Positioning for Differing Trajectories With High-Dividend Yield and Midstream Energy Stocks – USCF Investments – 12.18.25

Summary:

In a market increasingly concentrated in a handful of expensive growth stocks with deteriorating cash flows, we believe investors can benefit from genuinely diversifying portfolios that focus on high and rising dividend income.

For investors worrying about:

• Low GDP Growth. High Inflation. Stagflation. A Steepening Yield Curve. While the ultimate trajectory remains unclear, history suggests high-yield dividend stocks are well positioned to weather multiple potential market environments.
• Market Concentration and Lofty Valuations: High dividend yield stocks provide diversification from mega-cap growth. Why does starting valuation matter?
• Portfolio Diversification: Midstream energy is a low weight in broad market allocations, so investors may be missing out on demand tailwinds as well as high and growing income. How is this financially-strong sector positioned for growth driven by data centers, electrification trends, natural gas exports, and increasing gas-to-oil ratios?

Accepted for 1 CFP / IWI / CFA CE Credit

Speakers:

Maya is the Head of Distribution for USCF. Maya has over 20 years of experience in asset management and is responsible for expanding the firm’s distribution and business development efforts. Prior to joining USCF, Maya was at Brandes Investment Partners where she served as National Accounts Manager, Associate Portfolio Manager and Product Coordinator for the Small Cap and Canadian Portfolios. Maya received her BSBA in Finance from San Diego State University. She holds a Series 3 registration with the NFA as well as FINRA Series 6,7, and 63. Maya is a registered representative of ALPS Distributors, Inc.

Adam Fackler, CF, Chief Investment Officer, oversees Miller/Howard’s portfolio management team and is the designated lead or co-lead portfolio manager on the firm’s products. Prior to being named Chief Investment Officer, he served as Deputy Chief Investment Officer, and he focused on infrastructure companies including utilities, telecommunications, and midstream energy/master limited partnerships (MLPs). Previously, Adam spent 10 years in equity research, including five years at Rodman & Redshaw, KLR Group, and MLV & Co. where he covered exploration & production companies and MLPs. Adam holds a BS in Business Administration with a minor in Economics from Bucknell University.

John E. Leslie III, CFA, Portfolio Manager, focuses on diversified, dividend-paying stocks. He is a member of Miller/Howard’s Board of Directors. Prior to joining Miller/Howard in 2004, Jack was a portfolio manager at Value Line Asset Management, M&T Capital Advisors Group (a division of M&T Bank Corp.), and Dewey Square Investors Corp. (now part of Old Mutual Asset Management). Jack earned his BS in Finance from Suffolk University and an MBA from Babson College.

John R. Cusick, CFA, focuses on midstream energy including master limited partnerships (MLPs). Before joining Miller/Howard in 2013, he was a senior vice president and research analyst at Wunderlich Securities Inc. in New York, covering energy including partnerships focused on natural gas, liquids, and exploration & production. Prior to that, John spent more than a decade at Oppenheimer & Co. beginning his career as a junior analyst on the energy team covering major oil companies, refiners, and exploration and production companies and then as a senior research analyst specializing in the midstream sector. He earned his BA in Finance and Marketing from Temple University, and an MBA in Finance from Fordham University School of Business in New York City.