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Miller/Howard Investments, Inc.

10 Dixon Avenue, P.O Box 549
Woodstock, New York 12498
United States
Contact :      Mr. Michael Mandelos
Phone :       845-679-9166
Fax :             845-679-5862
Email :
Web : 

Miller/Howard Investments, Inc. Information

Type of organization : C Corporation
Total Assets Managed ($Mil) : $2,295
Tax-Exempt Managed ($Mil) : $164
Taxable Assets Managed ($Mil) : $2,131
Year Founded : 1984
Wrap Programs Offered? : Yes
# of Accounts Managed : 1157
In-House Research : 70 %
Carries liability insurance? : Yes
Errors & Omission Insurance? : Yes
Socially Responsible? : Yes
Minority Owned? : No
Wrap Program Description  
In $ Thousands
Janney Montgomery Scott   $100
RBC Dain   $100
LPL   $100
Envestnet Asset Management   $100
UBS   $100
Ameriprise Financial   $100
Morgan Stanley   $100
Wells Fargo   $100
Citi Private Bank   $100
Pershing/Lockwood   $100

Miller/Howard Investments, Inc. History

Miller/Howard Investments, Inc. is an employee-owned equity management firm with over 25 years of experience managing real assets and disciplined, dividend-focused portfolios for major institutions and individuals. We offers clients the opportunity for high current dividend income, growth of income, and capital appreciation. Founded in 1984 as an institutional research boutique, we provided quantitative and technical research on large capitalization stocks . We began managing technical/quantitative large-cap portfolios in 1987 based on our proprietary research. In 1989, while investigating income alternatives to traditional fixed-income vehicles, we conducted a landmark study of the long-term returns of utilities as an asset class. Our research revealed the importance of essential-service companies that provide stable cash flows and the compounding effects of dividends over the long-term. Our first dividend-focused strategy was a utility portfolio initiated in 1991, and we quickly saw that dividends and dividend growth would be an area of continued growth and focus for the firm. Our evolution has been significantly influenced by our understanding of utility companies’ financially strong repeating business models. Our Income-Equity Strategy, initiated in 1997, expanded the dividend factor to nearly all sectors of the market and emphasizes companies with a high current yield, rising dividend, and a unique or protected franchise. Today, we provide an array of custom strategies that include two that focus on MLPs, one that encompasses companies along the entire value chain of the new North American energy market, from drill bit to burner tip (the first one of its kind), and several other strategies that appeal to different types of investors. The common investment theme in all of Miller/Howard’s investment vehicles over the years is to find companies that provide essential services with strong balance sheets and reliable management that’s committed to the dividend. We continue to develop strategies that provide investors with various levels of current income and dividend growth. Our objectives are to generate total risk-adjusted returns higher than the broad equity market and to provide a high and rising stream of income with low correlation and lower volatility than equities generally.

Assets by Client Category Professional Categories
Assets   # of Clients Amount ($Mil)  
Individuals/Trusts :
Limited Partnership :
Foundations :
Unions, Taft-Hartley :
Public :
Others :
Total # of Professional : 20 Analysts : 6
Portfolio Managers : 7 Traders : 3
Client Service : 9 Operation : 6

Miller/Howard Investments, Inc. Personnel

Mr.  Lowell Miller

Portfolio Manager
Tel : (845)679-9166
Lowell G. Miller, Founder, President, Director of Research, and Portfolio Manager, is a prolific writer who has penned twelve books on subjects ranging from mastering soccer and meditation to investing. He is the author of three critically acclaimed books on investing: The Momentum-Gap Method (G.P. Putnam’s, 1978), named “Stock Market Book of the Year” by the Hirsch Organization; The Perfect Investment (E.P. Dutton and McGraw-Hill, 1984); and most recently, The Single Best Investment (Print Project, 2006). Miller has also written on financial subjects for The New York Times Magazine, and has been featured and quoted widely in the national financial media, including Barron’s, Wall Street Journal, Bloomberg/Business Week, Forbes, Investor’s Business Daily, and Louis Rukeyser’s Wall $treet Week. Miller holds an undergraduate degree from Sarah Lawrence College and a Juris Doctor from New York University School of Law. He began his studies of the securities markets while still an undergraduate, and has continuously pursued the notion of disciplined investment strategies for over thirty years.

Mr.  Steve Chun

Marketing Director
Tel : 845-679-9166
Steve Chun, Director of Marketing/Key Accounts, Principal, received a BA from Bard College in 1987. He joined the firm in 1999, and his current responsibilities include coordinating the sales efforts of internal and external wholesalers. He is also charged with developing and maintaining key account relationships. Prior to joining Miller/Howard Investments, Steve did marketing and management for seven years at a British art book publisher and distributor, and for seven years at Paper House Productions, an award winning designer and manufacturer of greeting cards and gift items.

Ms.  Luan Jenifer

Tel : (845)679-9166
Luan Jenifer, President, joined the firm in 2002. Before being promoted to President in 2019, Luan has held several key leadership roles that set goals and policies that promote company culture and vision through its operations. In her prior positions of Chief Operating Officer and Director of Operations, Luan was responsible for overseeing the day to day operations of the company to maximize profits, client satisfaction, mission alignment, and employee engagement. In 2018, she was instrumental in Miller/Howard’s transition to a 100% employee-owned structure. In her long-time work as Head of ESG, Luan has been instrumental in expanding the scope and impact our Environmental, Social and Governance program, which advocates on behalf of clients by working closely with investors, companies, and colleagues. Luan currently serves on Miller/Howard’s Board of Directors, the Executive Committee, and the Compensation, Corporate Governance and Nominating Committees. As an avid supporter of local community organizations, Luan has created the firm’s Volunteer Time Off Program.

Mr.  Bryan Spratt

Portfolio Manager
Tel : 845-810-2749
Bryan J. Spratt, CFA, is a Portfolio Manager focusing on the utilities, telecom and energy sectors. He graduated summa cum laude from Spring Arbor College with a BA in Economics/Computer Science. He has worked as an analyst and portfolio manager in various investment subsidiaries at Comerica Bank and Munder Capital. At Munder, he was a member of the Energy and Power Team that developed, and managed the Munder Power Plus Fund, among other portfolio management responsibilities. Also, Bryan was responsible for the utilities and telecom sectors for the Value Team at Banc One Investment Advisors and the One Group Funds, which ranked among the largest asset managers in the U.S. prior to its acquisition by JP Morgan Chase. Bryan joined the portfolio team in 2004. Bryan has been interviewed and quoted in newspapers and periodicals, the most recent being The Poughkeepsie Journal’s article on the planned acquisition of Central Hudson Gas & Electric.

Mr.  John Leslie III

Portfolio Manager
Tel : 845-679-9166
John E. Leslie III, CFA, Research Analyst and Portfolio Manager, has extensive experience in quantitative modeling and screening in the equity markets, in addition to in-depth analytical skills. Jack joined the portfolio team in 2004. He grew up in Boston and earned his BS degree in Finance from Suffolk University and his MBA from Babson College. He began his career in investments over 25 years ago and has managed money since 1987. He brings a high level of expertise in both fundamental and quantitative research skills as well as experience managing large pools of institutional assets. Previously, Jack was a portfolio manager at Value Line Asset Management, M&T Capital Advisors Group (Division of M&T Bank), and Dewey Square Investors (Division of UAM). Jack focuses on the materials, consumer staples, consumer discretionary, industrial and healthcare sectors. Jack has been interviewed by The Wall Street Journal and Barrons and has been a guest on and After the Bell on Fox Business.

Ms.  Eva Petramale

Securities Trader
Tel : 845-679-9166
Eva Petramale joined the Operations Team in September 2004. She grew up in Massachusetts and received an Associate Accounting degree from SUNY-Ulster in 1987. Eva earned her Series 7 license in 1999. Prior to joining the firm, she worked for an accounting firm and later as a financial advisor for Raymond James Financial Services. She has over 15 years experience in the financial industry. Her responsibilities include all facets of operations, portfolio accounting and reporting.

Ms.  Toby Schulman

Data Preparer
Tel : 845-679-9166

Mr.  Luke Theeuwes

Marketing Director
Tel : 951-549-0913
Luke Theeuwes, graduated from the University of Houston with a BS in Economics and a minor in Mathematics. Following an internship at Dean Witter, Luke began his career with Van Kampen in Chicago. He moved to Los Angeles to join Trust Company of the West to launch their mutual funds, and has remained in Southern California since. For over a decade, he has worked in client service and marketing for both US Trust and Managers Investment Group/AMG. Luke joined the firm in 2007.

Mr.  Owen Harvey

Tel : 845-679-9166

Mr.  Keith Thompson

Marketing Associate
Tel : 609-953-7734
Keith Thompson, Vice President of Sales and Marketing, joined Miller/Howard in 2007 after spending over 7 years at Ashfield Capital Partners as their Regional Sales Director. Prior to entering the institutional and retail managed money sales arena in 1999, Keith worked for seven years as an Associate Vice President of Investments with Morgan Stanley in suburban Philadelphia. Keith is a graduate of Rutgers University and still lives in Southern NJ.

Mr.  Michael Roomberg

Portfolio Manager
Tel : 845-679-9166
Michael Roomberg, MBA, CFA, earned his BA in International Relations, Economics, and Finance from University of Wisconsin-Madison, and his MBA from Georgetown University‘s McDonough School of Business. Michael began his career as a research associate in 2008, at Boenning & Scattergood, a financial services firm in greater Philadelphia. There he specialized in Energy Exploration & Production (E&P) and Water Utilities & Industrials. Prior to joining Miller/ Howard, he served as Head of Water/Infrastructure Equity Research at Ladenburg Thalmann & Co. in New York City. Michael brings considerable expertise in the energy, infrastructure, and water sectors to our firm’s portfolio management team. Michael joined Miller/Howard in 2013.

Mr.  Judd Peterson

Marketing Associate
Tel : 845-679-9166
Judd Peterson joined the Miller/Howard team in 2011 and has over 25 years of industry experience. Judd started his career in 1985 building his book of business at John G Kinnard & Co based out of Minneapolis, MN. In 1994, as Vice President, Judd decided to join Dain Bosworth, which eventually became RBC. After moving to the east coast with his family in 2006, Judd relocated his business to be based out of Stamford CT as a Vice President of RBC Wealth Management. Judd also has experience with Allstate out of New Canaan CT. Judd brings deep, hands on, front line product knowledge and experience to the sales team here at Miller/Howard. Judd has a BA in Economics and BA in Sociology from the University of Minnesota where he was very active in college activities and has held numerous industry licenses, including Life/Health, Series 7, 66, and 65.

Mr.  John Cusick

Portfolio Manager
Tel : 845-679-9166
John Cusick, CFA, earned his BA in Finance and Marketing from Temple University, and his MBA in Finance from Fordham University School of Business in New York City. John spent more than a decade at Oppenheimer & Co. in New York, where he started his career as a Junior Analyst working for Fadel Gheit and then as a Senior Research Analyst specializing in the midstream (MLP) sector. Prior to joining Miller/Howard, he served as Senior Vice President and Research Analyst at Wunderlich Securities in New York, where he covered the energy sector, including partnerships focused on Natural Gas, Liquids, and Exploration & Production. His longtime involvement with and knowledge of the North American energy sector, especially MLPs, is an enormous asset to our firm’s portfolio management team. He holds a Series 7/63, and 86/87.

Mr.  Michael Mandelos

Client Contact
Tel : 917-566-5313
Michael Mandelos joined Miller/Howard in May 2014 from UBS Financial Services Inc., where he was an Executive Director at the firm’s Wealth Management Americas. In that role Michael managed a team of advisory program managers overseeing separately managed and unified managed accounts with more than $70 billion of assets under management. Prior to that he was a Vice President at JPMorgan Private Client Services, serving as the Mutual Fund Program Manager responsible for building and managing relationships with domestic and offshore mutual fund providers. Michael graduated from St. John’s University with a BS in Finance and a minor in Government and Politics. He holds Series 7 and 66 licenses.

Mr.  Mark Phillips

Tel : 845-679-9166

Mr.  Gregory Powell

Portfolio Manager
Tel : 8456799166
Gregory (Greg) L. Powell, PhD, was named Deputy CIO in 2018, having joined the firm as Portfolio Manager/Research Analyst in September 2017. Greg's focus is on the Income-Equity portfolios. He comes to Miller/Howard with a distinguished 19-year career as a senior portfolio manager and director of research at AllianceBernstein. At AB, he managed a team of 12 analysts and a suite of products with $11 billion in AUM, including equity income, long-only value, diversified value, and long/short hedge funds.

Ms.  Catherine Johnston

Marketing Director
Tel : 845-679-9166

Miller/Howard Investments, Inc. Product Name

Miller/Howard Infrastructure:Privately Managed Accounts
Income-Equity Strategy w/MLPs:Privately Managed Accounts
Miller/Howard Utilities Plus:Privately Managed Accounts
Rising Dividend Plus:Privately Managed Accounts
Income-Equity Strategy (No MLPs):Privately Managed Accounts
MLP Strategy:Privately Managed Accounts
Drill Bit to Burner Tip:Privately Managed Accounts
Report Created: September,26 2020.  Copyright Money Manager Review , All rights Reserved.

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