Miller/Howard Investments Inc. is an independent, research-driven investment boutique with nearly three decades of experience managing portfolios for major institutions, mutual funds, and individuals. Our dividend- and distribution-oriented portfolios invest in infrastructure, essential services, and MLPs (Master Limited Partnerships), as well as diversified strategies that invest across all sectors. The firm is 100% employee-owned through an Employee Stock Ownership Plan (ESOP).
Miller/Howard was founded in 1984 as an institutional research firm providing quantitative and technical research on large-capitalization stocks. 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. This led to the firm’s investment philosophy: high quality stocks + high dividend yield + dividend growth = income and opportunity.
Miller/Howard’s first investment strategy launched in 1991 as a direct result of the original utilities study, based on the thesis that a basket of essential service companies could provide market-like returns at lower volatility and bond-like income. With a deeper understanding of utilities’ financially strong business models, the firm has since launched a variety of other dividend- and distribution-oriented investment strategies. Also with the launch of our first strategy, we began conducting various levels of ESG (Environmental, Social, and Governance) analysis and integration in our strategies.
The firm invests in high quality stocks with strong balance sheets, governance, and fundamentals, as well as the ability to pay and willingness to increase dividends. We continue to integrate ESG analysis with financial analysis in our pursuit of companies that have strong commitments to high operational standards, the environment, social responsibility, and good corporate governance. We call this approach “Sustainable Income Opportunities™”—investment solutions to match our clients’ goals and values.