TRGP

TRGP

TRGP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2026 Q1	Apr 8, 2026	ClearBridge Investment Growth Strategy	-	-	ADSK, APP, CAVA, CMG, CRWD, FAST, FCX, FIX, HOOD, HUBS, JCI, LHX, META, MSGS, PINS, PWR, SHOP, SPOT, TJX, TRGP, VIK, VRT, W, XPO	AI, diversification, growth, mid cap, software, technology, volatility			View
2026 Q1	Apr 28, 2026	Artemis US Select Fund	-6.1%	-6.1%	AMAT, AMZN, ATI, AVGO, BE, CEG, CFG, GEV, GOOGL, IQV, MSFT, PG, RKT, STX, TRGP, W	AI, Data centers, energy, healthcare, industrials, semiconductors, technology		TRGP AVGO ATI STX AMAT BE GEV RKT W IQV CEG	View
2026 Q1	Apr 21, 2026	The Bristol Gate U.S. Equity Strategy	-4.9%	-4.9%	GE, INTU, MCO, MSCI, MSFT, TRGP, TT, VRSK, WMT	AI, dividends, energy, growth, software, valuation, value			View
2026 Q1	Apr 20, 2026	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-7.7%	-7.7%	BJ, CASY, CCO, CRS, CW, DASH, EME, HOOD, IBKR, INSM, IONS, LNG, PINS, PR, RGEN, ROST, RRX, STVN, TPG, TRGP, TTWO	AI, Data centers, energy, Geopolitical, growth, healthcare, mid cap, technology			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
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
2025 Q1	Mar 31, 2025	Miller Howard Investments Infrastructure	-	-	AMT, ATO, AWK, CCI, CEG, CMCSA, CSX, EQIX, ETR, EXC, HCA, NI, SRE, T, TMUS, TRGP, UPS, WCN, WM, WMB	Data centers, Defensive, dividends, infrastructure, Telecom, Utilities, Waste management	Infrastructure sector outperformed S&P 500 by widest margin in 20 years, providing downside protection amid market uncertainty. Portfolio focuses on essential service providers with high barriers to entry, stable cash flows, and attractive risk-adjusted returns with strong up/down capture ratios.		View
2025 Q1	Mar 31, 2025	Miller Howard Investments MLP Strategy	-	-	ENB, ENLC, EPD, ET, GEL, HESM, LNG, MPLX, OKE, PAA, SUN, TRGP, WES	dividends, energy, income, infrastructure, Midstream, MLPs, Natural Gas	Midstream energy had a fine quarter with positive territory performance easily outpacing the overall market. The sector offers attractive valuations trading 2.9 turns lower on EV/EBITDA than in 2015, strong balance sheets with declining debt and lower leverage, and much higher free cash flow yield demonstrating financial stability.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, small cap, Utilities, value	The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, Quality, Utilities, value	The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time.		View
2023 Q4	Dec 31, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP	dividends, energy, income, infrastructure, Midstream, MLPs, Utilities	The letter extensively discusses dividend increases as an underappreciated tailwind for wealth building. Miller/Howard analyzes dividend growth patterns across the Russell 1000, showing that companies with higher free cash flow yields and earnings growth are more likely to announce larger dividend increases. The firm emphasizes using bond conventions to measure dividend increases in basis points rather than percentages.		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 MLP Strategy	-	-	AM, ENLC, EPD, ET, LNG, MPLX, PAA, PAGP, SUN, TRGP	Data centers, dividends, energy, growth, infrastructure, LNG, Midstream, Natural Gas	Data centers are driving significant natural gas demand growth, with midstream companies announcing almost $6 billion in projects to provide natural gas to power data centers in 2024. Another $5 billion in projects are under consideration, representing a major growth driver for the sector.		View
2025 Q3	Oct 10, 2025	Oakmark Fund- International Small Cap	3.2%	8.9%	BLK, C, CHTR, CNC, GOOGL, KDP, KVUE, TRGP, UNP, WBD	energy, financials, healthcare, Railroads, technology, value	The fund continues to find attractive opportunities to invest in high-quality, undervalued businesses across various industries. They purchased Union Pacific at a meaningful discount to intrinsic value and Targa Resources at a discount to peers based on normalized earnings power.	UNP US TRGP US	View
2025 Q3	Oct 10, 2025	Oakmark Global Fund	4.1%	15.2%	AMZN, BABA, CHTR, CNC, CNHI, CRM, DASTY, GOOGL, HEXAB.ST, KER.PA, MOH, STJ.L, TRGP	energy, Europe, global, healthcare, Luxury, technology, value	Kering was the top contributor during the quarter, rising in anticipation of new CEO leadership and Gucci's debut collection. While revenue trends remain negative, they are improving, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth.		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	View
2024 Q3	Sep 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AM, ENLC, EPD, ET, HESM, LNG, MPLX, OKE, OXY, PAA, PAGP, SUN, TRGP, WES	Data centers, dividends, energy, infrastructure, LNG, Midstream, Natural Gas	Natural gas demand growth is driven by multiple tailwinds including data centers requiring 6-10 Bcf/d, new LNG terminals adding 12 Bcf/d, and Permian production becoming gassier. Total incremental demand could exceed 20 Bcf/d by decade end from LNG, re-shoring, EVs, electrification, and data centers.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities	The letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Recession, Utilities, value	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Utilities, value	The firm emphasizes dividend-paying stocks as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They advocate for dividend investing as a strategy that relies on the power of compounding income over time rather than heroic forecasts.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, GS, HESM, JPM, MPC, MPLX, NEE, NS, NTR, PAYX, SO, SUN, TRGP, TXN, VST	AI, dividends, energy, income, inflation, interest rates, Midstream, Utilities	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide downside protection.		View
2024 Q3	Sep 30, 2024	Miller Howard North American Energy Fund	0.0%	0.0%	AESI, CHRD, CVE, CVX, DINO, HES, KMI, OXY, PBA, TRGP, TRP, WTTR, XOM	energy, Midstream, Natural Gas, oil, Pipelines, Shale	Portfolio rotation into natural gas-focused midstream stocks delivered strong returns this quarter, partially offsetting oil producer and refiner weakness. Kinder Morgan is seeing excitement around long-term exposure to AI-related natural gas developments.	AESI WTTR	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
2024 Q1	Mar 31, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AES, AM, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, HESM, IPG, JPM, KMI, KO, LAMR, LBRT, LNG, MPC, NEE, NTR, OKE, ORI, PAGP, PCG, PEG, POR, SRE, STAG, TMUS, TRGP, TTE, UPS, VST, WM	dividends, energy, income, infrastructure, Midstream, Utilities, value	The letter extensively analyzes dividend investing, arguing that high-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. The manager believes dividend stocks are positioned for a revival as market concentration reverses.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM	AI, dividends, energy, growth, Utilities, valuation	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, DINO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, LYB, MAA, MMP, MPLX, ORI, POR, PPL, SO, STAG, TRGP, TTE, UPS	Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities	The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitments as signals of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 12, 2026	Fund Letters	Artemis US Select Fund	Targa Resources	Oil & Gas Midstream	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Export Facilities, Gas Processing, midstream energy, Natural gas liquids, Permian Basin, pipeline	View Pitch
May 7, 2026	Fund Letters	Harris Associates Concentrated Strategy	Targa Resources	Oil & Gas Midstream	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	contract wins, EBITDA growth, Equity, midstream, natural gas, Permian Basin, volume growth	View Pitch
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

BSD Shareholders of TRGP

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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