WTTR

WTTR

WTTR

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 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
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
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
2025 Q3	Oct 19, 2025	Miller Howard Investments	-	-	AR, BK, CAG, CCI, CMCSA, CNP, COP, DINO, ELS, ENB, EPD, GEL, GS, HESM, HRB, HRL, JPM, NI, NRG, STT, TTE, WTTR	AI, dividends, energy, financials, inflation, infrastructure, Natural Gas, Utilities	Miller/Howard emphasizes dividend increases as the strongest signal of management confidence, with 70% of financial holdings raising dividends by an average 14% in the quarter. The firm projects 2025 dividend growth of 5.0% for Income-Equity and 4.9% for the no-MLP version, maintaining their focus on high current income and dividend growth as core investment principles.		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
2025 Q4	Jan 11, 2026	Horizon Kinetics	0.0%	0.0%	AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR	AI, Compounding, energy, Exchanges, long-term, private markets, value, water	The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure.		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 Q4	Mar 31, 2025	Bumbershoot Holdings	-	5.7%	AGM, BOX, CAMT, CF, CTRA, FSLR, GOOGL, HERC, IPI, KEX, LGND, MDGL, MOS, NR, NTR, ORN, OSIS, VKTX, VLO, WTTR, ZM	AI, Fertilizers, healthcare, Micro Cap, small caps, technology, value	Manager extensively discusses AI investment narrative driving markets, questioning whether foundational AI layers remain investable versus application layers. Explores AI's transformational potential and market concentration around AI-related mega-cap stocks.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Miller Howard North American Energy Fund	Select Water Solutions	Energy	Oil & Gas Equipment & Services	Bull	NYSE	E&P Support, Energy Services, Pipeline infrastructure, Wastewater Treatment, Water Management	View Pitch
Aug 8, 2025	Seeking Alpha	Badsha Chowdhury	Select Water Solutions	Energy	Oil & Gas Equipment & Services	Bull	NYSE	—	View Pitch

BSD Shareholders of WTTR

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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