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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets established nuclear operators and plant restarts over pre-commercial SMR technologies."
Miller/Howard Infrastructure posted its fifth consecutive year of positive performance in 2025, although it lagged the tech-heavy broader market in Q4. Notable portfolio actions included exiting PEG due to deteriorating New Jersey regulations and expanding positions in growth-oriented utilities XEL and SRE. The manager outlines a structural bullish outlook on the US nuclear renaissance. Surging power demand from AI/data centers and clean energy policies are driving the restart of retired nuclear assets. SMRs represent a promising medium-term solution but currently face severe cost overrun and developmental risks. The portfolio remains anchored in mature, high-yielding companies with existing nuclear footprints rather than speculative pre-commercial technologies.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
Growth Outlook
Market outlook remains above average conviction: Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
Risk Appetite
Risk appetite posture is moderate conviction: Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
Forward Guidance
Forward guidance signal: Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
Language Signal
Tone analysis indicates above average conviction language: Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
Time Horizon
Investment time horizon reflects a high conviction orientation. Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets establis...
