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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Miller Howard Investments Income-Equity Strategies. This analysis is provided for institutional research purposes only and is not investment advice.
"Miller/Howard argues that AI's biggest winners won't be today's expensive tech darlings, but rather 'old economy' dividend stocks that integrate the technology to boost margins and increase capital return."
In the 4Q 2025 investor letter, Miller/Howard Investments compares the current AI frenzy to World War II survivorship bias. They argue that investors are over-valuing the visible AI 'producers' (chip designers, software platforms) whose valuations leave no room for error. Drawing parallels to railroads and the internet, the manager asserts that value will shift to AI 'users'—the steady-growing, old-economy companies that utilize AI to drive margins and efficiency. The Income-Equity portfolio outperformed the Russell 1000 Value Index in 2025. Portfolio shifts included exiting JPM and JEF, and deploying capital into MTB, RF, and GAP. The manager notes that their portfolio is poised for similar forward earnings growth to the S&P 500 in 2026-2027 but trades at a fraction of the valuation multiple.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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