Miller-Howard Q4 2025 Quarterly Report

2026-02-02 20:25:00 ET

Is There Growth in Your Value?

Let's start with the part everyone already knows...

OVER THE LAST 10 YEARS, EQUITY MARKETS have witnessed unprecedented outperformance from the companies with the largest market capitalizations. As the biggest companies grew, equity markets reached record levels of concentration with the weight of the top 10 holdings in the S&P 500 Index more than doubling to 41% (from ~19%), and surpassing the Tech Bubble high of ~26% in 1999. The “Magnificent Seven” (Mag 7)* have been the poster children for this dynamic. The Mag 7 accounted for an astounding 38% of the total return of the entire S&P 500 over the last 10 years and 44% over the last five years. Over 10 years, the Mag 7 went from just 11% to 34% of the S&P 500 Index....

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