Miller/Howard Investments, a US-based boutique asset management firm, has formed Miller/Howard Strategic Indexes, a majority-owned subsidiary that will develop indexes focused on practical investment applications.
Miller/Howard Strategic Indexes has already launched its first Index, the Miller/Howard MLP Fundamental Index with the Chicago Board Options Exchange (CBOE) as Index Calculation Agent. The firm has licensed the Index to a major global bank for an ETN.
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The Index will provide a systematic set of rules for selecting and weighting a group of 25 MLPs with superior ratings for recent distribution growth, distribution coverage, and estimated future distribution growth.
Lowell Miller, president of Miller/Howard and managing member of the new subsidiary, said: "We’ve spent literally decades studying the factors that make for a successful investment as a way to improve our portfolio performance; it just makes sense to quantify those factors in a strict rules-based format for use as an investment-minded benchmark or as a strategic approach to a segment of the market."
"Traditional approaches to indexes assert that any index or benchmark should be capitalization-weighted," Miller added.
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