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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Miller Howard sees midstream energy infrastructure poised to capitalize on two structural tailwinds: LNG export growth accelerated by Middle East supply disruptions and data center buildout requiring natural gas infrastructure. With the largest pipeline capacity additions since 2008 planned through 2028, the manager expects strong cash flow generation to drive distribution growth and deleveraging across the 16-position portfolio focused on natural gas midstream companies."
Miller Howard's MLP & Midstream strategy focuses on natural gas infrastructure benefiting from two key tailwinds: LNG exports and data center growth. The war in the Middle East has taken Qatari LNG facilities offline for three to five years, easing concerns about US LNG overbuilding and strengthening the case for North American energy security. Meanwhile, data centers continue signing long-term contracts for natural gas supply despite regulatory pushback. The EIA projects pipeline capacity additions of 17 Bcf/d in 2026, 28 Bcf/d in 2027, and 31 Bcf/d in 2028, representing the largest buildout since 2008. The portfolio holds 16 positions, with four announcing dividend increases averaging 4.2% year-over-year. The manager trimmed Genesis Energy due to disappointing offshore volumes and increased Sunoco based on strong income characteristics and financial strength. Looking ahead, the manager expects new project cash flows to support lower leverage, higher distribution growth, and potential buybacks, positioning the sector favorably for long-term investors seeking income and growth.
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