WU - Miller/Howard Investments Q1 2021 Quarterly Report

• Miller/Howard Investments is an employee-owned, research-driven firm managing portfolios for a range of investors, from high-net-worth individuals to large institutions.
• The good news for long-term investors is that while changes in P/E multiples are important in the short term, they have not dominated long-term returns.
• We increased our positions in CSX Corp, Schneider National, and CenterPoint Energy.
• We added CMS Energy Corp, a name poised to benefit from above-average earnings growth. We initiated a position in this high-quality utility after a period of relative weakness in which its premium to the group narrowed. Later in the quarter, we added NRG Energy Inc. (NRG),a retail/generation business with a strong free cash flow profile.
• Both portfolios trade at a significant discount to the broad market on price-to-earnings as well. Value investing historically has done best coming out of a recession, so the historically low valuations should set the Income-Equity Strategies up for a strong recovery, in our view.

For further details see: