Miller Howard Investments Portfolio holdings
Miller/Howard Investments is an employee-owned investment manager that picks dividend-paying stocks. It also screens companies on environmental, social and governance practices. It began in 1984 as a research firm covering large-cap stocks, and a 1989 study of long-term utility returns led to its first portfolio in 1991. Its portfolios favor companies with high and rising dividends, including utilities and infrastructure firms, plus diversified mixes across all sectors. Its employees own the firm outright through a stock ownership plan, and it manages money for institutions, mutual funds and individuals.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Home Depot
HD
|
+$34.8M |
| 2 |
Novartis
NVS
|
+$34.8M |
| 3 |
SunocoCorp LLC
SUNC
|
+$28M |
| 4 |
Brixmor Property Group
BRX
|
+$24.3M |
| 5 |
Regency Centers
REG
|
+$23.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Host Hotels & Resorts
HST
|
+$31.4M |
| 2 |
AbbVie
ABBV
|
+$25.9M |
| 3 |
State Street
STT
|
+$23.8M |
| 4 |
Johnson & Johnson
JNJ
|
+$22.8M |
| 5 |
STAG Industrial
STAG
|
+$21.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 40.19% |
| 2 | Financials | 14.98% |
| 3 | Healthcare | 10.42% |
| 4 | Utilities | 9.33% |
| 5 | Real Estate | 5.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
MPLX
MPLX
$57.3B
| $131M | 3.51% |
2,317,575
-8,234
| -0.4% | -$481K |
2014 Q4
47 quarters
|
|
2
Enterprise Products Partners
EPD
$80.7B
| $119M | 3.2% |
3,344,118
+132,227
| +4% | +$5.05M |
2013 Q2
53 quarters
|
|
3
Energy Transfer Partners
ET
$66.9B
| $112M | 3.02% |
5,679,174
+364,190
| +7% | +$7.51M |
2016 Q4
39 quarters
|
|
4
TC Energy
TRP
$67.2B
| $85.5M | 2.3% |
1,479,257
+208,983
| +16% | +$13.4M |
2019 Q1
30 quarters
|
|
|
5
Johnson & Johnson
JNJ
$683B
| $84M | 2.26% |
317,257
-86,267
| -21% | -$22.8M |
2021 Q4
19 quarters
|
|
|
6
AbbVie
ABBV
$520B
| $77.3M | 2.08% |
295,568
-101,089
| -25% | -$25.9M |
2019 Q2
29 quarters
|
|
7
Western Midstream Partners
WES
$17.3B
| $75.9M | 2.04% |
1,710,098
+61,156
| +4% | +$2.88M |
2020 Q2
25 quarters
|
|
8
East-West Bancorp
EWBC
$18B
| $75.2M | 2.02% |
606,850
-5,620
| -0.9% | -$732K |
2024 Q1
10 quarters
|
|
9
Medtronic
MDT
$129B
| $73.2M | 1.97% |
848,325
-3,169
| -0.4% | -$279K |
2023 Q4
11 quarters
|
|
10
Sunoco
SUN
$12.2B
| $71.2M | 1.92% |
977,324
+3,215
| +0.3% | +$239K |
2023 Q2
13 quarters
|
|
11
Plains All American Pipeline
PAA
$17.2B
| $71M | 1.91% |
2,995,025
+2,601
| +0.1% | +$63.4K |
2013 Q2
53 quarters
|
|
12
Targa Resources
TRGP
$63.6B
| $68.2M | 1.84% |
252,460
+10,543
| +4% | +$2.95M |
2020 Q4
23 quarters
|
|
13
Lamar Advertising Co
LAMR
$16.2B
| $67.1M | 1.8% |
465,454
-4,009
| -0.9% | -$617K |
2022 Q1
18 quarters
|
|
|
14
State Street
STT
$47.3B
| $65.4M | 1.76% |
374,541
-128,755
| -26% | -$23.8M |
2025 Q1
6 quarters
|
|
15
Williams Companies
WMB
$86.8B
| $64.3M | 1.73% |
946,256
+40,322
| +4% | +$2.93M |
2013 Q2
53 quarters
|
|
16
Canadian Natural Resources
CNQ
$100B
| $64.1M | 1.72% |
1,360,923
-72,879
| -5% | -$3.43M |
2020 Q3
24 quarters
|
|
17
Exelon
EXC
$47.2B
| $63.6M | 1.71% |
1,574,164
-46,266
| -3% | -$2.07M |
2020 Q1
26 quarters
|
|
18
Entergy
ETR
$53.5B
| $62M | 1.67% |
624,746
-2,992
| -0.5% | -$323K |
2020 Q2
25 quarters
|
|
19
Verizon
VZ
$193B
| $61.3M | 1.65% |
1,335,816
-3,024
| -0.2% | -$142K |
2025 Q1
6 quarters
|
|
20
Citigroup
C
$205B
| $60.7M | 1.63% |
468,713
-2,561
| -0.5% | -$345K |
2025 Q1
6 quarters
|
|
21
Cisco
CSCO
$402B
| $60.6M | 1.63% |
563,082
-5,176
| -0.9% | -$583K |
2022 Q4
15 quarters
|
|
22
ConocoPhillips
COP
$166B
| $59.6M | 1.6% |
475,944
-131,822
| -22% | -$16.3M |
2021 Q1
22 quarters
|
|
23
Hess Midstream
HESM
$3.92B
| $59.3M | 1.59% |
1,586,630
+28,499
| +2% | +$1.13M |
2021 Q4
19 quarters
|
|
24
Gilead Sciences
GILD
$208B
| $58.1M | 1.56% |
389,619
-2,503
| -0.6% | -$351K |
2019 Q2
29 quarters
|
|
25
M&T Bank
MTB
$31.5B
| $57.3M | 1.54% |
263,177
-2,592
| -1% | -$624K |
2025 Q4
3 quarters
|
|
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Miller Howard Investments's Q3 2026 Portfolio in Review
As of Q3 2026, Miller Howard Investments held 169 positions worth $3.72B, down 1.3% from $3.77B the previous quarter. Its ten largest holdings account for 24% of the portfolio.
Miller Howard Investments's Q3 2026 filing shows 18 new, 75 increased, 59 reduced and 10 closed positions. Its largest new stake was Home Depot: 106,152 shares worth $30.2M. The largest sale was Host Hotels & Resorts, an estimated $31.4M.
By sector, the portfolio is most concentrated in Energy at 40% of assets, up from 38% a quarter earlier, followed by Financials and Healthcare.
- Miller Howard Investments's largest Q3 2026 buy was Home Depot: 106,152 shares worth $30.2M.
- Miller Howard Investments added most to SunocoCorp LLC in Q3 2026, an estimated $28M increase.
- Miller Howard Investments's biggest Q3 2026 reduction was Host Hotels & Resorts, cutting an estimated $31.4M.
- Miller Howard Investments fully exited Liberty Energy in Q3 2026, selling an estimated $1.89M.
- Miller Howard Investments's ten largest holdings make up 24% of its $3.72B portfolio in Q3 2026.
- Miller Howard Investments opened 18 new positions and closed 10 in Q3 2026.
- Miller Howard Investments's portfolio value fell 1.3% quarter-over-quarter to $3.72B.
Based on Miller Howard Investments's 13F filing for Q3 2026, filed 26 Oct 2026.