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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Miller Howard North American Energy Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and refiners in anticipation of structurally higher long-term oil prices."
In 2Q 2025, Miller/Howard's North American Energy (without K-1s) portfolio outperformed its benchmark S&P 1500 Energy Index, despite a general market pullback where energy lagged the S&P 500 by 19%. This decline was driven by a 9% fall in crude oil prices—prompted by a surprise OPEC+ production push and geopolitical developments in the Middle East—alongside a rotation of capital back into mega-cap tech stocks. The manager argues that current crude prices ($66/bbl Brent) are unsustainably low, as nine of eleven major global oil-producing nations are running substantial fiscal deficits. Consequently, the manager anticipates higher oil prices over time. In response to these dynamics, the portfolio has systematically increased its exposure to natural gas E&Ps (GPOR, AR, RRC) to capture growing long-term demand, and re-added refiner Marathon Petroleum (MPC) on attractive valuations.
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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: Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
Growth Outlook
Market outlook remains above average conviction: Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
Risk Appetite
Risk appetite posture is above average conviction: Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
Forward Guidance
Forward guidance signal: Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
Language Signal
Tone analysis indicates above average conviction language: Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
Time Horizon
Investment time horizon reflects a high conviction orientation. Despite a challenging 2Q 2025 marked by falling oil prices and capital shifting to tech, Miller/Howard remains highly constructive on energy, actively buying natural gas E&Ps and r...
