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

