OZK - Miller/Howard Investments Q3 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.
• We now hold Texas Instruments, NetApp, Broadcom, and Cisco, all of which have strong growth prospects, yet attractive valuations in our view.
• We sold Magna following their planned announcement of the acquisition of Veoneer. We viewed the proposed deal as a poor use of capital and likely to slow Magna’s share repurchases and dividend increases going forward.
• We bought OneMain Holdings, a non-bank provider of personal loans. We took a position in Walgreens based on its low valuation, high dividend yield, and stable business model. We initiated a position in LyondellBasell.

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