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MILLER HOWARD INVESTMENTS INC /NY

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

Q4 2025 · Filed 2026-01-27
Market Value
$3.3B
+1.0%
Holdings
143
+4
New Purchases
11
Added To
62
Closed
7
Reduced
60
Top 10 Concentration
28.6%
Turnover
12.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
DVY 2.19% 0.26% +1.93% $71M
OMC 1.42% 0.01% +1.41% $46M
RF 1.32% 0.00% +1.32% $43M
MTB 1.31% 0.00% +1.31% $43M
GPS 0.63% 0.00% +0.63% $21M
EMN 1.09% 0.56% +0.53% $35M
MPLX 3.79% 3.49% +0.30% $124M
JNJ 3.25% 2.98% +0.27% $106M
CSCO 2.91% 2.65% +0.27% $95M
GSK 2.47% 2.22% +0.25% $81M
C 2.10% 1.87% +0.23% $69M
STT 2.37% 2.18% +0.19% $77M
GILD 2.46% 2.28% +0.19% $80M
ORI 2.79% 2.66% +0.13% $91M
GS 1.48% 1.36% +0.12% $48M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
JPM 0.07% 1.57% -1.50% $2M
IPG 0.00% 1.50% -1.50% $0
JEF 0.05% 1.06% -1.00% $2M
VZ 1.00% 1.90% -0.90% $33M
PAYX 1.30% 2.13% -0.83% $43M
VICI 1.36% 2.04% -0.68% $44M
BK 1.37% 2.04% -0.66% $45M
CMCSA 0.83% 1.27% -0.44% $27M
LNG 0.96% 1.35% -0.39% $31M
HRB 0.50% 0.88% -0.38% $16M
KO 0.70% 0.94% -0.24% $23M
ET 2.64% 2.84% -0.20% $86M
PEG 0.07% 0.24% -0.17% $2M
COP 1.63% 1.79% -0.16% $53M
GEL 0.95% 1.06% -0.12% $31M

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 19 $575M 17.6%
Large Cap 100 $2.3B 71.6%
Mid Cap 21 $312M 9.6%
Small Cap 3 $38M 1.2%

Portfolio Analytics

Avg Market Cap
$117.4B
Median Market Cap
$39.6B
Avg P/E
24.9
Median P/E
20.2
Avg Dividend Yield
0.03%
Avg Beta
0.69
# Stocks
133
# ETFs / Funds
10

Top Holdings (143 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MPLX 3.79% 2,315,921 $124M $53.37 $11M +57,247 +2.5%
2 JNJ 3.25% 512,294 $106M $206.95 $10M -6,922 -1.3%
3 EPD 3.06% 3,112,119 $100M $32.06 $3M +31,733 +1.0%
4 CSCO 2.91% 1,234,292 $95M $77.03 $10M -15,782 -1.3%
5 ABBV 2.81% 401,292 $92M $228.49 -$2M -5,439 -1.3%
6 ORI 2.79% 1,996,225 $91M $45.64 $5M -26,849 -1.3%
7 ET 2.64% 5,229,111 $86M $16.49 -$6M -122,034 -2.3%
8 GSK 2.47% 1,642,114 $81M $49.04 $9M -19,496 -1.2%
9 GILD 2.46% 654,778 $80M $122.74 $7M -8,379 -1.3%
10 STT 2.37% 599,630 $77M $129.01 $7M -7,292 -1.2%
11 DVY 2.19% 505,689 $71M $141.14 $63M +445,910 +745.9%
12 MDT 2.13% 723,893 $70M $96.06 -$370K -10,115 -1.4%
13 EWBC 2.13% 618,551 $70M $112.39 $3M -7,775 -1.2%
14 C 2.10% 587,187 $69M $116.69 $8M -7,511 -1.3%
15 EXC 1.93% 1,443,215 $63M $43.59 -$2M -5,794 -0.4%
16 TRP 1.92% 1,135,832 $62M $55.01 $821K +2,564 +0.2%
17 WES 1.81% 1,491,432 $59M $39.50 $743K +10,935 +0.7%
18 BAC 1.77% 1,048,024 $58M $55.00 $3M -14,037 -1.3%
19 ETR 1.75% 618,714 $57M $92.43 $184K +7,018 +1.1%
20 WMB 1.75% 950,538 $57M $60.11 -$1M +30,417 +3.3%
21 COP 1.63% 567,548 $53M $93.61 -$5M -43,695 -7.2%
22 ENB 1.61% 1,099,664 $53M $47.83 -$2M +13,537 +1.2%
23 PAA 1.57% 2,854,516 $51M $17.96 $2M -24,442 -0.8%
24 HESM 1.53% 1,446,315 $50M $34.50 -$2M -60,806 -4.0%
25 KMI 1.49% 1,765,707 $49M $27.49 -$26K +50,231 +2.9%
26 GS 1.48% 54,810 $48M $879.00 $4M -222 -0.4%
27 CNQ 1.44% 1,384,034 $47M $33.85 $1M -48,788 -3.4%
28 OMC 1.42% 575,156 $46M $80.75 $46M +569,445 +9971.0%
29 BK 1.37% 386,133 $45M $116.09 -$21M -217,778 -36.1%
30 VICI 1.36% 1,577,879 $44M $28.12 -$22M -445,226 -22.0%
31 RF 1.32% 1,584,109 $43M $27.10 +1,584,109 NEW
32 MTB 1.31% 212,511 $43M $201.48 +212,511 NEW
33 PAYX 1.30% 379,071 $43M $112.18 -$26M -164,949 -30.3%
34 USB 1.30% 792,964 $42M $53.36 $3M -23,578 -2.9%
35 HST 1.26% 2,314,224 $41M $17.73 -$1M -162,171 -6.5%
36 CMS 1.24% 577,414 $40M $69.93 -$2M +4,173 +0.7%
37 LAMR 1.22% 315,193 $40M $126.58 $788K -4,275 -1.3%
38 ELS 1.21% 648,571 $39M $60.61 -$660K -9,905 -1.5%
39 NTR 1.15% 610,343 $38M $61.72 $1M -8,568 -1.4%
40 PSX 1.15% 290,810 $38M $129.04 -$898K +8,319 +2.9%
41 SUN 1.11% 689,269 $36M $52.41 $1M -5,611 -0.8%
42 EMN 1.09% 555,291 $35M $63.83 $17M +269,275 +94.2%
43 AM 1.08% 1,978,405 $35M $17.79 -$2M +47,817 +2.5%
44 VZ 1.00% 800,496 $33M $40.73 -$29M -595,652 -42.7%
45 LNG 0.96% 160,277 $31M $194.39 -$12M -25,255 -13.6%
46 TRGP 0.95% 167,940 $31M $184.50 $4M +4,390 +2.7%
47 GEL 0.95% 1,977,044 $31M $15.60 -$3M -74,396 -3.6%
48 TXN 0.95% 177,743 $31M $173.49 -$2M -3,597 -2.0%
49 OGE 0.92% 702,739 $30M $42.70 -$3M -5,757 -0.8%
50 CMCSA 0.83% 909,243 $27M $29.89 -$14M -398,054 -30.4%
51 DTM 0.80% 218,539 $26M $119.68 $2M +8,128 +3.9%
52 KO 0.70% 328,551 $23M $69.91 -$8M -130,984 -28.5%
53 STAG 0.67% 594,090 $22M $36.76 $532K -9,671 -1.6%
54 PAGP 0.66% 1,130,121 $22M $19.14 $2M +29,915 +2.7%
55 OKE 0.64% 283,212 $21M $73.50 $2M +30,612 +12.1%
56 GPS 0.63% 803,166 $21M $25.60 +803,166 NEW
57 PBA 0.61% 522,146 $20M $38.06 -$767K +12,016 +2.4%
58 HRL 0.52% 709,640 $17M $23.70 -$3M -91,662 -11.4%
59 HRB 0.50% 370,841 $16M $43.58 -$12M -189,224 -33.8%
60 CEG 0.45% 41,570 $15M $353.27 $2M +2,826 +7.3%
61 SRE 0.43% 159,597 $14M $88.29 $3M +40,473 +34.0%
62 CNP 0.37% 318,415 $12M $38.34 $664K +20,893 +7.0%
63 PPL 0.37% 344,670 $12M $35.02 -$38K +18,840 +5.8%
64 NEE 0.35% 141,569 $11M $80.28 $2M +14,221 +11.2%
65 NI 0.33% 261,635 $11M $41.76 $380K +18,082 +7.4%
66 ATO 0.30% 58,819 $10M $167.63 $531K +4,186 +7.7%
67 AEE 0.28% 92,529 $9M $99.86 $210K +6,017 +7.0%
68 WM 0.28% 42,035 $9M $219.71 $601K +2,933 +7.5%
69 AMT 0.27% 50,094 $9M $175.57 -$1M -3,254 -6.1%
70 TMUS 0.26% 42,299 $9M $203.04 -$1M +1,362 +3.3%
71 XEL 0.25% 110,252 $8M $73.86 $1M +21,846 +24.7%
72 CSX 0.25% 223,507 $8M $36.25 $738K +16,139 +7.8%
73 NGG 0.23% 97,592 $8M $77.35 $937K +6,608 +7.3%
74 MPC 0.22% 44,139 $7M $162.63 -$1M +778 +1.8%
75 ENFR 0.21% 217,385 $7M $31.45 -$229K -664 -0.3%
76 UNP 0.20% 28,193 $7M $231.32 $516K +2,787 +11.0%
77 T 0.20% 259,130 $6M $24.84 -$620K +9,254 +3.7%
78 XLU 0.17% 131,131 $6M $42.69 $4M +109,514 +506.6%
79 CQP 0.17% 103,786 $6M $53.48 -$75K -736 -0.7%
80 AWK 0.17% 41,814 $5M $130.50 -$89K +1,973 +5.0%
81 AR 0.16% 149,397 $5M $34.46 -$100K -6,992 -4.5%
82 WCN 0.14% 26,950 $5M $175.36 -$319K -1,746 -6.1%
83 GPOR 0.13% 20,989 $4M $207.99 $399K -926 -4.2%
84 VST 0.13% 25,729 $4M $161.33 -$563K +1,671 +7.0%
85 SU 0.12% 91,718 $4M $44.36 $53K -4,316 -4.5%
86 VLO 0.12% 24,766 $4M $162.79 $3M +16,504 +199.8%
87 SPY 0.12% 5,508 $4M $681.97 $4M +5,132 +1364.9%
88 EQIX 0.11% 4,722 $4M $766.17 -$105K -31 -0.7%
89 KNTK 0.10% 86,375 $3M $36.05 -$442K +3,180 +3.8%
90 AEP 0.09% 26,384 $3M $115.31 $291K +1,929 +7.9%
91 OXY 0.09% 73,671 $3M $41.12 -$291K +3,401 +4.8%
92 SO 0.09% 34,154 $3M $87.20 -$22K +2,497 +7.9%
93 XOM 0.09% 23,221 $3M $120.34 $56K -1,064 -4.4%
94 CHRD 0.08% 27,353 $3M $92.70 $1M +15,706 +134.8%
95 WTTR 0.08% 240,603 $3M $10.52 -$270K -21,426 -8.2%
96 CCI 0.08% 27,538 $2M $88.87 -$131K +822 +3.1%
97 UPS 0.07% 24,555 $2M $99.19 $716K +3,965 +19.3%
98 D 0.07% 40,497 $2M $58.59 $75K +2,926 +7.8%
99 JPM 0.07% 7,221 $2M $322.22 -$48M -153,726 -95.5%
100 DUK 0.07% 19,801 $2M $117.21 $50K +1,448 +7.9%

New Positions

SymbolValue% Port
RF $43M 1.32%
MTB $43M 1.31%
GPS $21M 0.63%
AMLP $2M 0.06%
XLE $2M 0.06%
IWD $1M 0.04%
TOTB.DE $602K 0.02%
VXUS $511K 0.02%
IGF $497K 0.02%
HDV $254K 0.01%
CPT $204K 0.01%

Sold Out Positions

SymbolValue% Port
CVE —%
SON —%
NOMD —%
EQT —%
TTE —%
SM —%
IPG —%
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