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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
Miller/Howard Investments' MLP & Midstream Energy Income portfolio outperformed its benchmark during the third quarter of 2026, even as the broader midstream energy sector slightly trailed the wider equity market. Sector performance was tempered by softened crude oil pricing tied to normalized Middle Eastern supply flows alongside elevated interest rates. Within the strategy's 16-holding portfolio, distribution growth remained resilient, with five holdings announcing dividend increases that averaged 8.9% year-over-year. Portfolio management maintained a disciplined capital posture, selectively redeploying capital toward high-quality operators with strong balance sheets while trimming underperforming offshore exposures. The sector's broader operating environment is undergoing a fundamental transition from post-pandemic harvest mode into an expansionary growth phase. Global demand for secure and reliable North American energy continues to accelerate, with midstream operators raising full-year EBITDA guidance in response to extensive project backlogs, particularly across natural gas and liquefied natural gas infrastructure. While industry-wide capital expenditures are rising and compressing near-term free cash flow, this growth cycle is distinguished by expanding cash flow from operations, which provides sufficient internal funding to construct strategic assets without relying on dilutive equity issuance. Portfolio activity reflected high selectivity toward well-capitalized master limited partnerships. The strategy expanded its core positions in Enterprise Products ($EPD) and Energy Transfer ($ET), citing their superior income profiles, distribution growth visibility, and balance sheet durability. Conversely, the manager trimmed Genesis Energy ($GEL) due to slower-than-anticipated project ramp-ups in the Gulf of Mexico that constrained near-term EBITDA growth. Operational execution remained strong across key holdings, highlighted by distribution hikes at Sunoco ($SUN), volume strength at Western Midstream ($WES), and raised guidance from Cheniere Energy ($LNG).
The strategy targets high and rising income with capital appreciation by investing in financially sound North American midstream energy infrastructure positioned to fund disciplined expansion capex through robust operational cash flows.
Once midstream growth projects become fully operational over the coming years, industry cash flows should increase significantly, supporting high and rising income for investors.
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