Letters by company
Nrg Energy, INC.
6 letters discussing NRG. Everything written about it on this site is on its ticker page.
- Lyrical Asset Management 2025 Global Review Letter Lyrical Global credits bottom-up stock selection and portfolio earnings growth for keeping pace with a market led by mega-cap technology and European banks it avoided. It retained AI beneficiaries NRG Energy, Johnson Controls and Flex, sold United Rentals after it reached intrinsic value, and argues AerCap offers a more resilient financial-services model than banks. 2025 AER $23BFLEX $34BJCI $88B
- Frank Capital Partners Frank Value Fund Q2 2025 Letter to Shareholders Frank Value Fund added to NRG Energy, Vistra and Cantaloupe during tariff-driven volatility, arguing that electricity-demand growth and takeover value were underappreciated. The portfolio also rotated toward consumer staples and added a spinoff expected to benefit from forced selling by index-tracking funds. Q2 2025 NRG $21BVST $51B
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that index construction concentrates exposure in highly valued technology companies while excluding scarce hard-asset, utility and entrepreneurial opportunities. It favors Japanese owner-operators, centered on Japan Elevator Service Holdings, whose founder-led maintenance model uses technology, training and below-incumbent pricing to gain share from established manufacturers. 2nd Quarter 2025 JPEVF $1.7BAB $3.2BAMZN $2.7T
- Lyrical Asset Management 2025 U.S. Value Review Letter Lyrical Asset Management argues that capitalization-weighted S&P 500 gains have been driven by valuation expansion rather than superior earnings growth, leaving its value portfolio at a wide discount despite faster historical EPS growth. AI-linked holdings NRG Energy, Johnson Controls and Flex helped offset multiple compression elsewhere, while United Rentals was sold after reaching fair value. 2025 —
- Horizon Kinetics 4th Quarter Commentary Texas Pacific Land anchors the commentary’s case that Delaware Basin land, water and disposal infrastructure gain strategic value as AI data centers require dedicated power and cooling. The firm contrasts the capital burden and obsolescence risk facing chip buyers with royalty and exchange businesses that collect fees with limited capital at risk. 4th Quarter 2025 TPL $24BAMG $9.9BATUSF $2.5B
- Horizon Kinetics 3rd Quarter Commentary Horizon Kinetics argues that index concentration has created opportunities in securities exchanges, which monetize persistent trading volume with limited incremental capital. It favors royalty and infrastructure businesses tied to gold, potash, natural gas and Permian water, positioning them as asset-light beneficiaries of localized scarcity and data-center power demand. 3rd Quarter 2025 ATUSF $2.5BCME $103BEME $32B
