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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like Ameren and Xcel Energy."
In Q2 2025, the broader market faced brief volatility from White House tariff announcements before recovering. Utilities performed positively during the volatility but lagged in the subsequent risk-on rally. However, they remain ahead of the broader market year-to-date. Within the sector, Independent Power Producers (IPPs) heavily outperformed due to rising energy demand expectations, while California utilities lagged due to ongoing wildfire concerns. Excitement over AI and data centers was briefly checked by efficiency announcements but was revitalized by hyperscalers' $1.5 trillion projected capex budgets through 2028. Consequently, Miller/Howard has increased its exposure to high-quality utilities Ameren (AEE) and Xcel Energy (XEL), focusing on balance sheet strength and dividend growth.
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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: The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
Growth Outlook
Market outlook remains above average conviction: The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
Risk Appetite
Risk appetite posture is above average conviction: The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
Forward Guidance
Forward guidance signal: The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
Language Signal
Tone analysis indicates above average conviction language: The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
Time Horizon
Investment time horizon reflects a high conviction orientation. The surging long-term electricity demand from AI data centers underpins a highly constructive outlook for utilities, prompting Miller/Howard to add to high-quality positions like A...
