Miller/Howard Investments Blog
The US Produced More Energy Than Ever

While there have been several headlines recently about the impact of lower crude prices on oil production, we believe there are many tailwinds for increasing natural gas production.…

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Will Megacaps Outperform Forever?

Both buybacks and dividends can help boost total equity returns. As investors ponder the uncertain environment, a key question is: What is more likely to grow going forward, dividends or buybacks?…

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Five Reasons to Love High-Yield Dividend Stocks

Investors look to high-yield dividend stocks for both higher income and total returns.…

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Where Have All the Dividends Gone?

As dividend investors, we can still find high-yielding equities, but why are stocks with good dividend yields so scarce? And more importantly, should we expect dividend payments to make a comeback?…

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Tariffs—The Market Dislikes Uncertainty

Commentators frequently exaggerate the impact of public policy on investment outcomes. Explaining fluctuations in historical equity returns with political stories is virtually impossible, even for the most ardent partisans. In many ways, this held true in the first quarter, with the market shrugging off many announcements by the new administration, but with one glaring exception—tariffs. In its collective wisdom, the market made it very clear that it does not like tariffs, and especially uncertainty over tariff policy.…

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Dividends, Valuations, and Mathematics

Why do high-yield stocks have lower valuations—and why does it matter? We walk through the math of how High Dividend Yield multiplied by High Dividend Coverage equals Low P/E, and we also compare historic market valuations with the future total returns.…

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Dividends—The Best Way to Fund Your Retirement?

Dividend spending is considered safe yet allows retirees a larger budget, on average. But we all get just one retirement so good results "on average" is not enough. That's why it's important to examine how the dividend strategy works in all retirement periods, including those with challenging markets.…

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Active Dividend Management Is Forward-Looking

We believe a separately managed portfolio can better match an investor's risk tolerance.…

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Natural Gas Tailwinds: Data Centers, US Manufacturing, Electrification, and LNG Exports

A confluence of factors has drawn the market’s attention to natural gas demand. An inflection in electricity demand and a wave of LNG exports are set to further accelerate already solid natural gas demand trends. We believe US infrastructure is poised to answer the call. …

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Will Inflation Ruin Your Retirement?

Depending solely on investments to meet spending needs can be a daunting challenge when both spending and investment returns are hard to forecast. The spike in inflation in the last few years has heightened client concerns over whether their savings will be enough to support their retirement plans.…

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DISCLOSURE

INVESTMENT PRODUCTS: ARE NOT FDIC INSURED - MAY LOSE VALUE - ARE NOT BANK GUARANTEED

Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. Nothing stated herein, including the mention of specific company names, should be construed as a recommendation to buy, hold, or sell any security, sector, or MLPs in general. To receive a list of all recommendations for the previous year, please email compliance@mhinvest.com. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

Common stocks do not assure dividend payments. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. Dividend yield is one component of performance and should not be the only consideration for investment.

The information above is from sources deemed to be reliable and is provided strictly for the convenience of our investors and their advisors. These materials are solely informational. Legal, accounting and tax restrictions, transaction costs, and changes to any assumptions may significantly affect the economics of any transaction.

The information and analyses contained herein are not intended as tax, legal, or investment advice and may not be appropriate for your specific circumstances; accordingly, you should consult your own tax, legal, investment, or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such appropriateness. Any investment returns — past, hypothetical, or otherwise — are not indicative of future performance.

Investment Decisions: Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment discipline, or investment manager based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager, as well as matters such as your investment objectives, risk tolerance, and investment time horizon.

The returns on a portfolio that utilizes environmental, social, or governance (ESG) criteria for stock selection may be lower or higher than portfolios where ESG factors are not considered, and the investment opportunities available to such portfolios may differ.

Past performance does not guarantee future results.

© 2025 Miller/Howard Investments.

DISCLOSURE

INVESTMENT PRODUCTS: ARE NOT FDIC INSURED - MAY LOSE VALUE - ARE NOT BANK GUARANTEED

Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. Nothing stated herein, including the mention of specific company names, should be construed as a recommendation to buy, hold, or sell any security, sector, or MLPs in general. To receive a list of all recommendations for the previous year, please email compliance@mhinvest.com. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

Common stocks do not assure dividend payments. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. Dividend yield is one component of performance and should not be the only consideration for investment.

The information above is from sources deemed to be reliable and is provided strictly for the convenience of our investors and their advisors. These materials are solely informational. Legal, accounting and tax restrictions, transaction costs, and changes to any assumptions may significantly affect the economics of any transaction.

The information and analyses contained herein are not intended as tax, legal, or investment advice and may not be appropriate for your specific circumstances; accordingly, you should consult your own tax, legal, investment, or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such appropriateness. Any investment returns — past, hypothetical, or otherwise — are not indicative of future performance.

Investment Decisions: Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment discipline, or investment manager based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager, as well as matters such as your investment objectives, risk tolerance, and investment time horizon.

The returns on a portfolio that utilizes environmental, social, or governance (ESG) criteria for stock selection may be lower or higher than portfolios where ESG factors are not considered, and the investment opportunities available to such portfolios may differ.

Past performance does not guarantee future results.

© 2025 Miller/Howard Investments.

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