5G Infrastructure Series
Implementation in the Market
Bryan Spratt
Portfolio Manager
Bryan J. Spratt, CFA, graduated summa cum laude from Spring Arbor College with a BA degree in Economics/Computer Science.
He previously worked as an analyst and portfolio manager in various investment subsidiaries at Comerica Bank, from 1990 to 2001, including Munder Capital, from 1994 to 2001. At Munder he was a member of the Energy and Power Team that developed and managed the Munder Power Plus Fund, among other portfolio management responsibilities. From 2001 through 2004, Bryan was responsible for the utilities and telecom sectors for the Value Team at Banc One Investment Advisors and the One Group Funds, which ranked among the largest asset managers in the US prior to its acquisition by JP Morgan Chase.
About Miller/Howard Infrastructure
Miller/Howard Infrastructure provides both rising income and growth, and seeks to participate in the stability and dynamic growth of essential services and infrastructure worldwide. The stability arises from the fact that utilities and infrastructure are in constant demand and continuously generating revenues. The growth is due to expanding populations and demographic shifts that drive more usage. In the developing world, growth arises as economies push toward a developed-world standard of living.
5G Infrastructure Series
Implementation in the Market

Commentary

5G will be a giant leap forward. Target markets will begin to see roll-outs to customers later this year.

Verizon announced plans to offer commercial 5G in 3 to 5 cities by the 2H2018 and the first target on their radar along with new services is the lucrative revenues from cable broadband customers. The bundle (wireless, broadband, and video) just got a lot more flexible with 5G approaching. Superfast and efficient mobile broadband is another example of cord cutting—yet depends heavily on the fixed network that requires a significant amount of fiber, small cells, advanced radios and antenna technology, and towers working together to make it all work. AT&T, Sprint and T-Mobile have also announced 5G network plans and timetables, along with most of the major global operators around the world.

Bottom line: the network has been evolving and upgrading for a long time, but 5G will be a giant leap forward. Target markets will begin to see roll-outs in 5G to customers later this year and expect it to be more widely available by 2020. 5G smartphones should start to be available in 2019 and estimates suggest $50 to $100 billion will be spent in the coming years.

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

© 2018 Miller/Howard Investments.

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. 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.

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 suitable 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 suitability. Any investment returns, past, hypothetical or otherwise, are not indicative of future performance. 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.

Past performance does not guarantee future results.

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. 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.

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 suitable 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 suitability. Any investment returns, past, hypothetical or otherwise, are not indicative of future performance. 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.

Past performance does not guarantee future results.

© 2018 Miller/Howard Investments.