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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
Miller/Howard's Income-Equity portfolios lagged the Russell 1000 Value and S&P 500 benchmarks during the third quarter of 2026, driven by narrow market leadership from low-yielding technology stocks that accounted for 65% of the Russell 1000 Value Index's year-to-date total return. Net performance return figures were not explicitly disclosed in the report. The portfolios maintained a wide valuation discount, trading at 15.2x to 15.3x trailing earnings compared to 23.3x for the S&P 500, while delivering an indicated dividend yield of 3.3% to 3.5% (nearly triple the S&P 500 yield of 1.1%) alongside conservative leverage of 2.5x to 2.6x net debt to EBITDA. The macroeconomic environment remains defined by extreme index concentration and heavy capital expenditure in artificial intelligence, which is projected to generate roughly half of the S&P 500's consensus earnings growth. Miller/Howard highlights the historical inverse relationship between entry valuation and subsequent 10-year returns, arguing that closet indexing in overlapping mega-cap names introduces hidden portfolio fragility. The team maintains an active share of 89% versus the Russell 1000 Value and 93% versus the S&P 500, positioning for full-cycle resilience. Portfolio activity reflected selective capital redeployment into durable cash generators. The strategy initiated new long positions in Home Depot (HD), Novartis (NVS), Regency Centers (REG), and SunocoCorp (SUNC), supported by strong dividend coverage and dividend growth prospects. Conversely, Stag Industrial REIT (STAG) was liquidated completely due to margin compression from persistent operating cost inflation exceeding contractual lease escalators.
Investing in high-yielding, financially sound companies with well-covered dividends establishes mathematically lower entry valuations and high active share, delivering superior long-term risk-adjusted compounding.
Portfolio EPS growth is expected to reach +17.2% over the next 12 months alongside ~6% dividend growth, providing a robust margin of safety without speculative AI spending exposure.
Moderate Conviction Bullish
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