TRP

TRP

TRP

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 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	View
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	View
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

Pitches With This Ticker

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

BSD Shareholders of TRP

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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