Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Miller/Howard contends that heavy non-cash executive compensation distorts reported free cash flow metrics for non-dividend growth stocks. Once adjusted, dividend payers display superior cash flow margins, yields, and predictability. Supported by AI power demand and infrastructure expansion, the manager remains bullish on high-yielding, capital-disciplined equities in energy, utilities, and high-quality dividend payers.
Full Quick Take
Miller/Howard contends that heavy non-cash executive compensation distorts reported free cash flow metrics for non-dividend growth stocks. Once adjusted, dividend payers display superior cash flow margins, yields, and predictability. Supported by AI power demand and infrastructure expansion, the manager remains bullish on high-yielding, capital-disciplined equities in energy, utilities, and high-quality dividend payers.
Miller/Howard Investments argues that adjusting free cash flow for stock-based executive compensation reveals the hidden strength and attractive valuations of dividend-paying stocks. The firm favors high dividend payers and infrastructure businesses supported by surging power demand over non-dividend technology high-flyers subject to compensation dilution.
Full Quick Take
Miller/Howard Investments argues that adjusting free cash flow for stock-based executive compensation reveals the hidden strength and attractive valuations of dividend-paying stocks. The firm favors high dividend payers and infrastructure businesses supported by surging power demand over non-dividend technology high-flyers subject to compensation dilution.
