Miller/Howard Investments
Miller/Howard Podcast Series
5G Infrastructure Series
Part 3: How MHI Invests in 5G Today
Owning 5G key players at this early stage makes sense.
Bryan J. Spratt, CFA, Portfolio Manager  |  Full Bio (PDF)
Listen:  
5G Infrastructure Series: Part 1 - Progression to 5G: Looking to the Future
5G Infrastructure Series: Part 2 - Hype versus Opportunity and Timing
5G Infrastructure Series: Part 3 - How MHI Invests in 5G Today

Transcript:

Welcome to the Miller/Howard Investments Podcast. This is the 3rd part of a 3-part discussion about 5G Infrastructure. Today, we invited Bryan Spratt, Portfolio Manager, to discuss 'How Miller/Howard Invests in 5G today.'

Hello, I'm Bryan Spratt. We see 5G as a major macro tailwind and growth driver for the communications and enablers segments of the portfolio. 5G will bring greater speeds, less latency, spectrum and network efficiency, and significantly more connection density in the next couple of years. We look to invest in the network infrastructure and service providers. We also seek to invest in the "densification players" providing fiber, towers, small cells, advanced antennas, routers, and key equipment and device chipset providers.

There has always been a chicken-and-egg aspect to the communications network. The constant upgrade cycle has never really stopped as technology advances constantly improve. In many ways the smartphone is a primary example of technology convergence talked about way back in the mid1990's—it took tens of billions of capital over many years to build the network to make it all work today. Put another way, the smartphone would not be so smart without the power of the network behind it making it all possible.

In the Miller/Howard Infrastructure Strategy, we believe owning multiple 5G key players at this early stage makes the most sense because of the newness, the ongoing evolution, and the huge potential opportunities. We seek to invest in the best-in-class, network, owner/operators and enablers. MHI's ESG and focus on sustainability are integral to reducing our risk and achieving consistent superior long-term returns for our clients. It's hard to pick "a" winner and probably naive to think one can fully understand how it will all be used and how the industry will look 5 to 10 years from now. But given the huge opportunity, the insatiable demand, and significant capital being deployed, we want to participate in these opportunities for our clients now.

Thank you for listening. Do you have any questions? We can be reached on LinkedIn by searching for Miller/Howard Investments and on Twitter: @MH_Investment. If you enjoyed this podcast episode and would like to hear more, please follow us on YouTube (our channel is mhinvest), iTunes (search for Miller/Howard Podcasts). In the upcoming episodes, we will discuss 'The Progression to 5G' and 'Hype versus Opportunity and Timing.' We hope you can join us.

To learn more about investing in infrastructure, please call our home office at 845-679-9166 to speak to one of our sales professionals.

As of March 5, 2018, Miller/Howard holds NOK, QCOM, VZ, and T in our portfolios. We do not hold S, and TMUS in any of our portfolios.

DISCLOSURE

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