The Miller/Howard Value Fund purchased approximately $34 million [1] in shares of Hawaiian Electric Industries, Inc., according to a recent regulatory filing.
This investment comes as the Honolulu-based utility shifts its focus toward clean energy. The move suggests a growing appetite among institutional investors for regulated utilities that can balance stable earnings with the volatility of energy transitions.
The transaction was detailed in a Form 13F filing dated May 15, 2026 [2]. Based on a share price of roughly $28, the fund acquired approximately 1.2 million shares [2].
John Miller, portfolio manager for the Miller/Howard Value Fund, said the firm views Hawaiian Electric as a solid, regulated utility with strong growth in renewables.
This strategic shift is mirrored in the company's internal goals. David H. Smith, CEO of Hawaiian Electric Industries, said the company's focus on renewable energy positions it well for future growth and stable earnings during a May 10 earnings call.
Analysts suggest the purchase may be a broader indicator for the sector. Sarah Jones, an analyst at Yahoo Finance, said the purchase could signal confidence in the utility sector’s resilience amid a shift toward clean energy.
The fund's decision appears rooted in the utility's stable regulated cash flows, and the potential catalysts provided by expanding renewable-energy projects [1]. By investing in a regulated environment, the fund mitigates some of the risks associated with the capital-intensive nature of green energy infrastructure.
“We see Hawaiian Electric as a solid, regulated utility with strong growth in renewables.”
The entry of a value-focused hedge fund into Hawaiian Electric underscores a market bet on the stability of regulated utilities during the green transition. By prioritizing 'regulated cash flows' alongside renewable growth, the investment suggests that institutional capital is seeking a hedge—combining the safety of government-sanctioned utility monopolies with the upside of the clean energy pivot.
