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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments MLP Strategy | - | - | AM, ENB, EPD, ET, GEL, HESM, MPLX, PAA, SUN, WES, WMB | Data centers, dividends, energy, infrastructure, Midstream, Natural Gas | Natural gas demand from data centers is driving significant growth opportunities for midstream companies. Hyperscalers continue increasing capex with most projects powered by natural gas, creating over $10B in new midstream projects recently announced. | 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 | |
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments MLP Strategy | - | - | AM, ENB, EPD, ET, GEL, HESM, MPLX, PAA, SUN, WES, WMB | Data centers, dividends, energy, infrastructure, Midstream, Natural Gas | Natural gas demand from data centers is driving significant growth, with hyperscalers increasing capex and the majority of projects powered by natural gas. The midstream industry is responding with over $10B of new projects announced recently. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments MLP Strategy | 1.9% | 6.0% | AM, EPD, ET, GEL, LNG, PAA, SUN, WES, WMB | Data centers, dividends, energy, LNG, Midstream, MLPs, Natural Gas, Pipelines | The midstream energy industry is healthy with declining leverage, stronger balance sheets, and shareholders being rewarded through higher dividends and share buybacks. New tailwinds have developed including natural gas exports, data centers, and electrification trends driving demand growth. Data centers represent a significant tailwind for natural gas demand, with the US expected to see an additional 20-25 Bcf/d of incremental natural gas demand through 2030. However, this tailwind will not fully impact midstream cash flows until 2027. Distribution increases were prominent with 6 of 16 holdings announcing dividend increases this quarter, averaging 7.5% year-over-year growth. Rising dividends are expected as midstream cash flows increase from growing demand. Natural gas exports represent a key growth driver for the midstream sector. However, concerns about LNG supply/demand fundamentals weighed on some stocks, and potential Russian gas returning to Europe could negatively impact US natural gas exports. | 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 26, 2026 | Seeking Alpha | Seeking Alpha | Western Midstream Partners | Energy | Oil & Gas Midstream | Bull | New York Stock Exchange | Distribution growth, diversified commodity exposure, fee-based contracts, financial flexibility, Growth Opportunities, high yield, investment grade, natural gas, water business, Western Midstream Partners | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Samuel Smith | Western Midstream Partners | Other | - | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Roberts Berzins, CFA | Western Midstream Partners, LP | Energy | Oil & Gas Midstream | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||