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MILLER HOWARD INVESTMENTS INC /NY

45 PINE GROVE AVENUE, SUITE 301, KINGSTON, NY 12401 • 8456799166

Q3 2025 · Filed 2025-10-24
Market Value
$3.2B
+3.9%
Holdings
139
-1
New Purchases
6
Added To
81
Closed
7
Reduced
43
Top 10 Concentration
27.2%
Turnover
9.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COP 1.79% 0.16% +1.63% $58M
ELS 1.24% 0.00% +1.24% $40M
HRL 0.61% 0.00% +0.61% $20M
ABBV 2.92% 2.42% +0.49% $94M
JNJ 2.98% 2.55% +0.43% $96M
C 1.87% 1.62% +0.24% $60M
GEL 1.06% 0.83% +0.24% $34M
GSK 2.22% 2.05% +0.17% $72M
ORI 2.66% 2.50% +0.16% $86M
IPG 1.50% 1.35% +0.15% $48M
JEF 1.06% 0.92% +0.14% $34M
DTM 0.74% 0.60% +0.14% $24M
ETR 1.76% 1.63% +0.14% $57M
STT 2.18% 2.07% +0.11% $70M
GS 1.36% 1.25% +0.11% $44M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TTE 0.03% 1.57% -1.55% $820K
CAG 0.00% 0.61% -0.61% $0
JPM 1.57% 2.14% -0.57% $51M
PAYX 2.13% 2.55% -0.41% $69M
EPD 2.98% 3.35% -0.37% $96M
CMCSA 1.27% 1.63% -0.36% $41M
EMN 0.56% 0.84% -0.29% $18M
BK 2.04% 2.31% -0.27% $66M
MPLX 3.49% 3.71% -0.22% $113M
ET 2.84% 3.04% -0.20% $92M
TXN 1.03% 1.22% -0.19% $33M
PAA 1.52% 1.69% -0.17% $49M
HES 0.00% 0.14% -0.14% $0
CSCO 2.65% 2.79% -0.14% $86M
SUN 1.08% 1.19% -0.12% $35M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Energy 39.9%
Financial Services 17.2%
Utilities 11.1%
Healthcare 10.9%
Real Estate 5.4%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 18 $630M 19.5%
Large Cap 97 $2.2B 69.0%
Mid Cap 21 $329M 10.2%
Small Cap 3 $42M 1.3%

Portfolio Analytics

Avg Market Cap
$115.5B
Median Market Cap
$39.6B
Avg P/E
25.4
Median P/E
20.4
Avg Dividend Yield
0.03%
Avg Beta
0.68
# Stocks
135
# ETFs / Funds
4

Top Holdings (139 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MPLX 3.49% 2,258,674 $113M $49.95 -$3M +18,538 +0.8%
2 EPD 2.98% 3,080,386 $96M $31.27 -$8M -277,873 -8.3%
3 JNJ 2.98% 519,216 $96M $185.42 $17M +1,213 +0.2%
4 ABBV 2.92% 406,731 $94M $231.54 $19M +1,009 +0.2%
5 ET 2.84% 5,351,145 $92M $17.16 -$3M +136,507 +2.6%
6 ORI 2.66% 2,023,074 $86M $42.47 $8M +2,085 +0.1%
7 CSCO 2.65% 1,250,074 $86M $68.42 -$1M +1,008 +0.1%
8 GILD 2.28% 663,157 $74M $111.00 $26K -540 -0.1%
9 GSK 2.22% 1,661,610 $72M $43.16 $8M +1,796 +0.1%
10 STT 2.18% 606,922 $70M $116.01 $6M +2,006 +0.3%
11 MDT 2.16% 734,008 $70M $95.24 $6M +1,037 +0.1%
12 PAYX 2.13% 544,020 $69M $126.76 -$10M -427 -0.1%
13 EWBC 2.06% 626,326 $67M $106.45 $4M +2,282 +0.4%
14 VICI 2.04% 2,023,105 $66M $32.61 $100K +2,454 +0.1%
15 BK 2.04% 603,911 $66M $108.96 -$6M -182,952 -23.2%
16 EXC 2.02% 1,449,009 $65M $45.01 $3M +5,856 +0.4%
17 TRP 1.91% 1,133,268 $62M $54.41 $5M -20,581 -1.8%
18 VZ 1.90% 1,396,148 $61M $43.95 $1M +6,851 +0.5%
19 C 1.87% 594,698 $60M $101.50 $10M +1,734 +0.3%
20 WMB 1.80% 920,121 $58M $63.35 $1M +15,043 +1.7%
21 WES 1.80% 1,480,497 $58M $39.29 $1M +11,218 +0.8%
22 COP 1.79% 611,243 $58M $94.59 $53M +555,000 +986.8%
23 ETR 1.76% 611,696 $57M $93.19 $6M +3,452 +0.6%
24 ENB 1.70% 1,086,127 $55M $50.46 -$750K -139,738 -11.4%
25 BAC 1.70% 1,062,061 $55M $51.59 $5M +2,142 +0.2%
26 HESM 1.61% 1,507,121 $52M $34.55 $3M +234,627 +18.4%
27 JPM 1.57% 160,947 $51M $315.43 -$16M -68,955 -30.0%
28 PAA 1.52% 2,878,958 $49M $17.06 -$3M +14,575 +0.5%
29 KMI 1.50% 1,715,476 $49M $28.31 -$1M +12,794 +0.8%
30 IPG 1.50% 1,731,113 $48M $27.91 $6M +16,821 +1.0%
31 CNQ 1.42% 1,432,822 $46M $31.96 $221K -18,518 -1.3%
32 GS 1.36% 55,032 $44M $796.35 $5M +218 +0.4%
33 LNG 1.35% 185,532 $44M $234.98 -$878K +2,900 +1.6%
34 HST 1.30% 2,476,395 $42M $17.02 $4M +11,973 +0.5%
35 CMS 1.30% 573,241 $42M $73.26 $2M +1,901 +0.3%
36 CMCSA 1.27% 1,307,297 $41M $31.42 -$10M -112,538 -7.9%
37 ELS 1.24% 658,476 $40M $60.70 +658,476 NEW
38 USB 1.22% 816,542 $39M $48.33 $3M +4,377 +0.5%
39 LAMR 1.21% 319,468 $39M $122.42 $353K +118 +0.0%
40 PSX 1.19% 282,491 $38M $136.02 $5M -1,027 -0.4%
41 AM 1.16% 1,930,588 $38M $19.44 $1M +5,090 +0.3%
42 NTR 1.12% 618,911 $36M $58.71 $193K -1,677 -0.3%
43 SUN 1.08% 694,880 $35M $50.01 -$2M +3,784 +0.6%
44 GEL 1.06% 2,051,440 $34M $16.71 $9M +562,850 +37.8%
45 JEF 1.06% 522,294 $34M $65.42 $6M +1,254 +0.2%
46 TXN 1.03% 181,340 $33M $183.73 -$5M -851 -0.5%
47 OGE 1.01% 708,496 $33M $46.27 $1M +877 +0.1%
48 KO 0.94% 459,535 $30M $66.32 -$2M -258 -0.1%
49 HRB 0.88% 560,065 $28M $50.57 -$2M -1,153 -0.2%
50 TRGP 0.85% 163,550 $27M $167.54 -$548K +2,998 +1.9%
51 DTM 0.74% 210,411 $24M $113.06 $5M +41,929 +24.9%
52 STAG 0.66% 603,761 $21M $35.29 -$561K +1,018 +0.2%
53 PBA 0.64% 510,130 $21M $40.46 $2M +1,239 +0.2%
54 PAGP 0.62% 1,100,206 $20M $18.24 -$3M -73,875 -6.3%
55 HRL 0.61% 801,302 $20M $24.74 +801,302 NEW
56 OKE 0.57% 252,600 $18M $72.97 -$2M +1,472 +0.6%
57 EMN 0.56% 286,016 $18M $63.05 -$8M -65,075 -18.5%
58 CEG 0.39% 38,744 $13M $329.07 $428K +570 +1.5%
59 PPL 0.37% 325,830 $12M $37.16 $1M +6,453 +2.0%
60 CNP 0.36% 297,522 $12M $38.80 $479K -3,632 -1.2%
61 SRE 0.33% 119,124 $11M $89.98 $2M +2,759 +2.4%
62 NI 0.33% 243,553 $11M $43.30 $226K -12,267 -4.8%
63 AMT 0.32% 53,348 $10M $192.32 -$2M -539 -1.0%
64 TMUS 0.30% 40,937 $10M $239.38 $212K +696 +1.7%
65 NEE 0.30% 127,348 $10M $75.49 $961K +2,714 +2.2%
66 ATO 0.29% 54,633 $9M $170.75 $1M +1,128 +2.1%
67 AEE 0.28% 86,512 $9M $104.38 $886K +1,707 +2.0%
68 WM 0.27% 39,102 $9M $220.83 -$275K +165 +0.4%
69 DVY 0.26% 59,779 $8M $142.10 $593K +287 +0.5%
70 MPC 0.26% 43,361 $8M $192.74 $936K -1,315 -2.9%
71 PEG 0.24% 92,558 $8M $83.46 $109K +2,081 +2.3%
72 CSX 0.23% 207,368 $7M $35.51 $686K +2,728 +1.3%
73 XEL 0.22% 88,406 $7M $80.65 $1M +2,864 +3.4%
74 ENFR 0.22% 218,049 $7M $32.41 -$617K -20,278 -8.5%
75 T 0.22% 249,876 $7M $28.24 -$89K +2,956 +1.2%
76 NGG 0.20% 90,984 $7M $72.67 -$80K +1,059 +1.2%
77 UNP 0.19% 25,406 $6M $236.37 $74K -375 -1.4%
78 CQP 0.17% 104,522 $6M $53.82 -$228K +84 +0.1%
79 AWK 0.17% 39,841 $6M $139.19 $122K +852 +2.2%
80 AR 0.16% 156,389 $5M $33.56 $208K +31,256 +25.0%
81 WCN 0.16% 28,696 $5M $175.80 -$290K +127 +0.4%
82 VST 0.15% 24,058 $5M $195.92 $247K +1,014 +4.4%
83 SU 0.12% 96,034 $4M $41.81 $16K -10,753 -10.1%
84 GPOR 0.12% 21,915 $4M $180.98 -$938K -2,465 -10.1%
85 EQIX 0.12% 4,753 $4M $783.22 -$86K -35 -0.7%
86 KNTK 0.11% 83,195 $4M $42.74 -$29K +1,827 +2.2%
87 CVX 0.10% 21,422 $3M $155.29 +21,422 NEW
88 OXY 0.10% 70,270 $3M $47.25 $39K -7,834 -10.0%
89 EQT 0.10% 59,860 $3M $54.43 -$625K -6,717 -10.1%
90 SO 0.09% 31,657 $3M $94.77 $214K +1,322 +4.4%
91 WTTR 0.09% 262,029 $3M $10.69 $1M +55,696 +27.0%
92 AEP 0.09% 24,455 $3M $112.50 $319K +1,016 +4.3%
93 XOM 0.08% 24,285 $3M $112.75 -$708K -7,686 -24.0%
94 RRC 0.08% 72,477 $3M $37.64 -$550K -8,126 -10.1%
95 CCI 0.08% 26,716 $3M $96.49 +26,716 NEW
96 D 0.07% 37,571 $2M $61.17 $262K +1,553 +4.3%
97 DUK 0.07% 18,353 $2M $123.75 $196K +767 +4.4%
98 DTE 0.06% 14,222 $2M $141.43 $209K +618 +4.5%
99 BKR 0.06% 39,411 $2M $48.72 $239K -4,430 -10.1%
100 XLU 0.06% 21,617 $2M $87.21 $1M +11,352 +110.6%

New Positions

SymbolValue% Port
ELS $40M 1.24%
HRL $20M 0.61%
CVX $3M 0.10%
CCI $3M 0.08%
NRG $1M 0.04%
SPY $250K 0.01%

Sold Out Positions

SymbolValue% Port
DINO —%
PFE —%
CPT —%
CAG —%
MAA —%
TGT —%
HES —%
View SEC EDGAR Filings for MILLER HOWARD INVESTMENTS INC /NY →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms