| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.01% | 13.51% | 13.51% |
Miller/Howard argues that AI advancement, particularly agentic AI, represents a paradigm shift threatening traditional growth investing. The firm highlights how software companies face business model disruption as AI agents reduce subscription needs and enable custom solutions. This creates significant risk for high-multiple growth stocks, where 60-75% of value depends on terminal cash flows beyond 10 years. The market has responded by rotating toward HALO (Heavy Assets, Low Obsolescence) companies - utilities, energy, infrastructure, and transportation - that possess physical moats immune to digitization. Miller/Howard positions dividend investing as an optimal strategy, creating mathematical barriers to chasing dangerous growth through the relationship between dividend yield, coverage, and P/E ratios. Lower multiples provide shorter duration cash flows and better visibility into returns. The firm maintains its three-decade commitment to dividend investing, viewing current market conditions as validating their approach of delivering high current income at reasonable valuations while avoiding disruption-vulnerable growth stocks.
In an age of AI disruption, dividend-focused investing in heavy asset, low obsolescence companies provides superior protection against technological threats while delivering high current income at reasonable valuations.
The firm expects continued market focus on disruption-resistant assets as AI advancement accelerates. They anticipate dividend investing will warrant closer examination as investors rebalance away from mega-cap growth companies, seeking high current income at reasonable valuations with better protection against technological disruption.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | AMZN, GOOG, JPM, META, MSFT, XOM | AI, disruption, dividends, growth, HALO, infrastructure, valuation | - | AI disruption threatens high-multiple growth stocks with long-duration cash flows, driving rotation toward dividend-paying HALO companies with physical moats. Miller/Howard's dividend strategy provides mathematical protection against growth chasing while delivering high current income at reasonable valuations, positioning the firm advantageously as markets rebalance away from vulnerable mega-cap growth names. |
| Jan 24 2026 | 2025 Q4 | AMT, CEG, LNG, MPC, NEE, NGG, PEG, SRE, T, TMUS, TRGP, UPS, VZ, XEL | Data centers, dividends, energy, infrastructure, nuclear, Utilities | - | Infrastructure portfolio delivered fifth consecutive positive year despite Q4 underperformance versus broad market. Nuclear renaissance driven by data center electricity demand and policy support creates compelling long-term opportunities. Portfolio offers 2.5x S&P 500 dividend yield with strong growth prospects. Manager selectively added to premium growth utilities while maintaining focus on established earnings profiles and sustainable cash flows. |
| Oct 19 2025 | 2025 Q3 | AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS | AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities |
CCI ENB CN ETR SRE PPL |
Infrastructure portfolio outperformed benchmark for third straight quarter despite sector underperformance versus broad market. Utilities and midstream energy led gains while cell towers lagged. Portfolio positioned to benefit from AI-driven data center and energy infrastructure investment with high dividend yield over 2.5x S&P 500 and strong growth prospects. |
| Jul 22 2025 | 2025 Q2 | AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS | AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities |
CCI CMCSA |
Infrastructure portfolio outperformed benchmark for third straight quarter despite sector underperformance versus broad market. Utilities and defensive midstream names led gains while cell towers lagged. AI-driven energy demand creates compelling tailwinds for utilities, power producers, and midstream companies. Portfolio maintains high dividend yield advantage over S&P 500 with strong growth prospects. |
| Mar 31 2025 | 2025 Q1 | AMT, ATO, AWK, CCI, CEG, CMCSA, CSX, EQIX, ETR, EXC, HCA, NI, SRE, T, TMUS, TRGP, UPS, WCN, WM, WMB | Data centers, Defensive, dividends, infrastructure, Telecom, Utilities, Waste management | - | Infrastructure outperformed S&P 500 by widest margin in 20 years, providing downside protection amid market uncertainty. Portfolio focuses on essential service providers with strong dividend growth and defensive characteristics. Key moves included adding waste management exposure, trimming data center positions after outperformance, and adjusting telecom holdings. Strong up/down capture ratios demonstrate compelling risk-adjusted returns. |
| Dec 31 2024 | 2024 Q4 | AES, AM, AMT, CCI, EQIX, ETR, HCA, KMI, LNG, NEE, OKE, PAGP, SOBO, TRGP, TRP, WMB | Data centers, dividends, income, infrastructure, Midstream, REITs, Utilities | - | Infrastructure portfolio delivered strongest annual performance in three years despite flat Q4, driven by midstream energy benefiting from AI/data center trends. Portfolio maintains focus on high and rising income through dividend growth, with 80% of holdings increasing dividends annually. Recent adjustments favor higher-yielding midstream names while adding data center exposure through Equinix. |
| Sep 30 2024 | 2024 Q3 | AEE, AMT, AWK, CEG, CNP, CSX, ETR, HCA, LNG, MPC, NEE, NEP, NI, PAGP, TMUS | Data centers, dividends, infrastructure, Midstream, Natural Gas, Power, REITs, Utilities | - | Infrastructure portfolio posted best quarterly performance in over five years, driven by declining rates benefiting utilities and REITs. Datacenter power demand growth supports natural gas consumption trends, with electric power now 40% of gas demand versus 23% in 2003. Portfolio positioned for continued income growth through structural power demand tailwinds. |
| Jun 30 2024 | 2024 Q2 | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities | - | Miller/Howard demonstrates that dividend-paying stocks have superior free cash flow quality after adjusting for stock-based compensation. Their Infrastructure portfolio is positioned for natural gas demand growth from data centers, LNG exports, and energy transition trends. The firm maintains focus on financially strong companies trading at discounts to broad market valuations. |
| Mar 31 2024 | 2024 Q1 | AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS | AI, dividends, energy, growth, income, infrastructure, Utilities, value | - | Miller/Howard sees dividend investing revival opportunity as record market concentration in low-yielding mega-cap tech stocks reverses. High-yield dividend stocks historically outperformed with lower volatility but recently lagged due to concentration. AI-driven electricity demand growth benefits utilities trading at attractive valuations. Portfolio maintains 3.5% yield with strong dividend growth prospects as market normalizes. |
| Dec 31 2024 | 2023 Q4 | ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP | dividends, energy, income, infrastructure, small cap, Utilities, value | - | Miller/Howard emphasizes dividend growth as a key wealth-building tailwind in higher rate environments. Their strategies consistently outpace broad market dividend increases through focus on quality companies with strong free cash flow and earnings coverage. Infrastructure, energy, and utilities strategies target essential services with stable cash flows and attractive valuations for sustainable income growth. |
| Sep 30 2024 | 2023 Q3 | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities | - | Miller/Howard warns that 2023's market gains reflect dangerous AI speculation rather than fundamental strength, with economic recession risks mounting. The firm advocates dividend-focused investing as real interest rates return to positive territory, favoring high-yield, low-volatility stocks over growth speculation. Their diversified strategies target sustainable income from energy infrastructure, utilities, and quality dividend-payers with strong balance sheets. |
| Jun 30 2024 | 2023 Q2 | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, infrastructure, interest rates, Recession, small caps, technology, Utilities | - | Miller/Howard demonstrates dividend-paying stocks' long-term outperformance while navigating uncertain economic conditions. The firm maintains defensive positioning across Infrastructure, Energy, Utilities, and Small Cap strategies, emphasizing companies with strong balance sheets capable of dividend growth during potential recession. Rising interest rates create headwinds for utilities while energy sector remains undervalued relative to economic importance. |
| Mar 30 2024 | 2023 Q1 | AMT, CMCSA, CMS, CPT, CSCO, DINO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, LYB, MAA, MMP, MPLX, ORI, POR, PPL, SO, STAG, TRGP, TTE, UPS | Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities | - | Banking turmoil starting with Silicon Valley Bank makes recession more likely as credit tightens. Miller/Howard maintains focus on dividend-paying companies with strong balance sheets positioned defensively across utilities, healthcare, and technology. Infrastructure and energy strategies emphasize stable cash flows and income generation. Despite macro headwinds, firm sees opportunities for quality companies in uncertain environment. |
| Feb 22 2023 | 2022 Q4 | NRG | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI advancement, particularly agentic AI, is creating paradigm-shifting disruption across industries. Software companies face threats to their business models as AI agents can reduce subscription needs and enable custom-built solutions. This disruption is causing investors to question the sustainability of growth assumptions embedded in high-multiple stocks. |
Agentic AI Disruption Software Automation Growth |
DividendsDividend investing creates a natural barrier to chasing growth and offers protection against disruption risk. High dividend yields combined with coverage create mathematical certainty of lower P/E ratios and shorter duration cash flows. This provides a margin of safety and more certain returns through recurring income streams. |
Dividend Yield Coverage Valuation Income Safety | |
InfrastructureHALO (Heavy Assets, Low Obsolescence) companies like utilities, energy, and transportation provide physical moats that cannot be digitized. While AI may enhance operations, the core services remain unchanged - railroads still need to physically move carloads regardless of AI optimization. |
HALO Physical Assets Utilities Transportation Moats | |
GrowthHigh-growth stocks with premium multiples face increased risk from AI disruption due to their long-duration cash flows and heavy reliance on terminal values. Growth assumptions are becoming more dangerous as competitive advantages erode, with 60-75% of value tied to cash flows beyond 10 years. |
Terminal Value Duration Multiples Sustainability Risk | |
ValueValue stocks offer more front-loaded cash flows with lower growth expectations and shorter duration, making them less exposed to disruption risk. Lower P/E ratios provide better visibility into near-term cash flows and reasonable valuations compared to growth alternatives. |
Front-loaded Duration Visibility Reasonable Valuations Safety | |
| 2025 Q4 |
E-commerceCarvana was the top performer as a vertically integrated e-commerce platform for used cars. The company eliminates traditional dealerships and provides a haggle-free experience with vast nationwide inventory. With less than 2% market share, Carvana has a long runway of profitable growth ahead. |
Used Cars Digital Platform Market Share |
EnergyTalen Energy was a major contributor for the third consecutive year as an independent power producer owning nuclear facilities. The company expanded its relationship with Amazon Web Services for data center power and acquired gas-fired power plants. Future benefits expected from rising electricity demand but public backlash over utility bills poses risks. |
Nuclear Data Centers Power Generation | |
AIAI was mentioned as a major market theme driving performance, with South Korea's semiconductor industry benefiting from the AI boom. However, the letter characterizes AI as part of market crowding and tech concentration that made 2025 challenging for active managers. |
Semiconductors Market Theme | |
| 2025 Q3 |
AIAI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy for AI development. |
Data Centers Energy Computational Power Training Infrastructure |
Data CentersMajor tech companies are investing billions in data center infrastructure to support AI development. The portfolio is positioned to benefit from data center opportunities, with utilities expected to benefit from regulated power generation and transmission projects. |
Infrastructure Power Energy AI Technology | |
Natural GasSeveral portfolio companies announced new natural gas projects, including Enbridge and TC Energy. The portfolio expects midstream companies to benefit from higher natural gas volumes driven by increased energy demand from AI and data centers. |
Midstream Pipelines Energy Infrastructure Volumes | |
DividendsThe portfolio offers a high dividend yield over 2.5x the S&P 500 Index yield, with 2 of 35 holdings announcing dividend increases averaging 9.5% year-over-year. The portfolio aims to provide a high and rising income stream for investors. |
Income Yield Growth Distribution Coverage | |
| 2025 Q2 |
AIAI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy. This trend is expected to continue for the next generation of AI models. |
Data Centers Energy Computational Power Infrastructure Technology |
Data CentersMajor tech companies are investing billions in data center infrastructure to support AI advancement. The portfolio is well positioned to benefit from data center opportunities, with utilities expected to benefit from regulated power generation and transmission projects. |
AI Infrastructure Power Technology Investment | |
Natural GasSeveral portfolio companies announced new natural gas projects including Enbridge and TC Energy. The portfolio expects midstream companies to benefit from higher natural gas volumes as AI-driven energy demand increases. |
Midstream Energy Pipelines Infrastructure Volume | |
DividendsTwo of the 35 holdings announced dividend increases with an average increase of 9.5% year-over-year. The portfolio offers a high dividend yield that is over 2.5x the yield on the S&P 500 Index with strong prospects for dividend growth. |
Income Yield Growth Distribution Return | |
| 2025 Q1 |
InfrastructureInfrastructure sector outperformed S&P 500 by widest margin in 20 years, providing downside protection amid market uncertainty. Portfolio focuses on essential service providers with high barriers to entry, stable cash flows, and attractive risk-adjusted returns with strong up/down capture ratios. |
Essential Services Barriers Stability Defensive Utilities |
Dividends17 of 35 holdings announced dividend increases with average increase of 5.0%. Portfolio emphasizes dividend-focused investment strategies with reliable income generation as primary objective alongside long-term returns. |
Income Growth Yield Payout Distribution | |
Data CentersTrimmed positions in Constellation Energy, Entergy, NiSource, and Williams to reduce portfolio exposure to data center trends after period of relative outperformance. Data center momentum negatively impacted by more efficient large language model development. |
AI Cloud Power Colocation Technology | |
Waste ManagementInitiated position in Waste Connections expecting benefit from differentiated strategy focused on exclusive and secondary markets. Added to Waste Management after period of underperformance, with waste management among top performing sectors. |
Collection Disposal Recycling Environmental Services | |
Telecom InfrastructureExited Crown Castle on expectation of reduced payout from small cell asset sale, trimmed Comcast due to cable market share risk, initiated AT&T position for fiber strategy, increased American Tower and Equinix positions on growth conviction. |
Towers Fiber Wireless 5G Networks | |
| 2024 Q4 |
DividendsThe portfolio focuses on high and rising income through dividend increases, with 7 of 35 holdings announcing dividend increases averaging 8% this quarter. Over 80% of holdings increased dividends annually over the last 5 years, exceeding the large-cap dividend-paying universe. |
Income Yield Growth Payout Distribution |
Data CentersNatural gas pipelines benefit from data center and AI trends driving increased demand. The portfolio initiated a position in data center REIT Equinix, expecting continued benefit from digital economy exposure and rising demand with limited vacancy. |
AI Digital Infrastructure REITs Demand | |
MidstreamMidstream led performance as natural gas pipelines continued benefiting from data center and AI trends. Portfolio adjustments included selling Plains GP Holdings and trimming Antero Midstream and Cheniere Energy while reallocating to South Bow, ONEOK, and TC Energy. |
Pipelines Natural Gas Energy Transportation Infrastructure | |
InfrastructureThe infrastructure portfolio is designed to produce high and rising income, with 12-month income more than doubling over the last 10 years at a 9% compound annual growth rate. The portfolio maintained its focus on essential infrastructure assets. |
Essential Assets Income Growth Utilities | |
| 2024 Q3 |
Data CentersDatacenter proliferation is driving accelerating power demand, benefiting utilities and midstream sectors. Natural gas will be used to meet incremental demand as intermittent renewable power requires dispatchable generation supplementation. |
Power Electricity Demand Growth Infrastructure |
Natural GasNatural gas consumption has marched steadily higher over 20 years, with electric power becoming the largest consumer at 40% of total demand. Natural gas share of electricity generation increased from 17% in 2003 to 43% in 2023 as it displaced coal. |
Consumption Electric Power Generation Coal Displacement Midstream | |
DividendsThree of 34 holdings announced dividend increases with an average increase of 15%, including a 35% increase by T-Mobile. The portfolio aims to provide a high-and rising-income stream for investors. |
Income Increases Growth Distribution Yield | |
Regulated UtilitiesUtilities led portfolio performance and benefited from declining interest rates. They may benefit from additional opportunities to deploy capital in regulated transmission and generation projects due to growing power demand. |
Transmission Generation Capital Deployment Rate Sensitivity Infrastructure | |
| 2024 Q2 |
DividendsMiller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns. |
Dividend Growth Dividend Coverage Dividend Yield Capital Returns Shareholder Returns |
Natural GasUS natural gas demand reached record highs in 2023, driven by power generation replacing coal plants and growing LNG exports. The firm expects continued demand growth from nearshoring, electric vehicles, and data center trends, positioning their Infrastructure portfolio to benefit from higher throughput volumes. |
LNG Power Generation Gas Pipelines Export Capacity Throughput | |
Data CentersData center electricity demand is identified as a key driver for natural gas consumption and power market tightening. The firm sees this trend supporting utilities, independent power producers, and midstream companies through increased volumes and regulated generation projects. |
Electricity Demand Power Markets AI Infrastructure Grid Demand Dispatchable Generation | |
Energy TransitionCoal plants continue to be retired and replaced with natural gas and renewables, driving power generation demand. The firm views natural gas as necessary to supplement renewable power sources with on-demand, dispatchable generation as electricity demand inflects higher. |
Coal Retirement Renewable Power Dispatchable Generation Grid Reliability Power Mix | |
Infrastructure SpendingThe firm expects utilities to benefit from regulated generation and transmission projects, while independent power producers benefit from tighter power markets. Infrastructure investments are positioned to provide high and rising income streams for investors. |
Transmission Projects Regulated Utilities Power Infrastructure Grid Investment Utility Capex | |
| 2024 Q1 |
DividendsHigh-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance driven by market concentration in mega-cap tech stocks with low dividend yields. Manager expects dividend investing revival as market concentration reverses. |
Dividend Yield Income Outperformance Market Concentration Revival |
AIArtificial intelligence driving electricity demand growth through data centers. Power demand could more than double by 2030, comprising 7% of US electricity demand. Utilities positioned to benefit from additional power demands and transmission needs through regulated business model. |
Data Centers Power Demand Electricity Growth Infrastructure | |
Energy TransitionMidstream energy companies benefit from contract structures with embedded inflation escalators. LNG export facilities scheduled to come online in 2025 and increasing power demand from data centers should positively impact natural gas volumes. |
LNG Natural Gas Inflation Escalators Export Facilities Power Demand | |
UtilitiesUtilities trade at significant discount to historical levels with forward P/E at 73% of S&P 500. Large-cap utilities outperformed with independent power producers leading for fourth straight quarter. Electricity demand inflecting upward after 20 years of flat growth. |
Valuation Discount Power Demand Independent Power Producers Electricity Growth Rate Sensitivity | |
| 2023 Q4 |
DividendsThe letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time. |
Dividend Growth Income Yield Compounding Coverage |
InfrastructureThe Infrastructure Strategy focuses on essential service providers with high barriers to entry and stable cash flows. The strategy had a greater percentage of dividend increases than Russell 1000 dividend payers across all categories, with median dividend change of 20 basis points versus 11 basis points for the Russell 1000. |
Essential Services Barriers to Entry Stable Cash Flow Utilities Transportation | |
EnergyMultiple energy strategies are discussed including midstream energy, North American energy, and utilities. Midstream companies have limited direct commodity price exposure and focus on volume-driven business models. The firm emphasizes capital discipline in North American energy companies despite profitable oil price ranges. |
Midstream Pipelines Oil Gas Capital Discipline | |
UtilitiesUtilities marched steadily higher during the quarter with interest rates remaining a primary driver. The Utilities Plus Strategy had median dividend change of 19 basis points, well above the Russell 1000 dividend payers. Growth of income makes utilities a superior alternative to fixed income. |
Regulated Interest Rates Nuclear Renewable Rate Cases | |
| 2023 Q3 |
DividendsThe letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term. |
Income Yield Growth Coverage Sustainability |
AISeven AI-linked stocks (Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, Tesla) accounted for 84% of S&P 500 year-to-date performance. The letter warns that excitement over AI's commercial potential combined with higher P/E multiples reflects belief in technology rather than confidence in general economic outlook. |
Technology Valuation Concentration Bubble | |
InflationInflation has trended down due to Fed's aggressive rate hikes and supply chain resolution, though still above the 2% target. The letter discusses how extreme fiscal and monetary policy during the pandemic finally fulfilled inflation hawks' predictions after years of being wrong. |
Fed Policy Rates Target | |
Energy TransitionThe letter discusses nuclear power through Constellation Energy Corp position, expecting benefits from Inflation Reduction Act legislation. It also covers renewable development exposure in utilities and the improving risk profile as nuclear plants come online. |
Nuclear Renewables Legislation Risk | |
MidstreamMidstream business models proved resilient with stronger balance sheets and free cash flow used for distribution increases and unit buybacks. The sector has evolved with lower debt levels, reduced leverage, and improved credit ratings, making for better investment opportunities. |
Pipelines Cash Flow Leverage Credit | |
| 2023 Q2 |
DividendsThe letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend growth prospects and views regular dividends as management confidence signals. |
Dividend Growth Dividend Coverage Dividend Increases Dividend Cuts Dividend Yield |
InfrastructureThe Infrastructure Strategy invests in essential service providers with high barriers to entry, expecting stable demand relative to the broad economy. The strategy has a beta of 0.75 and focuses on low-volatility performance over long holding periods. |
Essential Services Barriers to Entry Low Beta Stable Demand Infrastructure Spending | |
EnergyEnergy stocks traded in a narrow range amid macro uncertainties, with natural gas producers and pipelines delivering strong relative returns. The portfolio offers 3.6% yield supplemented by buybacks and special dividends, with energy expenditures at 9% of GDP while energy equities remain at 4% of market weight. |
Energy Value Chain Natural Gas Free Cash Flow Energy Expenditures Oil Prices | |
UtilitiesUtilities underperformed as interest rates rose above the sector's dividend yield. The regulated business model provides dividend durability, with 69% of utilities increasing dividends over 25 years, showing no material change during recessions unlike the broader Russell 1000. |
Regulated Utilities Interest Rate Sensitivity Dividend Reliability Nuclear Assets Gas Distribution | |
Small CapsMiller/Howard's Small Cap Dividend Strategy focuses on profitable, dividend-paying companies with strong free cash flow. The strategy seeks hidden gems with growth potential, emphasizing quality over lottery-ticket investments in the small-cap universe. |
Hidden Gems Profitable Companies Free Cash Flow Quality Focus Dividend Payers | |
| 2023 Q1 |
DividendsThe firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitments as signals of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility. |
Dividend Growth Income Cash Flow Shareholder Returns Yield |
Credit StressBanking turmoil began with Silicon Valley Bank's failure due to interest rate risk on long-dated bonds, followed by Signature Bank and Credit Suisse. The firm expects banks to tighten lending standards further, making recession more likely than not, though they believe regulatory systems make systemic banking collapse unlikely. |
Banking Crisis Interest Rates Lending Standards Liquidity Recession | |
Infrastructure SpendingThe Infrastructure Strategy focuses on essential service providers with high barriers to entry that generate stable cash flows. The strategy provides approximately 2x the dividend yield and 1.5x the projected dividend growth compared to the broad market, with lower beta positioning for uncertain environments. |
Essential Services Barriers to Entry Stable Cash Flow Lower Beta Income Growth | |
Energy TransitionEnergy companies are prioritizing free cash flow over growth investments due to messaging about declining long-term demand. This shift represents a turning point for the industry, creating attractive opportunities for income-seeking investors as companies focus on cash generation rather than costly long-term projects. |
Free Cash Flow Energy Infrastructure Cash Generation Investment Discipline Income | |
RatesThe bond market is signaling recession expectations with 2-year Treasury yields dropping below Fed funds rate. Higher interest rates have pressured utilities and long-duration assets, while the Fed's hawkish policy is having its desired effect of slowing loan growth and economic activity. |
Interest Rates Yield Curve Fed Policy Bond Market Economic Slowdown | |
Commercial Real EstateThe firm focuses on defensive real estate sectors including multifamily housing, warehousing, billboards, and self-storage while avoiding risky niches like office buildings and retail centers. They initiated positions in sunbelt apartment REITs expecting strong demand due to high mortgage rates and home prices. |
Multifamily Housing Defensive Real Estate REITs Sunbelt Apartment Demand |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 19, 2025 | Fund Letters | Adam Fackler | CCI | Crown Castle Inc. | Real Estate | Telecom Tower REITs | Bull | NYSE | 5G, AI, deleveraging, dividends, infrastructure, Towers, valuation | Login |
| Oct 19, 2025 | Fund Letters | Adam Fackler | ENB CN | Enbridge Inc. | Energy | Oil & Gas Storage & Transportation | Bull | TSX | cash flow, dividends, growth, infrastructure, LNG, natural gas, Pipelines | Login |
| Oct 19, 2025 | Fund Letters | Adam Fackler | ETR | Entergy Corporation | Utilities | Electric Utilities | Bull | NYSE | dividends, Grid, Modernization, Regulation, Renewable integration, utilities | Login |
| Oct 19, 2025 | Fund Letters | Adam Fackler | SRE | Sempra Energy | Utilities | Multi-Utilities | Bull | NYSE | capital discipline, dividends, growth, infrastructure, LNG, utilities | Login |
| Oct 19, 2025 | Fund Letters | Adam Fackler | PPL | PPL Corporation | Utilities | Electric Utilities | Bull | NYSE | AI, data centers, Earnings stability, Joint venture, Power generation, utilities | Login |
| Sep 30, 2025 | Fund Letters | Miller Howard Investments Infrastructure | CCI | Crown Castle Inc | Real Estate | Specialized REITs | Bull | NYSE | 5G, AI infrastructure, Cell Towers, data centers, Fiber networks, operating leverage, REIT, telecommunications infrastructure | Login |
| Sep 30, 2025 | Fund Letters | Miller Howard Investments Infrastructure | CMCSA | Comcast Corporation | Communication Services | Cable & Satellite | Bear | NASDAQ | 5G, broadband, cable, Cord-cutting, Fiber Competition, Fixed wireless, media, telecommunications | Login |
| TICKER | COMMENTARY |
|---|---|
| XOM | the 2028 consensus capex for these four companies, $750 billion in aggregate, is currently greater than the market capitalization of ExxonMobil (XOM) |
| JPM | approaching that of JP Morgan Chase (JPM, not held) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
