ET - Miller-Howard MLP & Midstream Energy Income Q1 2025 Commentary

2025-04-28 11:25:00 ET

Summary

• Midstream energy outperformed the market in 1Q 2025, driven by attractive valuations, strong balance sheets, and high free cash flow, offering compelling value.
• Key risks include tariff changes, OPEC+ production increases, and potential impacts from the Russia-Ukraine war on natural gas dynamics.
• Portfolio highlights: 8 of 16 holdings increased dividends, with notable buys in Genesis Energy and Enbridge, and strategic trims and sales to optimize positions.
• High-yield equities historically outperform in down markets, with income strategies providing downside protection and rewarding buy-and-hold investors.

MLP & Midstream Energy Income Quarterly Report 1Q 2025

Midstream energy had a fine quarter — ending in positive territory and easily outpacing the overall market. We believe investors continue to favor midstream for its high current income and growth of income. In addition, midstream fundamentals and valuations remain favorable, in our opinion....

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