WTRG - Miller/Howard Investments Q4 2020 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 stampede into mega-cap growth stocks created a headwind for both value stocks and small- and mid-cap stocks. Income stocks were collateral damage, as the expensive mega-cap growth stocks do not pay good dividends, if they pay at all.
• Our goal with our Income-Equity Strategies is to provide investors with high and growing dividend income. Currently, our Income-Equity Strategy yields 3.6% and, for the no-MLPs version, 3.5%.
• Energy stocks responded to the medical development with the sector’s second best quarter in twenty years, nearly matching WTI crude oil prices’ 30% rise post the vaccine news.

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