Miller-Howard Income-Equity Q1 2025 Commentary

2025-04-28 11:15:00 ET

Summary

• Market uncertainty over tariff policy led investors to favor value and low-volatility stocks, with the S&P 500 Low Volatility Index outperforming the S&P 500 by over 11.5%.
• Miller/Howard’s Income-Equity portfolios, focused on high and rising income, outperformed both the Russell 1000 Value and the S&P 500 Indices in Q1 2025.
• Over 40% of portfolio holdings announced dividend increases, and new positions include VICI Properties, Citigroup, State Street, Verizon, and H&R Block.
• High-yield equities have historically outperformed the S&P 500 in down markets, reinforcing the strategy of holding income stocks for downside protection and long-term rewards.

Income-Equity Quarterly Report 1Q 2025

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