Miller-Howard Infrastructure Q4 2024 Commentary

2025-02-26 07:35:00 ET

Summary

• Infrastructure portfolio remained flat in Q4 but achieved its strongest calendar year in three years, outperforming its benchmark.
• Rising interest rates impacted REITs and utilities, while natural gas pipelines benefited from data center and AI trends.
• Over 80% of portfolio holdings increased dividends annually over the past 5 years, surpassing the large-cap dividend-paying universe.
• New positions and adjustments in midstream holdings aim to enhance dividend yield and growth, with a focus on political risks and market trends.

Our infrastructure portfolio held its ground in the fourth quarter, finishing roughly flat. Performance was strong through November before stumbling across the finish line as interest rate headwinds resurfaced. Despite a disappointing conclusion, Infrastructure recorded its strongest calendar year in three years, ahead of its benchmark....

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