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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Miller Howard's North American Energy portfolio underperformed in 2Q 2026 but beat its benchmark amid Middle East-driven oil price volatility. The manager sees strengthening structural tailwinds as North America becomes a more critical stable energy source."
Miller Howard's North American Energy portfolio posted negative returns for 2Q 2026 but outperformed its energy benchmark both for the quarter and year-to-date. The war in the Middle East drove oil prices higher, raising concerns about demand destruction, but the manager believes structural tailwinds for North American energy have only strengthened. US crude inventories continue declining, with the strategic petroleum reserve at only 45% capacity. Cumulative supply losses from Persian Gulf producers have exceeded 1.3 billion barrels since the war began. LNG demand is rising after Qatar lost two liquidation trains that could take five years to restore, forcing Asia and Europe to rely more heavily on North American facilities. US LNG exports have averaged 19 Bcf/d recently, above the 2025 average of 15.1 Bcf/d. The portfolio holds 25 positions across the energy value chain, including upstream, midstream, and refining companies. During the quarter, the manager exited Coterra Energy following its acquisition, trimmed Select Water Solutions after strong performance, and initiated positions in California Resources Corp, Targa Resources, and Williams. The manager expects higher demand for North American oil and gas to benefit upstream companies through price support, midstream companies through volume growth, and service companies through an improved commodity strip.
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