MILLER HOWARD INVESTMENTS INC /NY

CIK 0000903947 · Q1 2026

13F Equity AUM

$3.7B

+10.4% QoQ

Positions

138

-2 QoQ

AUM Rank

#1,218

Top 10%

Skill Alpha (FF)

-2.4%/yr^ns

No Clear Edge

Rank #5,659 · Top 69%

vs S&P -9.7%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 14.7%Top 10: 25.8%Top 20: 43.5%

MPLX3.5%

EPD3.3%

ET2.8%

JNJ2.7%

GSK2.5%

ABBV2.4%

PEO2.3%

TRP2.2%

COP2.2%

STT2.1%

Others (128)74.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy39.0%

Financial Services15.4%

Utilities11.6%

Healthcare10.7%

Real Estate5.3%

Communication Services4.2%

Industrials3.8%

Basic Materials2.5%

Other7.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 138Median: 0.29%Avg: 0.72%

0–0.5%

78(10.3%)

0.5–1%

13(10.4%)

1–3%

45(72.5%)

3–5%

2(6.8%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 135Unique: 3vs 20 funds

1.8%Low

138

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

2.6%

BANK OF AMERICA CORP /DE/

2.9%

JPMORGAN CHASE & CO

2.8%

BlackRock, Inc.

3.3%

FMR LLC

4.4%

GEODE CAPITAL MANAGEMENT, LLC

3.5%

VANGUARD CAPITAL MANAGEMENT LLC

3.5%

STATE STREET CORP

3.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.9%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New12Increased85Decreased40Exited14

New Positions

SNA1.4%

+141K

FDX0.2%

+18K

SUNC0.1%

+89K

APA0.1%

+118K

FER0.1%

+70K

BE0.0%

+2K

SHLS0.0%

+11K

TE0.0%

+16K

BLDP0.0%

+29K

PLUN0.0%

+27K

Increased

GAP1.1%

+901K(+112%)

HRL0.9%

+714K(+101%)

CMCSA1.0%

+369K(+41%)

BAC1.5%

+297K(+37%)

PAGPEUR0.9%

+291K(+26%)

PEO2.3%

+242K(+17%)

CME1.6%

+192K(+5269%)

TRP2.2%

+159K(+14%)

LAMR1.6%

+153K(+48%)

ELS1.4%

+151K(+23%)

Decreased

AM0.7%

-839,531(-42%)

CSCO1.2%

-660,205(-53%)

ORI1.8%

-337,275(-17%)

DVY0.8%

-321,507(-64%)

SOBO0.5%

-270,559(-34%)

GILD1.5%

-261,540(-40%)

TRVC1.5%

-117,219(-20%)

XLU0.0%

-113,132(-86%)

JNJ2.7%

-107,998(-21%)

WMB1.7%

-80,433(-8%)

Exited

-1,577,879

-370,841

-217,385

-5,508

-27,538

-40,814

-44,910

-62,377

-6,779

-2,086

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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