Master Limited Partnerships

Key Attributes

Total Return Focused

Capital appreciation enhanced returns in excess of the underlying yield

Experienced Team

Deep understanding of industry dynamics and their effects on asset level earnings

Risk

Institutional level of risk management that seeks to optimize risk-adjusted returns

Investment Philosophy

It is the rate of change in the fundamental outlook, not the absolute level of yield, that drives long-term performance of energy infrastructure equities. The fundamental outlook for energy infrastructure is dependent on prevailing economics across the Energy value chain, and a company’s ability to exploit those economics to enhance shareholder value. We seek to invest in those companies where the fundamental outlook is undervalued by the market to generate alpha and enhance our investor’s returns.

We Believe In

Reduce Inefficiencies

Inefficiencies result in mispriced total return opportunities

Exploit Economics

A partnership’s ability to exploit industry economics is the key to driving the fundamental outlook

Evaluate Infrastructure

Evaluating energy infrastructure equities through the lens of a growth investor allows us to generate material long-term alpha

Less Volatility

Our growth focus produces less volatility than a yield-focused strategy

Process and Portfolio Construction

We utilize bottoms-up, fundamental research, combined with deep expertise in the Energy sector across the investment team, to identify our investment opportunities. Our unique growth process is designed to produce a high-conviction portfolio of 25-35 holdings that exhibit a total return profile higher than the peer group. We employ institutional levels of risk control to ensure our portfolio delivers those returns at the optimized risk level.

Composite Performance and Strategy

Strategy: CastleArk Master Limited Partnerships

Available Vehicles: Separately Managed Account, WRAP

Inception Date: 12/31/2010

A unique process that emphasizes total return potential over the absolute level of yield

An experienced investment team that understands a partnership’s ability to exploit industry economics

A high conviction portfolio that diversifies across all midstream sub-sectors

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_{Composite Performance reflects reinvestment of all income and capital gains and is shown in US dollars and after the deduction of transaction costs. Composite Performance is shown gross and net of actual management fees charged. Actual investment advisory fees incurred by clients may vary. Additional information on the calculation methodologies used herein is available upon request. Indexes are unmanaged, do not incur management fees and cannot be invested in directly. The Composite and index returns are net of any foreign withholding taxes on dividends, interest, and capital gains.}

_{Past performance is not indicative of future results. Performance during certain periods reflect strong stock market performance that is not typical and may not be repeated.}