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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 Investments Infrastructure. This analysis is provided for institutional research purposes only and is not investment advice.
"Miller/Howard Infrastructure maintained outperformance through Q2 2026 with a 2.8% yield at 2.5x the S&P 500. Energy and transportation holdings benefitted from falling commodity prices and the end of the freight recession."
Miller/Howard Infrastructure maintained year-to-date outperformance of the broad market despite a weak quarter, with the portfolio's 2.8% yield representing 2.5x the S&P 500's 1.1% yield. Energy holdings outpaced energy indices as the fund's avoidance of direct commodity price exposure paid off in a falling oil environment. Transportation names benefitted from falling fuel prices and the apparent end of the 3-year freight recession, with CSX and Union Pacific both beating earnings expectations. Utility holdings were slightly down as investors weighed increased AI data center power needs against regulatory concerns. The manager addressed client concerns about SpaceX's orbital data center ambitions, concluding that near-term risks to the portfolio are limited, with cost-competitive space-based data centers highly unlikely in the next 10 years. The fund exited UPS after poor management execution and FedEx Freight post-spin, while initiating positions in HCA Healthcare and SunocoCorp. Three holdings announced dividend increases averaging 4.6% year-over-year. The manager remains confident in the portfolio's durable competitive moats and ability to deliver high and rising income.
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