	0.0%	0.0%	GOOG, META, SRE	-			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	Sempra Energy	Utilities	Multi-Utilities	Bull	NYSE	capital discipline, dividends, growth, infrastructure, LNG, utilities	View Pitch
Aug 13, 2025	Seeking Alpha	IWA Research	Sempra	Utilities	Utilities - Diversified	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Brad Thomas	Sempra	Utilities	Utilities - Diversified	Bull	NYSE	—	View Pitch

BSD Shareholders of SRE

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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