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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 Investments Infrastructure | - | - | AMAR, CEG, CSX, EQIX, EXC, SRE, TMUS, TRGP, UPS | - | View | ||
| 2023 Q4 | Dec 31, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | TRGP | - | View | ||
| 2025 Q3 | Oct 10, 2025 | Oakmark Fund- International Small Cap | 3.2% | 8.9% | CNC, GOOG, TRGP, UNP | Artificial Intelligence, energy, financials, industrials, Value Investing | Oakmark highlights continued strength in financials and energy while staying underweight in technology, emphasizing valuation discipline amid concentrated AI-driven markets. Top contributors included Alphabet and Citigroup, reflecting confidence in durable AI monetization and financial normalization. The fund added Targa Resources and Union Pacific, underscoring interest in quality cyclicals with infrastructure and logistics exposure. | UNP US TRGP US |
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| 2025 Q3 | Oct 10, 2025 | Oakmark Global Fund | 4.1% | 15.2% | CRM, DSY FP, HEX NO, KER FP, MOH, TRGP | Digitalization, energy, Luxury, software, value | The fund discusses positioning in global luxury brands recovering under new leadership, investments in virtual twin and AI software companies, and selective exposure to energy infrastructure. The managers view these as undervalued businesses with structural tailwinds and strong free cash flow generation. | View | |
| 2025 Q4 | Jan 26, 2026 | Harris Associates Concentrated Strategy | 8.4% | 14.4% | CHTR, EFX, FCNCA, GOOGL, LBRDK, PAYC, TRGP, WBD | AI, Banking, Buybacks, energy, Media, Midstream, technology, value | Warner Bros Discovery was a major contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, representing significant value unlocking opportunities in the media sector. Alphabet delivered impressive earnings with strong Cloud segment performance driven by accelerating demand for AI compute. The manager sees potential for the company's AI leadership to drive further upside across the portfolio and views Alphabet as undervalued on a sum-of-the-parts basis. First Citizens Bancshares was a contributor with solid results exceeding consensus expectations. Loans and deposits grew healthily while management continues steady share repurchases. The manager believes it's a high-quality regional bank with strong management that can unlock sustained long-term value. Targa Resources was initiated as a new position, representing a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu. The company generates approximately 90% of earnings through multi-year fee-based arrangements, providing protection against oversupply with meaningful cost advantages and barriers to entry. | 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 13, 2026 | Oakmark Select Fund | 8.4% | 14.3% | CHTR, EFX, GLIBA, GOOGL, IQV, LBRDK, NFLX, PAYC, TRGP, WBD | large cap, M&A, Media, Midstream, undervalued, value | Warner Bros Discovery was the top contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, creating a bidding war that unlocked shareholder value. Targa Resources represents a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu hub. The company benefits from cost advantages, barriers to entry, and generates 90% of earnings through multi-year fee-based arrangements providing protection against oversupply. The fund continues to find attractive opportunities to invest in undervalued companies across various industries, including areas left behind in the momentum rally. Targa was purchased at a discount to peers based on normalized earnings power and intrinsic value estimates. | TRGP PAYC WBD |
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| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | HESM, TRGP | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Tony Coniaris | Targa Resources Corp. | Energy | Oil & Gas Storage & Transportation | Bull | New York Stock Exchange | Fee Based, infrastructure, midstream, NGL, valuation | View Pitch |
| Jan 27, 2026 | Fund Letters | William Nygren | Targa Resources Corp. | Energy | Oil & Gas Midstream | Bull | New York Stock Exchange | Barriers, cashflow, infrastructure, midstream, valuation | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $424,350 | 0.00% | 2,300 | -14,500 | -86.31% | 0.0009% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $109.0M | 0.13% | 591,023 | -321,342 | -35.22% | 0.2219% |
| Ray Dalio | Bridgewater Associates | $27.4B | $12.9M | 0.05% | 70,129 | +46,672 | +198.97% | 0.0263% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $70.6M | 0.09% | 382,549 | -206,135 | -35.02% | 0.1436% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.5M | 0.00% | 8,100 | -2,200 | -21.36% | 0.0030% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $154.9M | 0.12% | 839,528 | +86,578 | +11.50% | 0.3152% |
| Cliff Asness | AQR Capital Management | $190.6B | $18.0M | 0.01% | 97,591 | -53,407 | -35.37% | 0.0366% |
| Bret Barakett | Tremblant Capital | $3.9B | $37.2M | 0.95% | 201,492 | +201,492 | +100.00% | 0.0756% |
| Louis Bacon | Moore Capital Management | $6.8B | $7.4M | 0.11% | 40,000 | +40,000 | +100.00% | 0.0150% |
| Rich Handler | Jefferies | $19.3B | $325,274 | 0.00% | 1,763 | -9,263 | -84.01% | 0.0007% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $594 | 0.00% | 3 | +1 | +50.00% | 0.0000% |