WEC

WEC

WEC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 18, 2025	Mairs & Power – Balanced Fund	-	2.7%	ABT, AMZN, ENTG, FI, FUL, GOOG, HON, JNJ, JPM, MDT, MSI, NEOG, PFG, TECH, TGT, TXN, UNH, USB, WEC, WFC	AI, Balanced, financials, healthcare, long-term, technology, Utilities, value	AI-related stocks have driven 75% of market returns since ChatGPT launch, with 40% of capital expenditures linked to AI. The Fund lacks exposure to mega-cap AI leaders but sees durable momentum in AI infrastructure including data centers, power generation, and components.	WEC AMZN FI UNH	View
2023 Q2	Jun 30, 2023	Carillon Eagle Growth & Income Fund	-	-	ABBV, AVGO, CCI, CVX, ETN, JPM, MRK, MSFT, TGT, WEC	AI, Banking, dividends, energy, large cap, Quality, technology	After a major chip manufacturer significantly increased revenue guidance in May because of much higher artificial intelligence spending, investors looked for other ways to participate in higher capital spending on AI. The emergence of artificial intelligence was a notable event during the quarter, transitioning from a powerful concept to a substantial earnings contributor much quicker than many observers expected.		View
2023 Q2	Jun 30, 2023	Magellan High Conviction Fund	10.0%	-	AMZN, BABA, BKNG, BN, CMG, CRM, DEO, GOOGL, ICE, META, MSFT, NFLX, SAF.PA, V, WEC, YUM	AI, Cloud, Energy Transition, payments, Quality, Restaurants, technology, Travel	Generative AI represents a transformative step forward in technology that will open up new, exciting possibilities. The technology itself is rapidly evolving and companies are working to understand, invest and adapt to maximize beneficial outcomes. Amazon, Microsoft and Alphabet are all seen as enablers of the acceleration of computing as Generative AI takes hold.	AMZN	View
2025 Q1	May 1, 2025	Mairs & Power – Balanced Fund	0.0%	0.0%	ABT, DIS, FIS, FUL, GOOG, HD, LFUS, MDT, MSI, QCOM, RHHBY, TECH, TTC, TXN, V, WEC	balanced fund, Defensive, healthcare, inflation, technology, Trade Policy, Utilities, value	Tariff uncertainty in March caused equity declines while benefiting fixed income through flight to safety. Prospects of prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs function as a tax that businesses must absorb or pass to consumers, likely creating upward pressure on prices and inflation.		View
2025 Q1	May 1, 2025	Mairs & Power - Growth Fund	-4.7%	-4.7%	AAPL, AMZN, FI, GOOGL, JPM, LFUS, META, MSFT, NVDA, NVT, RHHBY, TSLA, TSM, UNH, V, WEC	AI, growth, large cap, semiconductors, tariffs, technology, volatility	The emergence of DeepSeek, a Chinese AI startup, jolted the Information Technology sector by unveiling large language models with comparable functionality to American rivals at a fraction of the cost. This undermined prevailing wisdom that AI requires exorbitant computing power and called into question vast AI investments. The fund remains excited about AI prospects but less enthusiastic about lofty valuations and has been reducing positions accordingly.	TSM	View
2026 Q1	Apr 29, 2026	Mairs & Power – Balanced Fund	-1.8%	-1.8%	ABT, ADP, CRM, ENTG, FAST, FISV, LFUS, PANW, TTC, TXN, UNH, V, WEC, WM, XEL	AI, Balanced, energy, healthcare, inflation, semiconductors, technology, Utilities		WM PANW	View
2024 Q4	Dec 31, 2024	Latitude Global Fund	-	-	AI.PA, AZO, BAC, BP, COR, DEO, DG.PA, DLTR, FGR.PA, GOOGL, GS, HEIA.AS, IBKR, IMB.L, JPM, KO, MCK, RYA.L, SHEL, SONY, TSCO.L, UL, UNH, V, WEC	Banking, Consumer Staples, Defensive, energy, global, healthcare, value	Strong performance from US banks with Goldman Sachs +52%, JP Morgan +44%, and Bank of America +34%. Banks benefiting from consolidation, technology investments, and potential regulatory improvements under Trump administration. Credit risks remain low with income-driven rather than credit-driven economic expansion.		View
2023 Q4	Dec 31, 2023	Latitude Global Fund	-	-	AAP, AI.PA, AZO, BAC, DEO, DG.PA, EIFFAGE.PA, EQNR, GOOGL, GS, JPM, MCK, SHEL, SONY, TSCO.L, V, WEC	Buybacks, Consumer Staples, dividends, earnings, energy, global, Utilities, value	Manager holds significant allocation to consumer staples companies including Tesco, Unilever, Diageo, Imperial Brands, Heineken, and Coca-Cola. Sector trades at lowest valuation relative to market in 30 years aside from dot-com bubble. Expects earnings growth of 5-10% with potential for 20-50% valuation improvement as margins expand following input cost pressures.		View
2025 Q3	Nov 5, 2025	ClearBridge Investments Large Cap Value	-	-	AMT, AMZN, APD, AVGO, CMCSA, CVS, DE, GOOGL, HLN.L, INTC, JNJ, MCHP, ORLY, PNC, SRE, TMO, TSM, UNH, USB, WEC	AI, healthcare, Outperformance, Quality, semiconductors, technology, Utilities, value	The massive surge in spending on artificial intelligence continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers. Taiwan Semiconductor leads in advanced semiconductor manufacturing with dominant market share in leading-edge nodes being adopted by nearly all major AI companies. The Strategy neutralized the powerful AI trade by initiating positions in Taiwan Semiconductor and Amazon.com while increasing Alphabet position.		View
2025 Q3	Oct 24, 2025	Mairs & Power – Balanced Fund	-	6.5%	ABT, AMZN, ENTG, FI, FUL, GOOG, HON, JNJ, JPM, MDT, MSI, NEOG, PFG, TECH, TGT, TXN, UNH, USB, WEC, WFC	AI, Balanced, financials, healthcare, technology, underperformance, Utilities, value	AI-related stocks have dominated market performance since ChatGPT's 2022 launch, with 40 AI-related S&P 500 stocks accounting for 75% of market returns. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, and thermal management components. However, the Fund largely lacks exposure to these high-performing AI companies, contributing to underperformance.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Balanced Fund	0.0%	6.6%	AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC	AI, Balanced, earnings, financials, healthcare, rates, technology	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Mairs & Power - Balanced Fund	WEC Energy Group	Utilities	Electric Utilities	Bull	NYSE	AI infrastructure, data centers, Electric Utilities, Equity, rate base growth, regulated utility, Wisconsin	View Pitch
Jan 30, 2026	Fund Letters	Robert Feitler	WEC Energy Group, Inc.	Utilities	Multi-Utilities	Bull	New York Stock Exchange	data centers, defensive, infrastructure, Regulation, utilities	View Pitch
Aug 8, 2025	Seeking Alpha	Kody's Dividends	WEC Energy Group	Utilities	Utilities - Regulated Electric	Neutral	NYSE	—	View Pitch

BSD Shareholders of WEC

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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