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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Miller/Howard maintains a constructive posture on infrastructure, reallocating capital from extended refiners and California utilities into higher-growth regulated utilities and resilient midstream assets capitalizing on data center electricity demand."
Miller/Howard's Infrastructure strategy outperformed its benchmark during the third quarter of 2026 and sustained material benchmark outperformance year-to-date, despite a broader sector pullback driven by rising interest rates and broad market concentration in mega-cap technology. Portfolio defensive metrics remained pronounced, featuring an indicated dividend yield 2.8 times higher than the S&P 500 Index, a three-year rolling beta of 0.3, active share of 97.2%, and common holdings with the broad market index of just 2.8% across 36 total holdings. The strategy's macro framework centers on navigating interest-rate sensitivity while capitalizing on structural demand trends, most notably power consumption from artificial intelligence data centers. The manager focuses on contract structures and regulatory models that ensure hyperscalers fund their own infrastructure upgrades, preventing stranded asset risks and shielding residential utility ratepayers from higher bills as grid interconnection queues expand. Portfolio activity reflected selective capital redeployment toward higher-growth regulated assets. The manager trimmed outperforming positions in Marathon Petroleum following record crack spreads to increase SunocoCorp, while simultaneously trimming Sempra, CMS Energy, and Atmos Energy to reallocate capital into Ameren and Xcel Energy. This rebalancing expanded regulated utility growth exposure while reducing regulatory and wildfire risks in California.
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