MILLER HOWARD INVESTMENTS INC /NY

CIK 0000903947 · Q2 2026

13F Equity AUM

$3.8B

+3.0% QoQ

Positions

152

+14 QoQ

AUM Rank

#1,723

Top 14%

Skill Alpha (FF)

-1.0%/yr^ns

No Clear Edge

Rank #4,304 · Top 52%

vs S&P -4.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 14.7%Top 10: 25.2%Top 20: 43.0%

MPLX3.5%

EPD3.1%

JNJ2.7%

ET2.7%

ABBV2.6%

STT2.3%

TRP2.2%

EWBC2.1%

PEO2.0%

LAMR1.9%

Others (142)74.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy37.3%

Financial Services14.9%

Utilities11.2%

Healthcare10.2%

Real Estate6.6%

Industrials4.2%

Technology3.2%

Communication Services3.0%

Other9.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 152Median: 0.25%Avg: 0.66%

0–0.5%

92(10.5%)

0.5–1%

13(9.4%)

1–3%

45(73.5%)

3–5%

2(6.6%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 152vs 20 funds

0%Low

152

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New16Increased78Decreased57Exited2

New Positions

MCD1.4%

+196K

BRX0.6%

+707K

HCA0.1%

+9K

CRC0.0%

+20K

EXXONMOBIL HOLDINGS …0.0%

+8K

ENPH0.0%

+5K

GNRC0.0%

+965

CWEN0.0%

+6K

GEV0.0%

+306

SEDG0.0%

+5K

Increased

HRL1.2%

+337K(+24%)

KO1.3%

+270K(+83%)

BAC1.5%

+241K(+22%)

PAA1.8%

+191K(+7%)

USB1.6%

+177K(+22%)

SUN1.7%

+158K(+19%)

SUNC0.4%

+155K(+174%)

MDT1.8%

+137K(+19%)

ET2.7%

+98K(+2%)

MPLX3.5%

+86K(+4%)

Decreased

CMCSA0.0%

-1,267,616(-99%)

GEL0.5%

-554,220(-28%)

ORI1.2%

-548,016(-33%)

GSK1.6%

-447,283(-27%)

BK0.1%

-354,378(-93%)

WTTR0.1%

-155,204(-59%)

PPL0.6%

-102,480(-18%)

STT2.3%

-92,314(-16%)

GAP0.8%

-79,981(-5%)

PEO2.0%

-64,639(-4%)

Exited

UPS

-26,624

CTRA

-40,917

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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