| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.59% | 5.11% | 5.11% |
Miller/Howard argues that AI advancement, particularly agentic AI, marks a turning point from infrastructure focus to business model disruption. Software companies face threats to their subscription models and competitive moats as AI reduces barriers to entry. The firm advocates for HALO (Heavy Assets, Low Obsolescence) companies and dividend investing as protection against disruption risk. High-growth stocks trading at premium multiples embed unsustainable growth expectations and face particular vulnerability due to their reliance on long-dated cash flows and terminal values. Dividend investing creates mathematical barriers to chasing growth, as high dividend yields combined with coverage naturally result in lower P/E ratios. The firm's analysis shows that 60-75% of growth company valuations depend on terminal values beyond 10 years, making them highly sensitive to disruption. Value stocks with front-loaded cash flows offer better protection. Miller/Howard maintains its three-decade commitment to dividend investing, believing it provides superior risk-adjusted returns in an uncertain environment where traditional competitive advantages may erode.
In an age of AI disruption, investors should focus on dividend-paying stocks and asset-heavy companies with physical moats rather than high-growth software companies vulnerable to technological displacement.
The firm expects continued AI-driven disruption across industries, particularly affecting software and labor-intensive businesses. They advocate for defensive positioning in dividend-paying stocks and HALO companies with physical assets. The outlook emphasizes caution toward high-growth names with premium valuations in an uncertain environment.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | JPM, XOM | AI, disruption, dividends, energy, growth, infrastructure, software, valuation | - | Miller/Howard warns that AI disruption threatens high-growth software companies while advocating for dividend-paying stocks and asset-heavy HALO companies as protection. The firm argues that dividend investing creates natural barriers to overpaying for growth and provides better visibility in an uncertain environment where traditional competitive moats face erosion from technological advancement. |
| Jan 24 2026 | 2025 Q4 | ABBV, C, COP, CSCO, EMN, ETR, GILD, GPS, GSK, HRB, HRL, JEF, JNJ, JPM, MPLX, MTB, PAYX, RF, STT, VICI, VZ | AI, dividends, income, productivity, value | - | Miller/Howard's dividend strategy outperformed in 4Q 2025 while yielding 3.6%. The manager sees AI creating opportunities in overlooked traditional companies that could benefit from productivity gains, rather than expensive AI winners facing historical margin compression risks. Portfolio trades at 40%+ discount to S&P 500 with strong dividend growth potential from operational AI adoption. |
| Oct 19 2025 | 2025 Q3 | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, dividends, energy, financials, income, technology, value |
COP ELS HRL TTE |
Miller/Howard Income-Equity outperformed in Q3 driven by financials raising dividends 14% on average. The firm contrasts their disciplined approach with Magnificent 7's AI spending spree that has doubled capex since 2023 while eroding free cash flow. Portfolio yields 3.6% with 5% projected dividend growth, trading at significant discount to overvalued growth stocks. |
| Jul 22 2025 | 2025 Q2 | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, Banking, dividends, financials, income, technology, value |
COP ELS HRL |
Miller/Howard's Income-Equity portfolio outperformed in Q3 driven by strong financial sector performance and dividend growth averaging 14% from 70% of financial holdings. The firm contrasts their superior free cash flow approach against Magnificent 7's massive AI spending surge, maintaining focus on genuine income-producing companies positioned to capture AI efficiencies without speculative investment risks. |
| Mar 31 2025 | 2025 Q1 | CMCSA, CMS, CNQ, CSCO, EIX, EPD, EWBC, EXC, GILD, JEF, JPM, KO, LAMR, NTR, ORI, RHI, RY, STAG, TTE, VICI | dividends, financials, income, low volatility, tariffs, Utilities, value | - | Miller/Howard's dividend-focused strategy outperformed in Q1 as markets favored low-volatility value stocks amid tariff uncertainty. With 40% of holdings raising dividends and portfolio yielding 3.8%, the firm maintains focus on companies with sustainable dividend growth and strong earnings power while avoiding risky value traps. |
| Dec 31 2024 | 2024 Q4 | ABBV, CPT, EIX, ETR, EWBC, GILD, GS, GSK, HST, JEF, JNJ, JPM, KO, LAMR, LYB, MAA, MDT, MRK, MSM, ORI, RY, TTE, USB | dividends, financials, healthcare, income, Utilities, value | - | Miller/Howard's dividend-focused strategy demonstrated superior income generation with 90% of holdings raising dividends versus 50% for the Russell 1000. Despite underperforming growth-driven markets, the portfolio trades at significant valuation discounts while delivering materially higher yields. Strategic repositioning included adding quality dividend growers like GSK and Edison International while exiting weaker performers. |
| Sep 30 2024 | 2024 Q3 | ABBV, BAC, BK, CAH, CNQ, EPD, ETR, GILD, GS, HST, JEF, JPM, KO, LAMR, MRK, NTR, OGE, ORI, PSX, TXN | AI, dividends, financials, Market Concentration, Utilities, value | ETR | Miller/Howard's dividend-focused strategy outperformed in Q3 as markets began broadening from extreme concentration. Their portfolios yield over 2.5x the S&P 500 while trading at significant discounts. The firm believes AI-driven mega-cap concentration is unsustainable and expects continued market broadening to benefit high-yield dividend stocks as historical patterns resume. |
| 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, Natural Gas, Utilities, value | - | Miller/Howard argues dividend stocks are undervalued due to misleading free cash flow comparisons with non-dividend payers who rely heavily on stock compensation. Banks offer attractive opportunities post-stress tests with 8-12% dividend hikes announced. Natural gas demand growth from data centers and electrification benefits midstream holdings. Portfolios yield 3.6-3.8% with strong fundamentals. |
| 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, income, Market Concentration, Utilities, value, volatility | - | Miller/Howard sees high-yield dividend stocks poised for revival after underperforming due to record market concentration in mega-cap tech. With dividend stocks trading at significant discounts and the top 10 S&P 500 stocks at record low yields, the manager expects outperformance when concentration reverses, supported by rising electricity demand and eventual valuation normalization. |
| 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, Quality, Utilities, value | - | Miller/Howard emphasizes dividend growth as a wealth-building tailwind, with their Income-Equity Strategies achieving 21 basis points median dividend increases versus 11 basis points for the Russell 1000. The firm focuses on companies with strong free cash flow, earnings growth, and dividend coverage, building all-weather portfolios despite 2023's concentrated market performance favoring large-cap tech stocks. |
| 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, income, inflation, Recession, Utilities, value | - | Miller/Howard maintains defensive dividend-focused positioning amid economic uncertainty, warning against AI bubble dynamics while highlighting energy sector strength. With traditional recession indicators flashing and real rates normalizing, they favor high-yield, low-volatility stocks over speculative growth. Their Income-Equity strategies yield 3.6-3.9% with strong coverage, positioned for various economic scenarios through reliable dividend income rather than market timing. |
| Jun 30 2024 | 2023 Q2 | AES, AGO, AGRO, AM, BCC, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EME, EMN, ENB, ENLC, EPD, ETD, EVR, EXR, FFBC, FULT, GS, HCA, JHG, JNJ, JPM, KEY, KFY, KNF, LBRT, LNG, LYB, MATX, MDU, MED, MEI, MPC, MSFT, MSM, NGG, NSP, NVDA, OMAB, OMF, POR, PPL, PSX, QCRH, RRC, RY, SBAC, SLP, SO, SUN, UGI, UHT, VLO, VST, WINA, WMB | dividends, energy, income, technology, Utilities, value, volatility | - | Miller/Howard demonstrates dividend-paying tech stocks outperform non-payers excluding bubble periods, with their Income-Equity strategies yielding 3.5-3.7% versus 1.6% for S&P 500. Despite economic uncertainty and 30-year high market concentration, the firm maintains defensive positioning in quality dividend growers with strong balance sheets, recently adding energy midstream and healthcare names while trimming cyclicals. |
| Mar 30 2024 | 2023 Q1 | AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, MAA, MMP, MPLX, ORI, STAG, TTE, UPS | Banking, credit, dividends, infrastructure, interest rates, Recession, Utilities | - | Banking stress increases recession risk as credit tightens and Fed maintains hawkish stance. Portfolio focuses on dividend-paying companies with strong cash flows, achieving 15 dividend increases in Q1. Defensive positioning in technology, real estate, healthcare, and utilities while selectively maintaining financial exposure. Quality companies with low leverage best positioned for uncertain environment ahead. |
| Feb 22 2023 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI advancement, particularly agentic AI, is creating paradigm-shifting disruption across industries. The market has shifted focus from AI infrastructure build-out to potential disruption of software companies and other labor-intensive businesses. AI threatens to reduce legacy moats and subscription models in software. |
Agentic AI Disruption Software Automation Infrastructure |
DividendsDividend investing creates a natural barrier to chasing growth and provides a margin of safety in an age of disruption. High dividend yields combined with coverage create lower P/E ratios and less sensitivity to long-term assumptions. Miller/Howard advocates for dividend investing as offering better visibility and reasonable valuations. |
Dividend Yield Coverage Margin of Safety Income Valuation | |
ValueValue stocks with front-end loaded cash flows and lower growth expectations offer better protection against disruption risk compared to growth stocks. Lower P/E ratios provide margin of safety and less sensitivity to terminal value assumptions in an uncertain environment. |
P/E Ratios Cash Flows Terminal Value Disruption Protection Valuation | |
InfrastructureHALO (Heavy Assets, Low Obsolescence) companies including utilities, energy, and transportation provide physical moats that cannot be digitized. These asset-heavy businesses may utilize AI but their core services remain unchanged, offering protection from disruption. |
HALO Physical Assets Utilities Energy Transportation | |
| 2025 Q4 |
AIThe fund extensively analyzes whether current AI markets represent a bubble, comparing it to the late 1990s internet bubble. They question AI equipment depreciation schedules, datacenter power demands, and whether promised returns will materialize, while noting the market's shift in viewing Google from AI laggard to leader. |
Artificial Intelligence Bubble Valuations Infrastructure Technology |
BiotechnologyThe short book faced headwinds in biotech this quarter, though the fund maintains positions based on pattern recognition of bad behavior including companies that go public via reverse mergers and spend capital on stock promotion rather than lab research. |
Biotech Short Positions Reverse Mergers Stock Promotion | |
| 2025 Q3 |
AIAI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among the Magnificent 7, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion dollars by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. |
Artificial Intelligence Capex Technology Cash Flow Investment |
DividendsDividend increases are viewed as the strongest signal of management confidence in underlying business, with portfolio companies treating dividend commitments as sacrosanct. This quarter saw overwhelming dividend growth from financial holdings, with 70% of financials raising dividends by an average of 14%. The portfolio projects 2025 dividend growth of 5.0% for Income-Equity and 4.9% for the no-MLP version. |
Dividend Growth Management Confidence Financials Income Yield | |
Capital MarketsFinancial holdings drove strong performance this quarter, reflecting both management confidence through dividend increases and a supportive macro backdrop. Financials comprised over half of the top 10 performance contributors, with banks leading dividend increases including JPMorgan Chase, Goldman Sachs, State Street, and Bank of New York Mellon showing particularly large increases. |
Banks Financial Services Performance Interest Rates Lending | |
| 2025 Q2 |
AIAI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among Magnificent 7 companies, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. |
Artificial Intelligence Capex Technology Cash Flow Investment |
DividendsDividend increases are viewed as the strongest signal of management confidence in underlying business, with portfolio companies treating dividend commitments as sacrosanct. This quarter saw overwhelming dividend growth from financial holdings, with 70% of financials raising dividends by an average 14%. The portfolio projects 2025 dividend growth of 5.0% for Income-Equity and 4.9% for the no-MLP version. |
Dividend Growth Management Confidence Income Financials Yield | |
FinancialsFinancial holdings drove strong performance this quarter, comprising over half of the top 10 performance contributors. Banks showed particular strength with large dividend increases from JPMorgan Chase, Goldman Sachs, State Street, and Bank of New York Mellon. The supportive macro backdrop and expression of confidence through dividend raises highlighted the sector's robust positioning. |
Banks Performance Dividend Increases Macro Environment Confidence | |
| 2025 Q1 |
DividendsMiller/Howard focuses on high and rising dividend income with over 40% of holdings announcing dividend increases in Q1. The strategy seeks companies with demonstrated earnings power and attractive valuations that can pay good dividends without stretching payout ratios. Portfolio yields 3.8% with strong dividend coverage ratios. |
Dividend Growth Dividend Coverage Dividend Yield Payout Ratios Income |
ValueThe firm emphasizes value investing but avoids low-quality controversial value stocks that may face dividend cuts. They seek holdings with demonstrated earnings power and attractive valuations not dependent on growth themes. Portfolio trades at significant discount to broad market on price-to-earnings basis. |
Value Stocks Earnings Power Attractive Valuations Price-to-Earnings Quality | |
Risk AppetiteEquity investors pivoted away from riskier corners of the market towards value and low-volatility stocks amid tariff uncertainty. Low-volatility stocks outperformed significantly in Q1, with the S&P 500 Low Volatility Index outperforming the S&P 500 by over 11.5%. The portfolio has both value and low-volatility characteristics. |
Low Volatility Risk Management Downside Protection Market Risk Defensive | |
Trade PolicyTariff uncertainty significantly impacted markets in Q1, with the market making it clear it does not like tariffs. The uncertainty around whether tariffs are a negotiating strategy or permanent policy unnerves business decision makers across industries. Portfolio is positioned to be less vulnerable to tariff increases. |
Tariffs Trade Uncertainty Policy Risk Business Impact Positioning | |
| 2024 Q4 |
DividendsThe fund focuses on companies with high and rising dividend yields, tracking both the percentage of holdings announcing dividend increases and the average size of those increases. In 2024, over 90% of holdings announced dividend increases versus only 50% for the Russell 1000 Index. The average dividend increase was 23 basis points for Income-Equity versus only 5 basis points for Russell 1000 dividend payers. |
Dividend Growth Yield Income Coverage Payout |
| 2024 Q3 |
DividendsThe firm focuses on high-yield dividend stocks that offer yields over 2.5x the S&P 500. They had 7 dividend increases in the quarter and believe their portfolios are well-positioned for dividend growth throughout the full market cycle. The relationship between market breadth and high-yield dividend stock performance is central to their investment thesis. |
Yield Coverage Growth Income Payout |
Market ConcentrationThe market remains extremely concentrated with the top 10 stocks hitting 37% of the S&P 500 at quarter-end, well above the 30-year average of 22%. This concentration has been driven by AI optimism and multiple expansion, creating a significant P/E spread between market-cap-weighted and equal-weighted indices. |
Breadth Concentration Mega-cap Equal-weighted Dispersion | |
AIAI excitement has driven market concentration but the firm questions whether stock prices account for AI's inherent uncertainty. They note that AI requires massive spending and without evidence that AI can turbocharge corporate profitability, it would be unwise to continue bidding up AI-halo stocks. |
Nvidia Uncertainty Spending Profitability Valuation | |
| 2024 Q2 |
DividendsMiller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks. |
Dividend yield Free cash flow Stock compensation Shareholder returns Management signaling |
BuybacksThe firm views buybacks as sensible capital allocation when companies avoid large acquisitions and excessive capex. However, buybacks face efficiency challenges from stock-based compensation and acquisitions. Share buybacks reduce share count with only 85% efficiency on average, with significant variability due to dilution from executive compensation programs. |
Share repurchases Capital allocation Share dilution Executive compensation Market cap | |
Natural GasUS natural gas demand reached record highs in 2023, driven by power generation replacing coal and growing LNG exports. Future demand growth expected from nearshoring, electric vehicles, and data centers requiring dispatchable generation. LNG export capacity projected to double through 2027, creating opportunities for midstream infrastructure. |
LNG exports Power generation Data centers Midstream Export capacity | |
Energy TransitionThe energy transition creates demand for natural gas as backup power for renewables and drives electricity demand growth from data centers and electrification. Coal plant retirements are being replaced with natural gas and renewables, while LNG exports support global energy transition needs. |
Coal retirement Renewable backup Electrification Power demand Grid stability | |
| 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 is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. |
Dividend yield Income Outperformance Market concentration Valuation |
Risk AppetiteThe market has been dominated by high-volatility Magnificent Seven stocks with extreme returns. Lower-volatility dividend stocks have underperformed despite historically superior long-term performance. The manager questions whether taking more risk leads to more reward, contrary to historical precedent. |
Volatility Risk-reward Magnificent Seven Market dominance Historical performance | |
AIArtificial intelligence has driven surging long-term earnings forecasts and market concentration in mega-cap tech stocks. The manager questions whether AI will overturn decades of investment precedent, noting that valuation matters even for successful companies. Rising electricity demand from AI and data centers benefits utilities. |
Artificial intelligence Earnings forecasts Valuation Data centers Electricity demand | |
| 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 |
EnergyMultiple energy strategies are discussed including midstream, North American energy, and infrastructure. The firm views midstream companies as providing compelling income solutions with limited direct commodity price exposure. Energy consolidation and capital discipline are highlighted as positive trends. |
Midstream Oil Natural Gas Energy Infrastructure Free Cash Flow | |
UtilitiesUtilities are positioned as superior alternatives to fixed income due to dividend growth potential. The sector benefited from declining interest rates in Q4 2023. The firm emphasizes utilities' consistent dividend increases and essential service characteristics. |
Regulated Utilities Interest Rates Essential Services Dividend Growth Infrastructure | |
InfrastructureInfrastructure investments focus on essential service providers with high barriers to entry and stable cash flows. The strategy emphasizes companies that can provide reliable income and growth of income through their defensive characteristics. |
Essential Services Barriers to Entry Stable Cash Flows Infrastructure Spending Defensive | |
| 2023 Q3 |
DividendsThe firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions. |
Income Yield Coverage Growth Stability |
EnergyEnergy sector performance was strong with crude prices rising 29% during the quarter due to OPEC+ production cuts and US shale driller capital discipline. The firm sees energy trading at a discount to the S&P 500 and believes abundant free cash flow will continue driving dividend increases and capital appreciation. They maintain positions across the energy value chain including midstream, refiners, and producers. |
Oil Gas Midstream Refiners Producers | |
InflationInflation has trended down as a result of the Fed's aggressive interest rate hikes combined with resolution of supply chain problems. While still above the Fed's 2% target, the decline has been encouraging with only a modest rise in unemployment. The firm notes that too much money chasing too few goods can cause inflation when fiscal and monetary policy levers are pushed to extremes. |
Fed Rates Policy Supply Demand | |
AIThe firm notes that excitement over artificial intelligence prospects has driven much of this year's market performance, with seven AI-linked stocks accounting for 84% of S&P 500 year-to-date performance. However, they warn that chasing tech bubbles is dangerous, drawing parallels to the 1999 tech bubble where top performers subsequently underperformed significantly. |
Technology Bubble Valuation Risk Performance | |
UtilitiesThe utilities sector declined for the third consecutive quarter with interest rates being the primary headwind. The firm's Utilities Plus Strategy yields 4.0% and they believe it provides a superior income solution to bonds, with dividend growth expected to surpass Treasury yields over time through compounding. |
Rates Yield Growth Income Infrastructure | |
| 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 coverage and growth potential, with their Income-Equity strategies yielding 3.5-3.7% and positioned for dividend growth throughout market cycles. |
Dividend Growth Dividend Coverage Dividend Yield Income Payout |
TechnologyTech stocks are analyzed through a dividend lens, with the firm separating tech companies into dividend payers versus non-payers. The analysis shows high-dividend paying tech stocks outperformed both low-dividend and non-dividend paying tech stocks from 2000-2022, excluding the internet bubble distortion. |
Tech Stocks Internet Bubble Volatility Performance | |
VolatilityThe letter emphasizes how volatility can be a return killer, noting that high-dividend paying tech stocks have the lowest volatility while non-payers have the highest. The math shows when a stock drops 50% one year, it needs to go up 100% the next to break even. |
Risk Management Return Volatility Downside Protection | |
EnergyEnergy stocks are discussed as trading in a narrow range amid macro uncertainties, with oil prices drifting downward. The portfolio is positioned along the energy value chain with E&P companies, pipelines, and refiners, offering a 3.6% yield supplemented by buybacks and special dividends. |
Oil Prices Natural Gas Energy Value Chain Midstream | |
UtilitiesUtilities underperformed as interest rates rose above the sector's dividend yield. The letter highlights utilities' reliable dividend history, with 69% of utilities increasing dividends on average over 25 years, showing no material change during recessions unlike the broader Russell 1000. |
Regulated Utilities Interest Rate Sensitivity Defensive | |
| 2023 Q1 |
DividendsThe fund focuses on dividend-paying companies with a history of dividend increases. Almost half of holdings raised their regular dividend in the first quarter. The fund believes dividend-paying stocks outperformed over the past 30 years with lower volatility. |
Dividend Growth Income Yield Coverage |
Credit StressBanking turmoil started with Silicon Valley Bank due to interest rate risk on long-dated bonds. Banks have increased liquidity by borrowing from the Fed. The contraction in credit standards combined with Fed rate hikes makes recession more likely. |
Banking Liquidity Credit Standards Fed Lending | |
RatesHigher interest rates caused banking stress and deposit shifts. The 2-year Treasury yield dropped below Fed funds rate, signaling recession expectations. Bond market predicts Fed will begin cutting rates within a year. |
Interest Rates Yield Curve Fed Policy Treasury | |
InfrastructureThe Infrastructure Strategy focuses on essential service providers with high barriers to entry. The strategy provides lower beta, high current income, and growth of income compared to the broad market during uncertain times. |
Essential Services Barriers to Entry Stable Cash Flows |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 19, 2025 | Fund Letters | Adam Fackler | COP | ConocoPhillips | Energy | Oil & Gas Exploration & Production | Bull | NYSE | buybacks, cash flow, dividends, Gas, oil, Permian, Projects | Login |
| Oct 19, 2025 | Fund Letters | Adam Fackler | ELS | Equity Lifestyle Properties Inc. | Real Estate | Residential REITs | Bull | NYSE | affordability, cash flow, dividends, Housing, Occupancy, REIT, Rent | Login |
| Oct 19, 2025 | Fund Letters | Adam Fackler | HRL | Hormel Foods Corporation | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | consumer, dividends, inflation, Margins, Protein, stability, Staples | Login |
| Oct 19, 2025 | Fund Letters | Adam Fackler | TTE | TotalEnergies SE | Energy | Integrated Oil & Gas | Bear | - | buybacks, capital discipline, Coverage, dividends, energy, oil | Login |
| Sep 30, 2025 | Fund Letters | Miller Howard Investments Income-Equity Strategies | COP | ConocoPhillips | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Capital Cycle, cash flow generation, Drilling Inventory, energy, Equity, Oil and Gas Producer, Permian Basin, Pure-Play | Login |
| Sep 30, 2025 | Fund Letters | Miller Howard Investments Income-Equity Strategies | ELS | Equity Lifestyle Properties | Real Estate | Equity Real Estate Investment Trusts (REITs) | Bull | NYSE | Equity, Land Lease, Manufactured housing, Nationwide Portfolio, Real Estate, REIT, rental income, RV Properties | Login |
| Sep 30, 2025 | Fund Letters | Miller Howard Investments Income-Equity Strategies | HRL | Hormel Foods Corporation | Consumer Staples | Food Products | Bull | NYSE | brand recognition, consumer staples, defensive, Dietary Trends, Equity, Food Products, grocery, Protein | Login |
| Sep 30, 2024 | Fund Letters | Miller Howard Investments Income-Equity Strategies | ETR | Entergy Corporation | Utilities | Electric Utilities | Bull | NYSE | Electric Utilities, Equity, Gulf Coast, Industrial Investment, regulated utility, Southeast | 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 | the 2028 consensus capex for these four companies, $750 billion in aggregate, is currently greater than the market capitalization of ExxonMobil (XOM) and is 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 | |||
