MILLER HOWARD INVESTMENTS INC /NY

CIK

903947

Location

KINGSTON, NY

Portfolio Value

Mid $3,591,726,975

Diversification

Diversified

Filing Date

Global Rank

#661 / 8,232 ▲ 117

Top Industry

Oil & Gas Midstream 31.5%

3Y Alpha vs SPY

-1.1%

Period ended 2 months ago

Filed Apr 20, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+71.5%

SPY

+76.3%

Annualised alpha

-1.1%

Max drawdown

−14.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

132 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

3.6%

−0.3 pts

Top 5

14.9%

−1.2 pts

Top 10

26.3%

−2.9 pts

HHI

164

Diversified−14

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	40.6%	$1,457,447,660	44
Financial Services	16.4%	$588,328,949	14
Utilities	11.0%	$395,771,635	33
Healthcare	10.9%	$392,883,442	6
Real Estate	5.4%	$195,737,856	6
Communication Services	4.3%	$153,689,483	5
Technology	3.3%	$119,800,631	7
Industrials	2.7%	$98,138,931	12
Basic Materials	2.6%	$91,858,683	2
Consumer Defensive	1.6%	$56,832,397	2
Consumer Cyclical	1.1%	$41,237,308	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
GAP	Gap Inc	+900,855	1,704,021	$41,237,308
HRL	Hormel Foods Corp /De/	+714,080	1,423,720	$32,247,258
CMCSA	Comcast Corp	+369,452	1,278,695	$36,711,333
VZ	Verizon Communications Inc	+297,010	1,097,506	$55,094,801
PAGP	Plains Gp Holdings LP	+291,397	1,421,518	$34,514,457
EXC	Exelon Corp	+241,854	1,685,069	$82,602,082
CME	Cme Group Inc.	+191,793	195,433	$57,721,136
TRP	Tc Energy Corp	+158,686	1,294,518	$81,036,826
LAMR	Lamar Advertising Co/New	+152,833	468,026	$59,280,173
ELS	Equity Lifestyle Properties Inc	+151,390	799,961	$49,933,565
SUN	Sunoco LP	+126,964	816,233	$53,030,658
HST	Host Hotels & Resorts, Inc.	+103,736	2,417,960	$46,328,113
WES	Western Midstream Partners, LP	+93,543	1,584,975	$65,253,420
OKE	Oneok Inc /New/	+75,105	358,317	$32,388,273
ENB	Enbridge Inc	+71,014	1,170,678	$63,380,506
TRGP	Targa Resources Corp.	+62,652	230,592	$57,816,332
KNTK	Kinetik Holdings Inc.	+59,942	146,317	$7,083,205
KMI	Kinder Morgan, Inc.	+57,198	1,822,905	$61,122,004
CNQ	Canadian Natural Resources Ltd	+56,091	1,440,125	$70,177,291
PAYX	Paychex Inc	+51,477	430,548	$39,662,081
EPD	Enterprise Products Partners L.P.	+48,087	3,160,206	$119,582,195
HESM	Hess Midstream LP	+45,584	1,491,899	$57,990,114
PBA	Pembina Pipeline Corp	+45,567	567,713	$25,410,833
EMN	Eastman Chemical Co	+45,077	600,368	$45,820,085
COP	Conocophillips	+42,352	609,900	$80,506,800
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
AM	Antero Midstream Corp	−839,531	1,138,874	$25,966,327
CSCO	Cisco Systems, Inc.	−660,205	574,087	$44,543,410
ORI	Old Republic International Corp	−337,275	1,658,950	$66,192,105
SOBO	South Bow Corp	−270,559	527,789	$17,585,929
GILD	Gilead Sciences, Inc.	−261,540	393,238	$54,805,580
C	Citigroup Inc	−117,219	469,968	$53,299,070
JNJ	Johnson & Johnson	−107,998	404,296	$98,826,114
WMB	Williams Companies, Inc.	−80,433	870,105	$63,326,241
MPLX	Mplx LP	−76,227	2,239,694	$127,819,336
NI	Nisource Inc.	−67,795	193,840	$9,044,574
PPL	PPL Corp	−62,038	282,632	$10,796,542
PAA	Plains All American Pipeline LP	−52,915	2,801,601	$62,559,750
LBRT	Liberty Energy Inc.	−22,332	73,902	$2,128,377
JEF	Jefferies Financial Group Inc.	−16,765	11,843	$488,760
CMS	Cms Energy Corp	−14,312	563,102	$43,685,453
GSK	GSK plc	−12,763	1,629,351	$89,923,881
XOM	Exxon Mobil Corp	−12,286	10,935	$1,855,232
ET	Energy Transfer LP	−12,264	5,216,847	$100,685,147
BAC	Bank Of America Corp /De/	−11,158	1,036,866	$50,547,217
MDT	Medtronic plc	−9,090	714,803	$61,937,679
STAG	STAG Industrial, Inc.	−7,105	586,985	$21,166,679
ATO	Atmos Energy Corp	−7,024	51,795	$9,567,572
BNY	Bank of New York Mellon Corp	−6,212	379,921	$45,070,028
EWBC	East West Bancorp Inc	−6,087	612,464	$65,386,656
KO	Coca Cola Co	−5,275	323,276	$24,585,139
No positions match the current search.

New Positions

Positions the filer opened this quarter

12 positions

Ticker	Company	Shares	Value
SNA	Snap-on Inc	141,082	$51,243,804
FDX	Fedex Corp	18,017	$6,417,295
SUNC	SunocoCorp LLC	88,613	$5,462,991
APA	APA Corp	117,701	$4,995,230
FER	Ferrovial N.V.	69,721	$4,535,351
BE	Bloom Energy Corp	2,098	$284,258
ARRY	Array Technologies, Inc.	10,598	$76,623
TE	T1 Energy Inc.	16,483	$72,360
BLDP	Ballard Power Systems Inc.	29,025	$70,240
SHLS	Shoals Technologies Group, Inc.	10,570	$69,550
PLUG	Plug Power Inc	26,637	$60,199
NRGV	Energy Vault Holdings, Inc.	15,409	$50,849
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
VICI	Vici Properties Inc.	1,577,879	$44,369,957
HRB	H&R Block Inc	370,841	$16,161,250
SPY	Spdr S&P 500 ETF Trust	5,508	$3,756,015
CCI	Crown Castle Inc.	27,538	$2,447,302
AES	Aes Corp	62,377	$894,486
RDN	Radian Group Inc	11,612	$417,915
TSM	Taiwan Semiconductor Manufacturing Co Ltd	973	$295,684
CPT	Camden Property Trust	1,854	$204,088
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

132 positions · $3,591,726,975 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 132 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MPLX	Mplx LP Energy	Reduced	2,239,694	-76,227	$127,819,336	+3.4%	3.56%
EPD	Enterprise Products Partners L.P. Energy	Added	3,160,206	+48,087	$119,582,195	+19.9%	3.33%
ET	Energy Transfer LP Energy	Reduced	5,216,847	-12,264	$100,685,147	+16.8%	2.80%
JNJ	Johnson & Johnson Healthcare	Reduced	404,296	-107,998	$98,826,114	−6.8%	2.75%
GSK	GSK plc Healthcare	Reduced	1,629,351	-12,763	$89,923,881	+11.7%	2.50%
ABBV	AbbVie Inc. Healthcare	Reduced	397,998	-3,294	$86,560,585	−5.6%	2.41%
EXC	Exelon Corp Utilities	Added	1,685,069	+241,854	$82,602,082	+31.3%	2.30%
TRP	Tc Energy Corp Energy	Added	1,294,518	+158,686	$81,036,826	+29.7%	2.26%
COP	Conocophillips Energy	Added	609,900	+42,352	$80,506,800	+51.5%	2.24%
STT	State Street Corp Financial Services	Reduced	595,610	-4,020	$75,380,401	−2.6%	2.10%
CNQ	Canadian Natural Resources Ltd Energy	Added	1,440,125	+56,091	$70,177,291	+49.8%	1.95%
ETR	Entergy Corp /De/ Utilities	Added	619,237	+523	$69,577,469	+21.7%	1.94%
ORI	Old Republic International Corp Financial Services	Reduced	1,658,950	-337,275	$66,192,105	−27.3%	1.84%
EWBC	East West Bancorp Inc Financial Services	Reduced	612,464	-6,087	$65,386,656	−5.9%	1.82%
WES	Western Midstream Partners, LP Energy	Added	1,584,975	+93,543	$65,253,420	+10.8%	1.82%
ENB	Enbridge Inc Energy	Added	1,170,678	+71,014	$63,380,506	+20.5%	1.76%
WMB	Williams Companies, Inc. Energy	Reduced	870,105	-80,433	$63,326,241	+10.8%	1.76%
PAA	Plains All American Pipeline LP Energy	Reduced	2,801,601	-52,915	$62,559,750	+22.0%	1.74%
MDT	Medtronic plc Healthcare	Reduced	714,803	-9,090	$61,937,679	−10.9%	1.72%
KMI	Kinder Morgan, Inc. Energy	Added	1,822,905	+57,198	$61,122,004	+25.9%	1.70%
LAMR	Lamar Advertising Co/New Real Estate	Added	468,026	+152,833	$59,280,173	+48.6%	1.65%
HESM	Hess Midstream LP Energy	Added	1,491,899	+45,584	$57,990,114	+16.2%	1.61%
TRGP	Targa Resources Corp. Energy	Added	230,592	+62,652	$57,816,332	+86.6%	1.61%
CME	Cme Group Inc. Financial Services	Added	195,433	+191,793	$57,721,136	+5706.9%	1.61%
VZ	Verizon Communications Inc Communication Services	Added	1,097,506	+297,010	$55,094,801	+69.0%	1.53%
GILD	Gilead Sciences, Inc. Healthcare	Reduced	393,238	-261,540	$54,805,580	−31.8%	1.53%
PSX	Phillips 66 Energy	Added	294,220	+3,410	$53,600,999	+42.8%	1.49%
C	Citigroup Inc Financial Services	Reduced	469,968	-117,219	$53,299,070	−22.2%	1.48%
SUN	Sunoco LP Energy	Added	816,233	+126,964	$53,030,658	+46.8%	1.48%
SNA	Snap-on Inc Industrials	NEW	141,082	NEW	$51,243,804	NEW	1.43%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	1,036,866	-11,158	$50,547,217	−12.3%	1.41%
ELS	Equity Lifestyle Properties Inc Real Estate	Added	799,961	+151,390	$49,933,565	+27.0%	1.39%
LNG	Cheniere Energy, Inc. Energy	Added	164,910	+4,633	$46,794,861	+50.2%	1.30%
HST	Host Hotels & Resorts, Inc. Real Estate	Added	2,417,960	+103,736	$46,328,113	+12.9%	1.29%
NTR	Nutrien Ltd. Basic Materials	Reduced	610,106	-237	$46,038,598	+22.2%	1.28%
EMN	Eastman Chemical Co Basic Materials	Added	600,368	+45,077	$45,820,085	+29.3%	1.28%
GS	Goldman Sachs Group Inc Financial Services	Reduced	53,857	-953	$45,562,483	−5.4%	1.27%
BNY	Bank of New York Mellon Corp Financial Services	Reduced	379,921	-6,212	$45,070,028	+0.5%	1.25%
CSCO	Cisco Systems, Inc. Technology	Reduced	574,087	-660,205	$44,543,410	−53.2%	1.24%
MTB	M&T Bank Corp Financial Services	Added	213,021	+510	$44,035,701	+2.8%	1.23%
OMC	Omnicom Group Inc. Communication Services	Added	581,969	+6,813	$43,828,085	−5.6%	1.22%
CMS	Cms Energy Corp Utilities	Reduced	563,102	-14,312	$43,685,453	+8.2%	1.22%
RF	Regions Financial Corp Financial Services	Added	1,589,537	+5,428	$41,518,706	−3.3%	1.16%
USB	US Bancorp De Financial Services	Added	796,319	+3,355	$41,416,551	−2.1%	1.15%
GAP	Gap Inc Consumer Cyclical	Added	1,704,021	+900,855	$41,237,308	+100.6%	1.15%
PAYX	Paychex Inc Technology	Added	430,548	+51,477	$39,662,081	−6.7%	1.10%
CMCSA	Comcast Corp Communication Services	Added	1,278,695	+369,452	$36,711,333	+44.1%	1.02%
GEL	Genesis Energy LP Energy	Added	1,977,609	+565	$35,260,768	+14.3%	0.98%
PAGP	Plains Gp Holdings LP Energy	Added	1,421,518	+291,397	$34,514,457	+59.6%	0.96%
TXN	Texas Instruments Inc Technology	Reduced	176,346	-1,397	$34,235,812	+11.0%	0.95%