MILLER HOWARD INVESTMENTS INC /NY
Long book
$3.66B
Q1 2026
Positions
138
Top-10 weight
26%
concentration
Last quarter
+4.5%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsMILLER HOWARD INVESTMENTS INC /NY is an institutional manager, running a $3.66B US long book across 138 positions.
The portfolio is moderately concentrated (top 10 ≈ 26% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: MPLX LP, ENTERPRISE PRODUCTS PARTNERS, ENERGY TRANSFER LP, JOHNSON & JOHNSON, GSK PLC-SPON ADR.
Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 3 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.9%
Q2 2024
+9.3%
Q3 2024
+2.4%
Q4 2024
+5.3%
Q1 2025
+0.5%
Q2 2025
+4.4%
Q3 2025
+2.2%
Q4 2025
+10.8%
Q1 2026
+4.5%
Sector allocation
Utilities 34%
Energy 22%
Financials 18%
Healthcare 9%
Communications 3%
Industrials 3%
Services media 3%
Technology 2%
Long book by quarter
What does MILLER HOWARD own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MPLX MPLX LP | Energy | 2.2M | $127.8M | 3.5% | -3.3% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 3.2M | $119.6M | 3.3% | +1.5% |
| ET ENERGY TRANSFER LP | Utilities | 5.2M | $100.7M | 2.8% | -0.2% |
| JNJ JOHNSON & JOHNSON | Healthcare | 404.3K | $98.8M | 2.7% | -21.1% |
| ABBV ABBVIE INC | Healthcare | 398.0K | $86.6M | 2.4% | -0.8% |
| EXC EXELON CORP | Utilities | 1.7M | $82.6M | 2.3% | +16.8% |
| TRP TC ENERGY CORP | Utilities | 1.3M | $81.0M | 2.2% | +14.0% |
| COP CONOCOPHILLIPS | Energy | 609.9K | $80.5M | 2.2% | +7.5% |
| STT STATE STREET CORP | Financials | 595.6K | $75.4M | 2.1% | -0.7% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 1.4M | $70.2M | 1.9% | +4.1% |
| ETR ENTERGY CORP | Utilities | 619.2K | $69.6M | 1.9% | +0.1% |
| ORI OLD REPUBLIC INTL CORP | Financials | 1.7M | $66.2M | 1.8% | -16.9% |
| EWBC EAST WEST BANCORP INC | Financials | 612.5K | $65.4M | 1.8% | -1.0% |
| WES WESTERN MIDSTREAM PARTNERS L | Utilities | 1.6M | $65.3M | 1.8% | +6.3% |
| ENB ENBRIDGE INC | Energy | 1.2M | $63.4M | 1.7% | +6.5% |
| WMB WILLIAMS COS INC | Utilities | 870.1K | $63.3M | 1.7% | -8.5% |
| PAA PLAINS ALL AMER PIPELINE LP | Energy | 2.8M | $62.6M | 1.7% | -1.9% |
| MDT MEDTRONIC PLC | Healthcare | 714.8K | $61.9M | 1.7% | -1.3% |
| KMI KINDER MORGAN INC | Utilities | 1.8M | $61.1M | 1.7% | +3.2% |
| HESM HESS MIDSTREAM LP - CLASS A | Energy | 1.5M | $58.0M | 1.6% | +3.2% |
| TRGP TARGA RESOURCES CORP | Utilities | 230.6K | $57.8M | 1.6% | +37.3% |
| CME CME GROUP INC | Financials | 195.4K | $57.7M | 1.6% | +5269.0% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 1.1M | $55.1M | 1.5% | +37.1% |
| GILD GILEAD SCIENCES INC | Healthcare | 393.2K | $54.8M | 1.5% | -39.9% |
| PSX PHILLIPS 66 | Energy | 294.2K | $53.6M | 1.5% | +1.2% |
| C CITIGROUP INC | Financials | 470.0K | $53.3M | 1.5% | -20.0% |
| SUN SUNOCO LP | Energy | 816.2K | $53.0M | 1.4% | +18.4% |
| SNA SNAP-ON INC | Industrials | 141.1K | $51.2M | 1.4% | New |
| BAC BANK OF AMERICA CORP | Financials | 1.0M | $50.5M | 1.4% | -1.1% |
| LNG CHENIERE ENERGY INC | Utilities | 164.9K | $46.8M | 1.3% | +2.9% |
| NTR NUTRIEN LTD | Other | 610.1K | $46.0M | 1.3% | 0.0% |
| EMN EASTMAN CHEMICAL CO | Materials | 600.4K | $45.8M | 1.3% | +8.1% |
| GS GOLDMAN SACHS GROUP INC | Financials | 53.9K | $45.6M | 1.2% | -1.7% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 379.9K | $45.1M | 1.2% | -1.6% |
| CSCO CISCO SYSTEMS INC | Technology | 574.1K | $44.5M | 1.2% | -53.5% |
| MTB M & T BANK CORP | Financials | 213.0K | $44.0M | 1.2% | +0.2% |
| OMC OMNICOM GROUP | Services media | 582.0K | $43.8M | 1.2% | +1.2% |
| CMS CMS ENERGY CORP | Utilities | 563.1K | $43.7M | 1.2% | -2.5% |
| RF REGIONS FINANCIAL CORP | Financials | 1.6M | $41.5M | 1.1% | +0.3% |
| USB US BANCORP | Financials | 796.3K | $41.4M | 1.1% | +0.4% |
| GAP GAP INC/THE | Consumer discretionary | 1.7M | $41.2M | 1.1% | +112.2% |
| PAYX PAYCHEX INC | Services media | 430.5K | $39.7M | 1.1% | +13.6% |
| CMCSA COMCAST CORP-CLASS A | Communications | 1.3M | $36.7M | 1.0% | +40.6% |
| GEL GENESIS ENERGY L.P. | Energy | 2.0M | $35.3M | 1.0% | 0.0% |
| TXN TEXAS INSTRUMENTS INC | Technology | 176.3K | $34.2M | 0.9% | -0.8% |
| OGE OGE ENERGY CORP | Utilities | 705.1K | $33.8M | 0.9% | +0.3% |
| OKE ONEOK INC | Utilities | 358.3K | $32.4M | 0.9% | +26.5% |
| HRL HORMEL FOODS CORP | Consumer staples | 1.4M | $32.2M | 0.9% | +100.6% |
| DTM DT MIDSTREAM INC | Utilities | 238.6K | $32.1M | 0.9% | +9.2% |
| AM ANTERO MIDSTREAM CORP | Utilities | 1.1M | $26.0M | 0.7% | -42.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 20, 2026 | 138 | $3.66B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 27, 2026 | 140 | $3.31B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 24, 2025 | 135 | $3.28B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 11, 2025 | 136 | $3.15B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 28, 2025 | 139 | $3.14B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 28, 2025 | 136 | $3.04B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 5, 2024 | 195 | $3.24B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 26, 2024 | 192 | $3.01B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 12, 2024 | 192 | $3.05B | canonical | SEC ↗ |
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