Infrastructure has become a multi-trillion-dollar asset class poised for considerable growth in the years ahead. We define infrastructure as the essential services and foundational assets in society that make up the backbone of the economy. We look for fundamental "platform" assets — companies whose services enable commerce — with long lives, potential long-term cash flow, and the ability to pay and consistently raise dividends.
Our infrastructure investments:
- Offer essential services. Companies that serve people's basic needs — and society can't function without — such as water, electricity, gas, telecommunications, data, and sanitation.
- Make e-commerce possible. An evolution in how consumers buy goods and services is driving growth and investment opportunities in transportation and logistics companies.
- Enable and support. The universe of assets that build, supply parts for, and improve essential services companies is growing due to Big Data and the automation of everything.
Michael Roomberg, CFA
Portfolio Manager
Portfolio Manager
“Miller/Howard launched our first infrastructure strategy following our landmark 1989 study showing the long-term appeal of utilities as an asset class. We were also early investors in pipelines that support America’s energy industry, and telecom infrastructure, without which the modern digital economy couldn’t exist.”
John R. Cusick, CFA
Portfolio Manager
Portfolio Manager
“We seek to construct a portfolio of high-quality companies, by undertaking bottom-up research, that helps us understand not only the drivers of the business but also risks that could jeopardize the distribution.”
Adam Fackler, CFA
Portfolio Manager
Portfolio Manager
“Infrastructure companies offer a number of unique benefits to investors. They tend to be defensive in nature, and have generally stable, predictable cash flows, often linked to inflation. They feature durable business models, high barriers to entry, and long-lived, recurring revenue.”
