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.
Market performance is highly concentrated in expensive, low-dividend megacaps driven by volatile buybacks. Historical cycles suggest this trend is unsustainable and will mean-revert to smaller-cap and value stocks. Investors should avoid chasing overvalued megacaps and instead focus on resilient, high-yield dividend stocks to achieve superior risk-adjusted returns and lower volatility in an uncertain macroeconomic environment.
Full Quick Take
Market performance is highly concentrated in expensive, low-dividend megacaps driven by volatile buybacks. Historical cycles suggest this trend is unsustainable and will mean-revert to smaller-cap and value stocks. Investors should avoid chasing overvalued megacaps and instead focus on resilient, high-yield dividend stocks to achieve superior risk-adjusted returns and lower volatility in an uncertain macroeconomic environment.
Miller/Howard highlights that adjusting free cash flow for non-cash executive compensation reveals higher underlying margins and yields for dividend-paying companies compared to non-paying growth stocks. The fund maintains a constructive, quality-focused positioning across energy, infrastructure, utilities, and dividend-paying equities.
Full Quick Take
Miller/Howard highlights that adjusting free cash flow for non-cash executive compensation reveals higher underlying margins and yields for dividend-paying companies compared to non-paying growth stocks. The fund maintains a constructive, quality-focused positioning across energy, infrastructure, utilities, and dividend-paying equities.
