MHIDX — Miller/Howard Income-Equity Fund

MHIDX Fund Overview

MHIDX — Miller/Howard Income-Equity Fund is a US mutual fund managed by Miller/Howard Funds Trust, categorised as Europe Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Miller/Howard Funds Trust
• Category: Europe Real Estate
• Assets under management: $34.31M
• Ticker: MHIDX
• SEC CIK: 0001657267
• SEC series ID: S000052531
• Share class ID: C000164980

MHIDX Investment Objective and Strategy

Miller/Howard Income-Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Miller/Howard Funds Trust.

Investment objective

The primary investment objective of the Miller/Howard Income-Equity Fund (the Income-Equity Fund ) is to seek current income,

Principal investment strategy

"The Income-Equity Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, the Income-Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in dividend or distribution paying equity securities. However, the Fund will focus on investing in dividend paying securities. Distribution paying equity securities include securities making returns of capital distributions, including master limited partnerships ( MLPs ) and real estate investment trusts ( REITs ) whose distributions, in part, may be deemed return of capital under current tax law provisions. The Income-Equity Fund may invest in securities of companies with any market capitalization. Equity securities held by the Income-Equity Fund may include common stocks, preferred shares, securities or other instruments whose price is linked to the value of common stock, including registered investment companies, exchange traded funds ( ETF ) and exchange traded notes ( ETN ), including ETNs linked to indexes created by the Advisers subsidiary, Miller/Howard Strategic Indexes, LLC.

In addition, the Income-Equity Fund may invest up to 25% of its net assets in securities of MLPs. The Income-Equity Fund may also invest in American Depositary Receipts ( ADRs ), European Depositary Receipts ( EDRs ), and Global Depositary Receipts ( GDRs ). Only investments in registered investment companies, ETFs and ETNs that invest substantially all of their assets in the types of investments identified above as permissible investments will be included in the 80% test. The Income-Equity Fund may invest in U.S. dollar-denominated securities of U.S. and foreign issuers, and up to 20% of its total assets may be invested in securities denominated in non-U.S. dollar currencies. The Income-Equity Fund may invest in securities from any country, including emerging market countries. The Income-Equity Funds Adviser, MHI Funds, LLC (the Adviser ), believes that financially strong stocks with rising dividends offer the prospects of consistent performance as well as potential added value.

Stock prices fluctuate, but dividends add current returns and, over time, increases in dividends can induce increases in the price of the stocks generating those dividends. The Advisers research shows that dividends can be large contributors to total returns, and that by focusing on companies with a consistent track record of increasing their dividends, investors have an opportunity to generate superior risk-adjusted performance over time. The Advisers goal is to provide for annual increases in income that exceed the rate of inflation over time. Its investment process starts by identifying, selecting and investigating stocks that pass initial quantitative screens for quality, yield and growth of yield. Preference is given to companies with monopoly-like characteristics and recurring revenues, which may be attained through proprietary goods and services, strategic geographic positioning, or market dominance.

The Fund integrates rigorous, fundamental financial analysis with environmental, social and governance (""ESG"") analysis. The Adviser employs a multi-faceted strategy that includes screening, direct engagement with companies, and proxy voting. The Adviser seeks companies that fulfill societys basic requirements as well as companies with a unique potential or growth kicker such as new products, hidden assets, or industry conditions which is not currently reflected in the stock price. Candidates are then ranked according to yield, growth of yield, special growth potentials and contribution to overall diversification of the portfolio. The above percentage limits are based upon asset values at the time of the applicable transaction; accordingly, a subsequent change in asset values will not affect a transaction that was in compliance with the investment restrictions at the time such transaction was effected."

MHIDX Costs and Fees

MHIDX costs about $103 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.03%
• Gross expense ratio: 1.60%
• Portfolio turnover: 50%
• Brokerage commissions: 0.36 bps of average net assets (SEC N-CEN)

MHIDX Cashflows

Over the 12 months to 2020-04, Miller/Howard Income-Equity Fund had net inflows of $22.77M, from monthly SEC N-PORT filings.

MHIDX Debt Constituents

No individual debt constituents are reported in Miller/Howard Income-Equity Fund's latest SEC N-PORT filing.

MHIDX Prospectus and SEC Filings

Official Miller/Howard Income-Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-03-11
• Prospectus (485BPOS) — filed 2019-03-13
• Prospectus (485BPOS) — filed 2018-03-08
• Portfolio holdings (N-PORT) — filed 2020-06-29
• Annual census (N-CEN) — filed 2020-08-26
• Annual census (N-CEN) — filed 2020-01-13
• Annual census (N-CEN) — filed 2019-01-11

Related Funds

Other Europe Real Estate funds tracked on ABC INVEST:

• Orinda Income Opportunities Fund (OIOAX)
• OShares FTSE Europe Quality Dividend ETF (OEUR)
• Goldman Sachs Data Enhanced International Equity ETF (GIEQ)
• FT Vest Nasdaq-100 Dual Directional Buffer ETF - December (DQDE)
• FT Vest Nasdaq-100 Dual Directional Buffer ETF - March (DQMR)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.