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MILLER/HOWARD INVESTMENTS LATEST QUARTERLY REPORTS
Complete Quarterly Review for 4th Quarter 2011
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Overview Quarterly Review
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Income-Equity Strategy Quarterly Review
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This diversified dividend-growth strategy provides high current income, growth of income, and growth of underlying principal. Many investors use this strategy as a moderate equity approach, others as a fixed-income alternative.
Global Utilities + Infrastructure Quarterly Review
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A strategy focusing on opportunities in the broad, global utilities sector: electric, gas, telecommunications, sanitation, water, and infrastructure. Both service providers and enabling companies are used, creating a portfolio that includes both income and growth stocks.
MLP Strategy Quarterly Review
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A high-yielding portfolio (with tax-deferred income) primarily composed of pipelines and energy facilities that we feel have strong prospects for growth of income distributions. Revenues are derived from durable and stable business assets that generate attractive yields to the unit holders while allowing for long-term organic growth. The focus is on high and rising distributions.
Distribution / Merging Utilities Quarterly Review
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An opportunistic strategy focusing primarily on regulated local monopoly distribution utility companies that are likely to be acquired during an era of utility consolidation and convergence, as well as companies poised to benefit from deregulation. Income yield has been substantially higher than the broad market, and the portfolio has performed well even during periods of little consolidation activity.
Rising Dividend Plus Quarterly Review
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A portfolio of large- and mid-cap companies in which dividend growth is a key variable. For this strategy we focus on companies with proven long-term success and special current opportunities, and incorporate technical analysis into the portfolio process. This is a value/momentum strategy, and includes various anomalies where statistics have shown especially good risk/return relationships in the past.
High-Yield Equity Quarterly Review
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A high-yield equity portfolio invested in companies that we expect will continue to pay, and potentially raise, their dividends. It is diversified by industry, quality, and financial strength. The portfolio focuses on the 9th decile of dividend yield — the highest dividends that we also judge to be safe. It is ideal for investors seeking high current income with growth potential over time, combined with price volatility approximating that of the broad market.
Annual GIPS Disclosure Presentation
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