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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q2 | Jul 25, 2026 | Miller Howard Investments Infrastructure | - | - | CEG, CSX, EQIX, FDX, HCA, KMI, LNG, T, TMUS, TRGP, TRP, UNP, UPS | Data centers, dividends, infrastructure, Midstream, Railroads, SpaceX, Telecom, Utilities | View | ||
| 2026 Q2 | Jul 25, 2026 | Miller Howard Investments MLP Strategy | - | - | GEL, HESM, SUN, TRP | Data centers, dividends, Energy Infrastructure, LNG, Midstream, MLPs, Natural Gas | View | ||
| 2026 Q2 | Jul 25, 2026 | Miller Howard North American Energy Fund | - | - | APA, CNQ, COP, CRC, MPC, TRGP, TRP, VLO, WTTR | energy, Exploration & Production, LNG, Midstream, Natural Gas, North America, oil, Refiners | View | ||
| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Infrastructure | - | - | AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS | AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities | AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy. This trend is expected to continue for the next generation of AI models. | CMCSA CCI |
View |
| 2025 Q2 | Jul 22, 2025 | Miller Howard North American Energy Fund | - | - | AR, BKR, DINO, EQT, GPOR, MPC, OKE, RRC, SU, TRP, WTTR | Canada, energy, Natural Gas, oil, Refiners, Shale, water | The Permian Basin produces three barrels of water for every barrel of oil, making wastewater remediation a key growth industry. Western Midstream's acquisition of ARIS Water Solutions at a 25% premium underscored the value of water treatment companies. The manager added to their Select Water Solutions position following this transaction. | View | |
| 2026 Q1 | Apr 28, 2026 | Miller Howard North American Energy Fund | 38.7% | 38.7% | APA, CNQ, JPM, LBRT, OVV, TRP, XOM | AI Disruption, dividends, energy, Geopolitical, Natural Gas, North America, oil | 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 | |
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Infrastructure | 3.0% | - | AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS | AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities | AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy for AI development. | PPL SRE ETR ENB CN CCI |
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| 2025 Q3 | Oct 19, 2025 | Miller Howard North American Energy Fund | - | - | AR, BKR, DINO, EQT, GPOR, MPC, OKE, RRC, SU, TRP, WTTR | Canada, energy, Natural Gas, oil, Pipelines, Refiners, water | The Permian Basin produces three barrels of water for every barrel of oil, making wastewater remediation a key growth industry. Western Midstream's acquisition of ARIS Water Solutions at a 25% premium underscored the value of water treatment companies. The manager added to their Select Water Solutions position following this transaction. | 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 Q3 | Sep 30, 2024 | Barometer Capital Management | - | - | AEM.TO, ARX.TO, AVGO, BRBR, BWXT, CCO.TO, CIBC.TO, EFN.TO, FFH.TO, GE, HWM, K.TO, MFC.TO, NEE, NVDA, PGR, QCOM, SO, TRP, VLO | AI, banks, energy, gold, insurance, nuclear, Pipelines, technology | Artificial intelligence remained a focus during the quarter with continued voracious demand by large tech companies for GPUs and datacenter capacity. Investor focus has evolved from GPU suppliers to infrastructure and energy providers supporting datacenter expansion. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 1, 2025 | Seeking Alpha | Seeking Alpha | TC Energy Corporation | Oil & Gas Midstream | Bull | Canada, CapEx, EBITDA guidance, energy infrastructure, Energy Sector, expansion projects, growth trajectory, liquids exports, natural gas pipeline, TC Energy | View Pitch | ||
| Dec 1, 2025 | Seeking Alpha | Seeking Alpha | TC Energy | Oil & Gas Midstream | Bull | capital expenditure, EBITDA guidance, energy infrastructure, expansion projects, growth prospects, natural gas pipelines, North America, Nova Gas Transmission, oil liquids system, TC Energy | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $511.3M | 0.28% | 9,294,300 | -351,500 | -3.64% | 0.7945% |
| David Einhorn | Greenlight Capital Inc | $9.9B | $24.9M | 0.25% | 534,304 | +534,304 | +100.00% | 0.0473% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $1.1M | 0.00% | 20,123 | -2,565 | -11.31% | 0.0017% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $46.4M | 0.05% | 841,675 | +716,185 | +570.71% | 0.0720% |
| Chris Rokos | Rokos Capital Management | $9.9B | $24.9M | 0.25% | 534,304 | +534,304 | +100.00% | 0.0473% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.1M | 0.00% | 75,215 | +42,357 | +128.91% | 0.0064% |
| Israel Englander | Millennium Management LLC | $233.2B | $22.7M | 0.01% | 300,000 | -485,792 | -34.90% | 0.0352% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $483.1M | 0.39% | 8,782,559 | +425,570 | +5.09% | 0.7507% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $19.2M | 0.03% | 349,037 | +248,278 | +246.41% | 0.0298% |
| Mario Gabelli | GAMCO Investors | $10.4B | $412,575 | 0.00% | 7,500 | -2,500 | -25.00% | 0.0006% |