Separately Managed Accounts - Product Information
Income-Equity is a diversified, dividend-growth equity portfolio that seeks high current dividend income plus growth of income and principal. The portfolio targets compounding income—not style, sector, or asset allocation—as the main driver of portfolio selection. The investment process considers both the financial and environmental, social and governance (ESG) profile of each candidate. Stocks are primarily US-traded, multi-cap companies, including ADRs and Master Limited Partnerships (MLPs).
Focus - Dividends
Inception Date - 1997
ESG Managed  
Materials:
Quarterly Report
Income-Equity (No MLPs) is a version of our Income-Equity portfolio that includes only securities that do not generate K-1 reports.
Focus - Dividends
Inception Date - 2004
ESG Managed  
Materials:
Quarterly Report
The investment philosophy, objective, and strategy behind this portfolio are the same as the Income-Equity (No MLPs), but it further excludes traditional energy and certain utility companies. Renewable energy companies can be included in the portfolio if they fit Miller/Howard’s stability and income requirements.
Focus - Dividends
Inception Date - 2015
ESG Managed  
US Equity Large Cap Value Funds
Materials:
North American Energy (without K-1s) seeks to benefit from long-term growth in the use of North American-sourced oil and natural gas. The portfolio participates in every segment of the energy value chain (including upstream, midstream, downstream, and enablers/beneficiaries). The companies are North American-based (traded on US exchanges), may be any market capitalization, and most pay dividends. The portfolio excludes Master Limited Partnerships (MLPs) that generate K-1s for tax purposes.
Focus - Infrastructure
Inception Date - 2013
Materials:
Quarterly Report
Infrastructure invests in US-listed companies that own and operate critical infrastructure, including sectors such as utilities, communications, energy infrastructure, and industrials. This portfolio seeks to participate in both the stability and dynamic growth of essential services companies, and these industries typically have high barriers to entry. Stock selection is biased toward companies that are financially sound, have high current income and prospects for dividend growth, and have strong environmental, social, and governance (ESG) practices and below-average risk profiles.
Focus - Infrastructure
Inception Date - 1991
ESG Managed  
Materials:
Quarterly Report
MLP & Midstream Energy Income* invests primarily in midstream energy infrastructure companies that generate cash flow from the gathering, processing, transportation, and storage of natural gas, crude oil, and refined petroleum products. The portfolio is composed of Master Limited Partnerships (MLPs) and C-corporations. Our goal is to construct a portfolio of high quality companies that provides attractive current income along with growth of income.
Focus - Infrastructure
Inception Date - 2009
Materials:
Quarterly Report
Utilities Plus focuses on the stability and dynamic growth often available in utility companies, offering a high current yield and prospects for dividend growth. Stock selection is biased toward utilities with visible capex programs for rate base growth, supportive regulatory environment, as well as healthy and growing dividends.
Focus - Infrastructure
Inception Date - 1999
Materials:
Quarterly Report
Small Cap Dividend is a diversified equity portfolio that seeks high-quality small market capitalization companies. Our approach emphasizes dividend-paying companies, attractive valuations, and low leverage. Stocks are US-traded, small-cap companies from across the broad equity market, with a sector-neutral approach relative to the portfolio’s benchmark.
Focus - Dividends
Inception Date - 2020
ESG Managed  
US Equity Large Cap Value Funds
Materials:
Quarterly Report

* As of March 2024, the MLP Strategy was renamed MLP & Midstream Energy Income. The name change better reflects that the portfolio holds midstream energy MLPs and C-corporations, and provides high and growing income.

DISCLOSURE

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 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.

Risk Factors to Consider When Investing in Master Limited Partnerships (MLPs)

  • Cash distributions are not guaranteed and may fluctuate with the MLP's operating or business performance.
  • MLPs have a General Partner. Unit holders will have limited voting rights and do not own an interest in, vote with, or control the General Partner. The General Partner often cannot be removed without its own consent, and the General Partner has conflicts of interest and limited fiduciary responsibilities, which may permit it to favor its own interests to the detriment of unit holders.
  • The MLP may issue additional common units, diluting existing unit holders' interests.
  • Unit holders may be required to pay taxes on income from the MLP even if they do not receive cash distributions.
  • The IRS could reclassify the MLP as a taxable entity, which could reduce the cash available for distribution to unit holders.
  • If at any time the GP owns 85% or more of the issued and outstanding limited partner interests, the GP will have the right to purchase all of the limited partnership interests not held by the GP at a price that may be undesirable.

Tax Considerations of MLPs
The tax treatment for investors in MLPs is different from that of an investment in stock, including: (a) the investor's share of the MLP's income, deductions, and expenses are reported on Schedule K-1, not Form 1099; (b) because of the possibility of unrelated business taxable income, charitable remainder trusts should not invest in this portfolio, and other nontaxable investors (such as ERISA and IRA accounts) should carefully consider whether to invest in this portfolio; (c) investors may have to file income tax returns in states in which the MLP's do business; and (d) MLP tax information is sent directly from the partnership, which generally has until April 15th to provide this information. You should discuss these and any other tax implications with your tax advisor.

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.

© 2024 Miller/Howard Investments.

* As of March 2024, the MLP Strategy was renamed MLP & Midstream Energy Income. The name change better reflects that the portfolio holds midstream energy MLPs and C-corporations, and provides high and growing income.

DISCLOSURE

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 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.

Risk Factors to Consider When Investing in Master Limited Partnerships (MLPs)

  • Cash distributions are not guaranteed and may fluctuate with the MLP's operating or business performance.
  • MLPs have a General Partner. Unit holders will have limited voting rights and do not own an interest in, vote with, or control the General Partner. The General Partner often cannot be removed without its own consent, and the General Partner has conflicts of interest and limited fiduciary responsibilities, which may permit it to favor its own interests to the detriment of unit holders.
  • The MLP may issue additional common units, diluting existing unit holders' interests.
  • Unit holders may be required to pay taxes on income from the MLP even if they do not receive cash distributions.
  • The IRS could reclassify the MLP as a taxable entity, which could reduce the cash available for distribution to unit holders.
  • If at any time the GP owns 85% or more of the issued and outstanding limited partner interests, the GP will have the right to purchase all of the limited partnership interests not held by the GP at a price that may be undesirable.

Tax Considerations of MLPs
The tax treatment for investors in MLPs is different from that of an investment in stock, including: (a) the investor's share of the MLP's income, deductions, and expenses are reported on Schedule K-1, not Form 1099; (b) because of the possibility of unrelated business taxable income, charitable remainder trusts should not invest in this portfolio, and other nontaxable investors (such as ERISA and IRA accounts) should carefully consider whether to invest in this portfolio; (c) investors may have to file income tax returns in states in which the MLP's do business; and (d) MLP tax information is sent directly from the partnership, which generally has until April 15th to provide this information. You should discuss these and any other tax implications with your tax advisor.

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.

© 2024 Miller/Howard Investments.

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