XLE

XLE

XLE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	PivotalPath	-	-	IBB, RMZ, XLC, XLE, XLF, XLP, XLRE, XLU, XLV, XLY	Alpha Generation, Equity Sector, Hedge Funds, Multi-Strategy, Performance, volatility	Volatility spiked to 65 early in August before reversing and finishing the month down 8.3%. The volatility impacted PivotalPath's Managed Futures and Global Macro Indices while stock picking strategies continued to show their worth during the choppy period.		View
2025 Q2	Jul 8, 2025	Mountain Vista Wealth Management	-	-	FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	diversification, Dollar, IPOs, Recovery, tariffs, volatility	Manager emphasizes that volatility is the price of admission for superior long-term returns, citing the April market decline and subsequent recovery. The VIX reached 60 during Liberation Day sell-off, the highest since March 2020.		View
2024 Q2	Jun 30, 2024	The Wolf of Harcourt Street	-0.6%	11.2%	FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	diversification, Dollar, international, IPOs, tariffs, volatility	The manager emphasizes that volatility is the price of admission for superior long-term returns, citing the extreme market swings in April when the S&P 500 and Nasdaq 100 dropped 11% before recovering. Historical analysis shows strong returns following rapid market declines and near bear markets.		View
2025 Q1	May 22, 2025	Ameliora Wealth Management	-	-	GRID, INDA, IWY, QQQ, XLE	defense, Dollar, Europe, gold, inflation, Recession, tariffs, Trade Policy	Liberation Day brought higher-than-expected tariffs from the White House that are expected to temper global growth and contaminate international relations through counter-tariffs. The manager views declaring war with the whole world as a highly risky strategy that might backfire badly, with wounds from Liberation Day not healing quickly even if some tariffs are back-pedaled later.		View
2024 Q1	May 1, 2024	PivotalPath	0.0%	6.8%	XLB, XLE, XLU	alpha, credit, Equity, Global Macro, Hedge Funds, Managed Futures, Performance	Managed Futures continued its recovery, posting +3.9% in March and is now +9.7% YTD to lead all major hedge fund indices. The strategy has leaped back to the front of the Alpha leaderboard after a challenging 2023, benefiting from Treasury futures positioning.		View
2026 Q1	Apr 9, 2026	Mountain Vista Wealth Management	-	-	FBTC, GLD, IWM, QQQ, SPY, USO, VXUS, XLE	AI, energy, Geopolitical, gold, inflation, Iran, private credit, software			View
2024 Q1	Apr 5, 2024	Brummer Multi-Strategy Fund	-	-	FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	diversification, Dollar, international, IPOs, technology, Trade Policy, volatility	The manager emphasizes that volatility is the price of admission for superior long-term returns, citing the April market decline and subsequent recovery. During extreme volatility periods like Liberation Day, investors should avoid converting temporary losses into permanent ones by selling.		View
2025 Q1	Apr 10, 2025	Skybound Wealth Management	-	-	FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	Capital markets, diversification, Dollar, Recovery, tariffs, Trade Policy, volatility	Market experienced extreme volatility in April with S&P 500 and Nasdaq 100 dropping 11% from March 31st to April 8th triggered by Trump's reciprocal tariffs announcement. VIX reached approximately 60 intraday during the Liberation Day sell-off, the highest reading since March 2020. Despite the volatility, markets recovered strongly with V-shaped recovery patterns.		View
2024 Q4	Mar 7, 2025	Goehring & Rozencwajg Associates, LLC	-	-	AAPL, AMZN, COPX, FCG, GDX, GOOGL, META, MSFT, NVDA, OKLO, QQQ, RIO, SIL, XBM.TO, XLE, XOP	Agriculture, commodities, energy, gold, monetary policy, natural resources, nuclear	Commodities are as undervalued relative to stocks as they have ever been, marking the fourth episode of extreme undervaluation in 125 years. The authors believe the time to buy natural resource equities has arrived as the long-dormant bull market may be stirring again. History shows every commodity bear cycle has ended with a monetary regime shock.		View
2025 Q4	Mar 13, 2026	Goehring & Rozencwajg Associates, LLC	-	-	CCJ, COPX, GDX, GOOGL, META, NEE, SIL, TSLA, VST, XBM, XLE, XOP	Coal, commodities, Copper, gold, Natural Gas, oil, Silver, uranium	Oil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. Gold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. Silver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. Market shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. Demand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. North American gas showed strength on cold weather despite bearish sentiment. Production growth concentrated in Permian Basin while other shales declined. Supply growth expected to plateau as Permian oil production slows, setting stage for higher prices as LNG demand expands. Coal consumption rose 7-8% in 2025, first increase in years, driven by data center demand and higher gas prices. Multiple plant closures delayed or cancelled as grid reliability concerns mount. Asia continues expanding coal capacity despite transition promises. Bull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent.		View
2023 Q3	Nov 29, 2023	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	BHP, CCO, CVX, GDX, HES, IVN, IVNEF, KAP, OIH, PXD, QQQ, RIO, RRC, SIL, URA, XLE, XOM, XOP	commodities, demand, energy, natural resources, nuclear, Renewables, Shale, Supply Deficit	Managers argue renewable energy investments represent history's worst malinvestment due to poor energy return on investment (EROI). Wind and solar have terrible EROIs compared to fossil fuels, requiring massive raw materials and energy inputs. Recent project cancellations and cost increases validate their contrarian view that renewables cannot replace conventional energy.		View
2025 Q3	Nov 25, 2025	Goehring & Rozencwajg Associates, LLC	-	-	ABX, CCJ, COPX, FCX, GDX, IMPUY, IVN, KAP, NVDA, NXE, OSX, SBSW, SIL, SLB, TSLA, URNM, XBM, XLE, XOM, XOP	Carry Regime, commodities, energy, gold, Mining, monetary policy, natural resources, oil	Gold continues strong performance with 16% gain in Q3 and 45% year-to-date. Western ETF buying remains robust with 200 tonnes accumulated in Q3. Central banks purchased 220 tonnes in Q3, maintaining steady accumulation. Gold bull market still in early stages despite some valuation measures flashing overvaluation signals.		View
2025 Q4	Jan 9, 2026	QuadCap Wealth Management	0.0%	0.0%	AGG, DIA, EEM, EFA, HYG, IWD, IWF, IWM, IWN, IWO, IWP, IWR, IWS, LQD, MUB, QQQ, SPY, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	AI, Economic Data, Fed policy, Government Shutdown, Market Leadership	Artificial intelligence remained a key investment theme in Q4, but the narrative matured as investors became more selective. The market shifted focus from headline growth to AI economics, questioning capital requirements for data centers and whether companies could maintain spending pace without pressuring cash flow. Companies involved in large-scale AI projects faced increased scrutiny, especially where spending plans outpaced near-term cash flow. The Federal Reserve cut interest rates by -0.50% in Q4 but signaled a pause, emphasizing future cuts will depend on incoming data. Officials appeared divided between those warning policy remains too restrictive and others cautioning against cutting too soon and reigniting inflation. The shutdown data fog made Fed policy a source of near-term uncertainty and market volatility.		View
2025 Q4	Jan 6, 2026	PivotalPath	0.0%	0.0%	AGG, AVGO, CWB, HYG, IBB, LQD, ORCL, XBI, XLE, XLF, XLK, XLU, XLV, XLY	AI, Crowding, Fed policy, Hedge Funds, liquidity, Long/Short, Macro, Multi-Strat	AI remained the loudest theme but tone shifted from breakthrough to balance sheet. The market's new habit of asking show me the cash flow reinforced that AI isn't being abandoned but is being priced more realistically. AI infrastructure remained the sturdier expression across equity and credit books. Fed announced short-term Treasury bill purchases as technical measure to maintain ample reserves. This mix of policy easing and practical focus on liquidity helped explain December's feel of being supportive when conditions were orderly, jittery when they weren't. Funding markets can suddenly drive the agenda. Fed cut rates by 25bps on December 10 while describing growth as moderate and inflation as still somewhat elevated. Markets took message as cut now, likely pause soon. The opportunity set was less about calling one Fed meeting and more about trading the path via rates and FX. Healthcare and biotech took a breather after strong run, falling back over December. Managers believe this pause reflects digestion rather than dramatic change of heart. Biotech remained a stock-picker's market where one good dataset can massively move the needle. Momentum fell 1.91% over the month with quick switches between stick with winners and take the money and run. Many quant teams operated with shorter lookbacks, smaller position sizes, and tighter crowding guardrails because Momentum has become too popular for its own good. Utilities fell 5.79% as market rotated away from defensives, though structural story didn't disappear. Managers continued to blend core yield exposure with targeted bets on transmission upgrades, renewables rollout, and data-center power demand seeking mix of income and growth.		View
2025 Q4	Jan 6, 2026	Financial Synergies Wealth Advisors	0.0%	0.0%	AGG, DIA, EEM, EFA, HYG, IWD, IWF, IWM, IWN, IWO, IWP, IWR, IWS, LQD, MUB, QQQ, SPY, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	AI, Economy, Fed policy, interest rates, Markets, outlook, technology, volatility	Artificial intelligence remained a key investment theme in Q4, but the narrative matured as investors became more selective. The market shifted focus from broad enthusiasm to companies demonstrating pricing power and a path to profitability rather than growth at any cost. Questions emerged about capital requirements for data centers and whether companies could maintain aggressive capex spending without pressuring cash flow. The Federal Reserve cut interest rates by 0.50% in Q4 but signaled a pause, hinting it could cut less than the market expects in 2026. Fed officials appeared divided with some warning policy remains too restrictive while others caution cutting too soon could reignite inflation. The government shutdown delayed key economic data, making Fed policy a source of near-term uncertainty and market volatility.		View
2025 Q4	Jan 16, 2026	Bison Energy Opportunity Fund	0.0%	0.0%	OIH, PSCE, XLE, XOP	cycle, energy, Natural Gas, oil, small cap, underinvestment, value	Oil markets are in a cyclical low with structural underinvestment creating future supply constraints. Global oil and gas investment has declined 35% since 2014 while demand continues growing at 1% annually. US inventories are at ten-year lows and global days of supply remain below long-term averages, increasing sensitivity to supply disruptions. Natural gas demand is expected to increase significantly from AI data centers requiring electricity and LNG export facility buildouts. Data centers will consume large amounts of electricity primarily met by natural gas fired power plants. LNG facilities create steady demand for local gas through profitable regional arbitrage to higher priced international markets. The energy transition is driving increased electricity demand from AI data centers and creating opportunities in natural gas as a bridge fuel. Power needs for AI infrastructure are expected to be met primarily by natural gas fired power plants, supporting local gas producers. The fund focuses on deeply undervalued securities trading at discounts to proved reserves and offering high free cash flow yields. Portfolio companies trade at 1-4x EBITDA with 15-40% FCF yields compared to energy indices at 3-8x EBITDA with 5-15% FCF yields. Investments offer substantial discounts to public and private comparables.		View
2024 Q2	Aug 28, 2024	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	AEM, FCX, GDX, Gold, NEM, SCCO, SIL, XLE, XOP	Agriculture, commodities, Copper, energy, gold, Natural Gas, oil, uranium	Commodities are as undervalued relative to equities as they have ever been, with the commodity-to-Dow ratio at extreme lows. All signs point to the early stages of a prolonged commodity bull market likely stretching into the 2030s. The cost of being early in commodity investments has proven minimal historically.		View
2024 Q4	Jan 25, 2025	Open Insights Capital	-	-	MEG.TO, MSTR, OXY, PTON, TSLA, XLE, XOP	crypto, energy, fundamentals, oil, Speculation, value	Manager believes oil prices are skewed to the upside due to inventories at 5-year lows, slowing non-OPEC production growth, and potential demand recovery from China stimulus. OPEC+ gaining leverage as spare capacity resides with them while US shale production has plateaued.	MEG.TO OXY	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of XLE

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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