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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 Utilities Plus | - | - | ATO, AWK, CNP, ETR, FTS, MDU, NI, NRG, PEG, PPL, SRE, VST, XEL | Data centers, dividends, energy, infrastructure, Transmission, Utilities | Excitement around data centers and their implications for US electricity demand have been a major driver of utility performance. The requisite power generation and high-voltage transmission needed to deliver that power represents a clear opportunity for utilities to deploy incremental capital and earn regulated returns. | 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 |
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| 2024 Q1 | Apr 15, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, AMP, ANSS, COF, CTVA, ELS, LEN, LOW, MCHP, MLM, MSFT, PH, PSX, SONY, SYY, TTE, XEL | energy, financials, large cap, materials, technology, Utilities, value | TotalEnergies implements a two-pillar strategy balancing traditional energy with renewable investments, planning to invest over 30% of spending in low-carbon businesses. The company aims to rank among the world's top five providers of solar and wind energy by 2030. Xcel Energy is positioned to benefit from increased demand for clean energy with strong wind and solar resources. | TTE LOW |
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| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Utilities Plus | - | - | AEE, AEP, ATO, AWK, CEG, CNP, EIX, ETR, EVRG, EXC, NGG, NI, PCG, SO, SRE, VST, XEL | Data centers, Defensive, dividends, infrastructure, regulation, Utilities | 15 of 31 holdings announced dividend increases with an average increase of 5.4%. Portfolio transactions were focused on improving dividend and earnings growth profile, which historically leads to outperformance. | View | |
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Utilities Plus | - | - | ATO, AWK, CNP, ETR, FTS, MDU, NI, NRG, PEG, PPL, SRE, VST, XEL | AI, Data centers, dividends, Electrification, energy, infrastructure, Transmission, Utilities | Excitement around data centers and their implications for US electricity demand have been a major driver of utility performance. The requisite power generation and high-voltage transmission needed to deliver that power represents a clear opportunity for utilities to deploy incremental capital and earn regulated returns. | View | |
| 2025 Q3 | Oct 14, 2025 | Aristotle Value Equity Fund | 3.8% | 8.7% | ADBE, AIG, ALC, AMP, ANSYS, CTVA, GD, MLM, MUFG, SNPS, SONY, WFC, XEL | Energy Transition, financials, materials, technology, Trade Policy, Utilities, value | The Trump Administration implemented various tariff measures including 25% on Indian imports due to Russian oil purchases and 40% on Brazil over data censorship concerns. However, trade tensions eased with EU and Japan agreements establishing 15% baseline tariffs and significant U.S. investment commitments. China relations stabilized with extended tariff suspension. | WFC US SNPS US |
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| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments Infrastructure | -2.9% | 8.8% | AMT, CEG, LNG, MPC, NEE, NGG, PEG, SRE, T, TMUS, TRGP, UPS, VZ, XEL | Data centers, dividends, energy, infrastructure, nuclear, Utilities | The US nuclear industry is undergoing its most significant shift in decades with rising electricity demand, policy support, and emerging technologies creating foundation for long-term capacity expansion. The manager views companies with existing nuclear assets and restart plans as ideal investments with attractive risk/reward profiles. Rising electricity demand driven by data centers is a key growth driver, with hyperscalers signing multiple power purchase agreements for nuclear offtake. Data centers have power demands ranging from 50 MW to 2 GW and are willing to sign agreements at premium prices for nuclear generation. The portfolio offers high dividend yield over 2.5x the S&P 500 Index with strong prospects for dividend growth and ample coverage. Eight holdings announced dividend increases this quarter with an average increase of 9.5%. Policy support through the Infrastructure Investment and Jobs Act and Inflation Reduction Act has provided financial support and tax credits for nuclear development, putting it on level ground with wind and solar while creating a floor for existing nuclear fleet. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments Utilities Plus | -2.4% | 14.2% | AEP, BKH, CEG, DTE, MDU, NEE, PEG, PPL, SO, SRE, VST, XEL | Capital Expenditure, Data centers, dividends, earnings growth, Grid Infrastructure, nuclear, Power Markets, Utilities | US electricity demand continues to grow driven by data center proliferation. Utilities are deploying accelerating capital into grid infrastructure to bridge the gap between existing capacity and rising future demand. Companies like NextEra Energy and Black Hills are benefiting from their ability to serve data centers with diversified offerings. Utilities are deploying ever-accelerating amounts of capital into grid infrastructure to meet rising electricity demand. S&P 500 Utility Index capex forecasts for 2026 and 2027 increased by 16% and 15% respectively. Higher levels of capital deployed within the regulated utility framework are lifting utility growth profiles. This quarter, 10 of the 32 holdings announced dividend increases with an average increase of 15.3%. An enhanced earnings profile should strengthen utilities' ability to provide high and rising income to investors. The portfolio focuses on generating total returns with a high and rising stream of income. NextEra Energy signed a 25-year power purchase agreement with Google to restart the Duane Arnold nuclear plant. Constellation Energy benefited from a FERC ruling on co-location that was viewed as positive for Independent Power Producer development and from PJM Interconnection capacity auction pricing. Tightening power markets for independent power producers lifted utility growth profiles. Constellation Energy benefited from FERC ruling on co-location viewed as positive for IPP development. The company also benefited from PJM Interconnection capacity auction where pricing came in at the top of the collar range. | View | |
| 2024 Q3 | Sep 30, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, ADSK, AIG, AMGN, AMP, ATO, BX, COF, CRBG, CTVA, LEN, MCHP, MLM, MRK, MSFT, PH, QCOM, VZ, XEL | Alternative Assets, insurance, large cap, semiconductors, Telecommunications, value | The fund invested in Verizon Communications, viewing it as positioned to benefit from 5G technology adoption and fiber network expansion. Verizon's wireless services account for approximately 70% of revenue, serving over 90 million postpaid customers as the country's largest wireless carrier. The company announced a $20 billion acquisition of Frontier to expand its fiber network to 31 states. | AIG VZ |
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| 2023 Q3 | Sep 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | ABT, CRM, ECL, ENTG, GGG, GOOGL, HON, HRL, LLY, MSFT, MSI, TECH, TTC, TXN, USB, XEL | AI, Balanced, fixed income, growth, inflation, rates, technology, value | Artificial intelligence is creating efficiencies and driving investment opportunities, particularly in technology companies. The fund sees AI as crucial for creating workforce efficiencies amid changing labor dynamics. Microsoft's leadership in AI helped propel it to all-time highs this year. | View | |
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AMZN, CRM, ECL, ENTG, FISV, GOOGL, GRCO, HD, HRL, LLY, META, MSFT, NTRS, NVDA, TSLA, TTC, TXN, USB, XEL | AI, Balanced, inflation, Regional Banks, technology, value | Artificial intelligence has driven significant outperformance in technology stocks, particularly benefiting mega-cap names like Microsoft, Alphabet, Amazon, and Nvidia. The fund maintains a favorable long-term view on technology given growth in AI, automation, and cloud computing, though valuations appear over-extended near-term. | View | |
| 2022 Q1 | Mar 30, 2022 | Aristotle Value Equity Fund | 6.3% | 12.3% | ATO, BX, CORTVSR BZ, EWBC, LEN, OSK, XEL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2025 | Seeking Alpha | Michael Fitzsimmons | Xcel Energy | Utilities | Utilities - Regulated Electric | Neutral | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Robert Bruce | Bruce & Co. | $322.5M | $14.4M | 4.45% | 194,500 | +0 | +0.00% | 0.0305% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $928,125 | 0.00% | 12,566 | -22,900 | -78.97% | 0.0020% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $153.7M | 0.18% | 2,081,359 | +1,121,743 | +116.89% | 0.3267% |
| Ray Dalio | Bridgewater Associates | $27.4B | $1.3M | 0.00% | 18,031 | -47,363 | -72.43% | 0.0028% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $58.7M | 0.08% | 794,804 | -145,156 | -15.44% | 0.1248% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.2M | 0.00% | 16,000 | +9,600 | +150.00% | 0.0025% |
| Jeremy Grantham | GMO LLC | $39.1B | $619,316 | 0.00% | 8,385 | -2,167 | -20.54% | 0.0013% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $16.0M | 0.02% | 216,360 | -1,095 | -0.50% | 0.0340% |
| Cliff Asness | AQR Capital Management | $190.6B | $58.5M | 0.03% | 792,096 | -285,574 | -26.50% | 0.1243% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $421.7M | 1.40% | 5,709,383 | -475,285 | -7.68% | 0.8962% |
| George Soros | Soros Fund Management | $6.8B | $54.1M | 0.80% | 732,025 | +732,025 | +100.00% | 0.1149% |
| Rich Handler | Jefferies | $19.3B | $17.2M | 0.09% | 232,591 | -371,001 | -61.47% | 0.0365% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $165,594 | 0.00% | 2,241 | -10 | -0.44% | 0.0004% |