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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
| 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 |
| 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% |