Miller-Howard Infrastructure Q4 2024 Commentary

Miller-Howard Investments
44 Followers
(7min)

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.

A double exposure image of skyscrapers with overlay of financial graphs, set against a blurred background, illustrating the concept of business growth

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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

This article was written by

Miller-Howard Investments
44 Followers
Miller/Howard is an independent investment boutique managing dividend-focused investment strategies. ESG principles have been at the core of Miller/Howard's investment process since the inception of their first strategy in 1991. Disclosures: http://www.mhinvest.com/mhi_risk_disclosure.html Note: This account is not managed or monitored by Miller/Howard, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Miller/Howard's official channels.

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