Miller/Howard Investments Inc. was founded in 1984 as an institutional research firm providing quantitative and technical research on large-capitalization stocks to clients such as Fidelity, CIGNA, USF&G, Delta Airlines, John Templeton, George Soros, Federal Express, and many others.* In 1989, while investigating alternatives to traditional fixed-income vehicles, we conducted a landmark study of the long-term returns of utilities as an asset class. Our research revealed the income-generating, wealth-building potential of dividends over the long term. Based on these findings, we began managing our first utilities portfolio in 1991 founded on our philosophy that internal compounding (high current dividend income plus dividend growth) is the key to building long-term wealth. We hold to the adage, “slow and steady wins the race.”
Founder Lowell Miller, a leading expert on utilities, energy, and listed infrastructure as well as broad market dividend-growth companies, has been a keynote speaker and member of many industry panels, has appeared on Louis Rukeyser's Wall $treet Week and Bloomberg TV, and is regularly quoted in the national financial media. The strong investment team we have built has more than 150 years of combined investment experience.
Our evolution has been significantly influenced by the results of our utility study and the concept of a repeating-business model. In May 1997, we initiated the Income-Equity Strategy, which expands that model to nearly all sectors of the market and emphasizes stable companies that have a high current yield, rising dividend, and that may contain a hidden “growth kicker” that's not built into the stock's price.
Miller/Howard continues to evolve with development of disciplined investment strategies that provide investors with various levels of current income and dividend growth generated by companies with real assets, such as MLPs, companies that provide essential services, and broad market, dividend-focused stocks.
* The clients mentioned above are former subscribers of our research service. They were not chosen based on any selective criteria other than the fact that they were subscribers. It is not known whether or not they approve or disapprove of Miller/Howard Investments Inc.