We believe that it is the growth in distributions, not yield, that drives outperformance.
1
Fundamental Analysis
Process
- Identify MLPs with significant opportunities for high quality growth projects
- Evaluate return on invested capital and expected distribution growth
Results
60-80 Stocks
2
Valuation Analysis
Process
- Market expectations
- Evaluate distribution risk
- Identify mispriced opportunities
Results
40-50 Stocks
3
Portfolio Construction
Process
- Bottom up fundamentals
- Manage sector and factor-level risk
- Maximize risk-adjusted total return
Results
25-35 Stocks
A unique process that emphasizes the total return potential over the absolute level of yield
An experienced energy investment team that understands a partnership’s ability to exploit industry economics
A high-conviction portfolio that diversifies across all midstream subsectors
Jerome A. Castellini
- President, Chief Investment Officer, Portfolio Manager, Principal
Joseph M. Hagan, CFA, CPA
- Vice President, Co-Portfolio Manager, Research Analyst
Timothy Clark
- Vice President, Research Analyst
Troy Logan, CFA
- Vice President, Research Analyst
Christopher Noll
- Senior Equity Trader
