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Master Limited Partnerships Commentaries


MLP and Midstream Energy Funds: Know What You Own
Jan. 30, 2017 - Cohen & Steers -  For investors in midstream energy, it’s important to understand a mutual fund’s structure, investment universe and philosophy, as these factors can have a potentially material impact on portfolio composition, after-tax returns and performance characteristics. We believe these considerations could take on greater significance in the current market, giving some funds a structural advantage.

MLPs Performance Dispersion Highlights Opportunity for Active Managers

Mar. 28, 2016 - Cohen & Steers -  Master limited partnerships (MLPs) have faced a challenging market environment amid low oil prices and concerns over distribution cuts. But for investors confident in the long-term case for MLPs—namely, predictable cash flows of midstream energy businesses and the continued need for investment in energy infrastructure—we believe current valuations present a compelling opportunity to build allocations for the long run.

Attractive MLP Valuations Are an Opportunity for Long-Term Investors

Jan. 15, 2016 - Cohen & Steers -  Master limited partnerships (MLPs) have faced a challenging market environment amid low oil prices and concerns over distribution cuts. But for investors confident in the long-term case for MLPs – namely, predictable cash flows of midstream energy businesses and the continued need for investment in energy infrastructure – we believe current valuations present a compelling opportunity to build allocations for the long run.

All Is Not Lost in Midstream Meltdown
Dec. 21, 2015 - Morningstar, Inc. -  There are still operators with solid balance sheets, strong distribution coverage, and low costs of capital.

Should You Invest in MLPs?
Nov. 19, 2015 - Morningstar, Inc. -  Master limited partnerships may hold appeal for income seekers, but mind their complexity and risks, says contributor John Waggoner.

Master Limited Partnerships
Aug. 25, 2015 - Cohen & Steers -  Investment Review
MLPs and midstream-energy-focused equities declined in August amid a continuation of the decline in oil prices that began in early July. Midstream energy businesses continue to work through a variety of fundamental and technical headwinds that have challenged performance, and we have recently revised down our 3-year distribution growth expectations from 5-8% to 4-6%, a 150 basis point decline at the midpoint.

Tortoise Talk - April 2015
Apr. 30, 2015 - Tortoise Capital Advisors -  Volatility for the broad energy sector continued through the first quarter ending March 31, 2015, as the crude oil supply/demand equation outlined in last quarter’s Tortoise Talk struggled to find balance. Investors responded in the short term by pulling back from energy stocks across the energy value chain, but to a much lesser extent than in the previous quarter.



MLPs can persevere in a rising interest rate environment

Apr. 23, 2015 - Tortoise Capital Advisors -  The low interest rates that have been in place since the 2008 recession have helped midstream MLPs (master limited partnerships) and other pipeline companies raise capital economically, enabling returns that are significantly higher than their cost of capital. That in turn has supported cash distribution growth and contributed to higher total returns for investors.

Tortoise Talk
Jan. 31, 2015 - Tortoise Capital Advisors -  The broad energy sector enjoyed strong performance for much of 2014, benefiting from the robust volumes of oil and natural gas being produced out of North American shales. However, energy stocks retreated significantly in the fourth quarter as investors reacted to falling crude oil prices. One factor pressuring oil prices was increasing global supply, particularly out of Libya, where production had recently resumed after being halted for some time due to political turmoil, and also increased production from the U.S.

The Growing Importance of Infrastructure: Fueling the Backbone of the Global Economy

Jan. 24, 2015 - Cohen & Steers -  Most of us are not aware of the critical role infrastructure plays in our everyday lives. But these essential services are all around us. We heat homes with natural gas, which is transported through a vast network of pipelines. Our cell phones rely on wireless towers, while electricity powers critical data centers. Wireless communication is also essential to global commerce, which ultimately moves goods through a global transportation network that includes railroads, marine ports and airports. These are just a few examples of how infrastructure forms the backbone of the global economy.

Fair Value Of Oil Lies In The $60 To $80 Range

Jan. 20, 2015 - Forbes -  Jay Hatfield: In our approach to investing, we’re focused on master limited partnerships, and our ETF, InfraCap MLP ETF (NYSE: AMZA), focuses on the largest, most liquid, midstream MLPs in the United States. We focus on midstream MLPs which typically own and operate pipelines and storage facilities rather than upstream MLPs which own and operate commodity producing wells.

Understanding Oil and the Impact on Real Assets
Jan. 16, 2015 - Cohen & Steers -  The decline in oil prices has raised many questions among investors about what it means for the global economy and how different investments might be affected. This report offers our insights on potential scenarios for the oil price cycle and the opportunities and risks in real asset classes, including real estate securities, commodities, natural resource equities and global listed infrastructure.

Consol’s Consoling Continued Execution
Jan. 12, 2015 - Barron's -  While Consol Energy shares have pulled back during the sell-off among broader energy shares, Consol’s strong balance sheet and expected continued execution within its unconventional gas assets should allow for valuation support and expansion.

 MLPs and Beyond: The Growing Opportunity in Midstream Energy 

Oct. 16, 2014 - Cohen & Steers -  The midstream energy industry lies in the “sweet spot” of the North American energy renaissance. Many investors turn to this sector for the high-income potential of companies that gather, process, transport and store crude oil, natural gas and natural gas liquids. Often, these companies are organized as tax-efficient master limited partnerships (MLPs)—a structurally efficient vehicle for the delivery of income.

MLPs and Beyond: The Growing Opportunity in Midstream Energy
Sep. 12, 2014 - Cohen & Steers -  The midstream energy industry lies in the “sweet spot” of the North American energy renaissance. Many investors turn to this sector for the high-income potential of companies that gather, process, transport and store crude oil, natural gas and natural gas liquids. Often, these companies are organized as tax-efficient master limited partnerships (MLPs)—a structurally efficient vehicle for the delivery of income.

A Rapid Ascent for This MLP ETF
Jul. 08, 2014 - ETF Trends -  Several asset classes have benefited in earnest from the Federal Reserve’s efforts to keep U.S. interest rates low for an extended period of time, though few have benefited in a manner similar to master limited partnerships (MLPs).

Week Thoughts: MLPs Draft the Market, Keep Running
Apr. 20, 2014 - MLP HINDSight -  The MLP Index closed the short week at a fresh all-time, up 1.3% since last Friday’s all-time high

Week Thoughts: April Flowers
Apr. 05, 2014 - MLP HINDSight -  The MLP Index was up 2.3% this week in a broad-based rally, and it was the best week for the index since late October

MLP Week Thoughts: Baby Steps
Mar. 30, 2014 - MLP HINDSight -  MLPs had a very good week, significantly outperforming the broader U.S. stock market

MLP Week Thoughts: Wide Open
Mar. 16, 2014 - MLP HINDSight -  MLPs were down, but outperformed the broader market this week (MLP Index: -0.5%, S&P 500: -2.0%)

Week Thoughts: MLPs Power Through Ex-Dates
Feb. 09, 2014 - MLP HINDSight -  The MLP Index was up for a 5th straight week, matching the S&P 500′s positive week on a total return basis

Week Thoughts: MLPs Win January, Legacy Intact
Feb. 02, 2014 - MLP HINDSight -  The MLP Index outperformed the broader stock market this week

2014 MLP Over Unders
Jan. 16, 2014 - MLP HINDSight -  Now that everyone has read everyone else’s 2014 outlook on MLPs, natural gas prices, oil exports, U.S. production, propane exports

MLP Week Thoughts: Lowered Expectations
Dec. 08, 2013 - MLP HINDSight -  MLPs had a rough week.  The Alerian MLP Index was down 2.7%, and the midstream-focused Cushing 30 and Alerian MLP Infrastructure indices were down more than

Week Thoughts: All Eyes on Dallas
Nov. 23, 2013 - MLP HINDSight -  The Alerian MLP Index traded up for the second consecutive week, gaining 0.3%

MLP Week Thoughts: Unimpressive Rebound
Nov. 17, 2013 - MLP HINDSight -  MLPs were up this week overall (Alerian MLP Index up 1.1%), but their streak

Week Thoughts: MLP Fatigue Season
Nov. 10, 2013 - MLP HINDSight -  MLP prices were down for the second straight week, which is not unusual for distribution ex-date season

MLP Week Thoughts: Fall Back
Nov. 03, 2013 - MLP HINDSight -  Like clockwork, MLP prices fell on the week when more than 50 MLPs passed through their ex-distribution dates

Week Thoughts: MLP Buddy System
Oct. 28, 2013 - MLP HINDSight -  The MLP Index surged 2.5% this week on expectations of continued easy money from the Fed and on excitement around continued MLP consolidation

Week Thoughts: MLP Deal Hydrant Gushes
Oct. 14, 2013 - MLP HINDSight -  While the world awaits the inevitable last-minute deal out of Washington DC that might save the U.S. from a debt default

Two Questions: Valuation and Fear
Oct. 06, 2013 - MLP HINDSight -  This blog may be one of the least interactive on the web…  So, we’re going to try something new

Week Thoughts: Quiet Week, MLPs Flat for the Win
Sep. 28, 2013 - MLP HINDSight -  The MLP Index just barely kept its rally going for a third straight week with a 0.2% gain

Week Thoughts: Fed Speaks, MLPs Say “How High?”
Sep. 22, 2013 - MLP HINDSight -  MLPs beat other stocks this week, a welcome change from recent weeks

Week Thoughts: MLPs Still Out of Favor
Sep. 15, 2013 - MLP HINDSight -  MLPs on average were slightly above flat this week (+0.4%), while the S&P 500 was up 2.0%

Week Thoughts: Sluggish MLPs Fall Behind
Sep. 07, 2013 - MLP HINDSight -  The see-sawing week to week since June finally ended with a second straight losing week for the Alerian MLP Index

MLP Week Thoughts: Seesawing into September
Aug. 31, 2013 - MLP HINDSight -  MLPs had a rough week, down 1.6%, which was slightly better than

Week Thoughts: No News, Good News for MLPs
Aug. 23, 2013 - MLP HINDSight -  MLPs bounced back this week with the Alerian MLP Index a gaining 1.5%, including gains

Week Thoughts: Summer Closeout – Stocks, Treasuries and MLPs Marked Down
Aug. 18, 2013 - MLP HINDSight -  MLPs dropped 2.1% this week, roughly the same as the S&P 500 (-2.0%)

Week Thoughts: Market Takes a Break, MLPs Hold Up
Aug. 11, 2013 - MLP HINDSight -  MLPs were flat (counting distributions) in a down market week, which is pretty impressive

Week Thoughts: Dog Days of Distribution Season Hit MLPs
Aug. 03, 2013 - MLP HINDSight -  MLPs were down for the third straight week, and this time the S&P 500 was up enough to overtake

MLP Week Thoughts: The Phillips 66 of IPOs
Jul. 28, 2013 - MLP HINDSight -  MLPs and the market ended the week with close to no change

Unprecedented Clamor: Biggest MLP IPO Pops Updated
Jul. 23, 2013 - MLP HINDSight -  Below is a chart of the top 20 MLP IPO pops of all time

Week Thoughts: MLPs Buoyant in Rising Tide
Jul. 13, 2013 - MLP HINDSight -  After sinking last week, MLPs (and upstream MLPs in particular) bobbed back this week, up 2.9%

Week Thoughts: Fuse Lit, Everybody Runs
Jul. 07, 2013 - MLP HINDSight -  MLPs were down 1.1% this week, while the S&P 500 was up 1.6%

MLP Week Thoughts: Super Bounce Paints Quarter Green
Jun. 29, 2013 - MLP HINDSight -  MLPs bounced back this week after 2 straight negative weeks

Week Thoughts:  MLPs Drained
Jun. 22, 2013 - MLP HINDSight -  MLPs dropped big again this week (-2.3%) and the Alerian MLP Index closed the week slightly higher

MLP Week Thoughts: The Thin Red LINE
Jun. 16, 2013 - MLP HINDSight -  The MLP Index was down slightly less than stocks overall this week, but was out of synch with the broader stock market

MLP Week Thoughts - It's Not a Too-Mah
Jun. 08, 2013 - MLP HINDSight -  This week’s employment release was better than expected, sending stocks higher, and saving MLPs from a second straight weekly decline


MLP Week Thoughts: Along for the Ride
May. 25, 2013 - MLP HINDSight -  MLPs bounced back this week, helped by conference buzz and lack of equity issuance

Week Thoughts: People Pass after MLPs Print Plenty of Paper
May. 19, 2013 - MLP HINDSight -  MLPs were down this week (-0.4%), despite continued strength in the broader stock market

Week Thoughts: Deals, Earnings Send Most MLPs Higher
May. 11, 2013 - MLP HINDSight -  MLPs powered higher this week, with the MLP Index rising 2.5% including distributions

Week Thoughts: MLPs Flat-ish, Cracks Starting to Show
May. 05, 2013 - MLP HINDSight -  MLPs were flat on average this week on a total return basis, and down slightly on a price basis

Week Thoughts: MLP Ex-Dating Game Begins
Apr. 27, 2013 - MLP HINDSight -  MLPs were roughly flat this week, after the MLP Index was up Monday, Tuesday and Wednesday

Week Thoughts: MLPs Keep Running
Apr. 20, 2013 - MLP HINDSight -  MLPs were mixed this week, but the MLP Index inched slightly higher

MLP Week Thoughts: Paper Bought, Oil & Gold Sold
Apr. 12, 2013 - MLP HINDSight -  By Tuesday, the MLP Index had made up all of last week’s 2.2% decline as the MLP Index made fresh highs again

Week Thoughts: Worst Week of 2013 for MLPs
Apr. 07, 2013 - MLP HINDSight -  MLPs under-performed this week with a 2.2% decline, giving back all of the last 2 weeks worth of gains

MLP Quarterly Wrapping
Apr. 03, 2013 - MLP HINDSight -  Thought I’d take a break from watching what may end up being the worst day for MLPs so far this year

Week Thoughts: All Flinch No Paddle as MLPs Reach New Heights
Mar. 31, 2013 - MLP HINDSight -  MLPs were up big again this week (Alerian MLP Index up 1.8%), this time the S&P 500 was up as well, joining the MLP Index in “all-time high” country

MLP Week Thoughts: Friendly Five Day Fade
Mar. 17, 2013 - MLP HINDSight -  Unlike the DJIA, MLPs did not make a new high this week.  In fact, the Alerian MLP Index was down each day this week

Week Thoughts: MLPs Reach New High, Caution Flag Up
Mar. 09, 2013 - MLP HINDSight -  In February 2012, a little over a year ago, MLPs were yielding less than they are today (by 5 bps).  The MLP Index has increased in price by 6% since then and produced 12% total return

MLP Week Thoughts: Drop Down Bonanza Closes Huge M&A Month
Mar. 01, 2013 - MLP HINDSight -  MLPs edged up again this week, and so did the broader stock market.  The MLP Index finished February up 0.87% including distributions

MLP Week Thoughts: Linn-Berry Swirl Wins Week
Feb. 24, 2013 - MLP HINDSight -  MLPs followed the broader market slightly lower this week, with some fireworks on the edges around earnings and deals

Week Thoughts: No Deals, MLPs Float Higher
Feb. 15, 2013 - MLP HINDSight -  MLPs drifted higher throughout the week, with the Alerian MLP Total Return Index making all time highs Wednesday and Thursday

Week Thoughts: MLPs Pause to Throw Off Distributions
Feb. 08, 2013 - MLP HINDSight -  This week, MLPs declined Friday to Friday for the first time this year, with the MLP Index falling 1.3% on a price basis

MLP Week Thoughts: KMP Polygamy Continues
Feb. 01, 2013 - MLP HINDSight -  MLPs were up for the 5th straight week (+2.4% this week including distributions that have started flowing in)

Week Thoughts: MLP Upswing Continues, Earnings Incoming
Jan. 26, 2013 - MLP HINDSight -  MLPs were up again this week (+0.9%), which makes 4 straight weeks to start the year.  But for the first week this year, the S&P 500 did better (+1.2%) than MLPs.

Week Thoughts: MLPs Up, IPOs Down
Jan. 19, 2013 - MLP HINDSight -  In a reversal of the big trend in 2012 that saw MLP IPOs (on average) vastly outperform MLPs, this week we saw MLPs grind higher while each of the three MLP IPOs closed the week below their issue prices

Week Thoughts: Rally Continues Amid MLP Press Release Party
Jan. 11, 2013 - MLP HINDSight -  MLPs had another strong week, with the Alerian MLP Index rising 2.1%, compared with a 0.4% increase in the S&P 500.  So far in 2013, the MLP Index is up 7 out of 8 days and a total of 7.4%.

One Last Look at 2012 for MLPs
Jan. 04, 2013 - MLP HINDSight -  MLPs disappointed in 2012, but its a testament to just how great MLPs have been over the years when a positive 4.8% total return for the sector, with solid distribution growth, is a disappointment

Week Thoughts: Best Week for MLPs Since March 2009
Jan. 04, 2013 - Capital Link, Inc. -  MLPs took off like they were shot out of a cannon this week. We’ll see how long it takes for gravity to take effect. Perhaps gravity will take the form of a fresh slew of equity offerings in the coming weeks

Week Thoughts: MLPs Reach New High, Caution Flag Up
Jan. 01, 2013 - MLP HINDSight -  In February 2012, a little over a year ago, MLPs were yielding less than they are today (by 5 bps).  The MLP Index has increased in price by 6% since then and produced 12% total return

Week Thoughts: MLPs Return Last Week’s Christmas Present
Dec. 29, 2012 - MLP HINDSight -  MLPs were up 2.3% last week, then down 2.3% this week, so we’ve just basically given back the pre-Christmas present we got last week...

MLP Prop Bets: 2013 Lines are In
Dec. 28, 2012 - MLP HINDSight -  For the second straight year, I am going to play bookie and set some lines for prop bets on what will happen in the MLP capital markets next year.

MLP Prop Bets: 2012 Review
Dec. 28, 2012 - MLP HINDSight -  Last year around this time, I published a list of gambling-style lines for different statistics within the MLP space, along with my predictions as to whether we would see over or under each number


MLP Week Thoughts: 2012 As Good As Gold
Dec. 22, 2012 - MLP HINDSight -  The Alerian MLP Index was up 2.3% this week, including 1%+ days Tuesday and Wednesday, to snap the two week slump MLPs have seen since the beginning of December.

MLP Week Thoughts: Same S**t Different Week
Dec. 15, 2012 - MLP HINDSight -  MLPs were down 1.7% this week, falling well short of the broader market for the second straight week.  MLPs are getting close to their post-election low. Yields on 10-year US Treasuries rose this week, oil was up 1.0% and natural gas dropped 7%

Week Thoughts: MLPs Going the Wrong Way
Dec. 11, 2012 - MLP HINDSight -  The Alerian MLP Index was down 3.0% this week, its worst weekly drop since May of this year when MLPs dropped 5.3% in a week.  That week in May, the broader market sold off (S&P 500 was down 4.2% that week).  This week, however, the broader market (here measured by the S&P 500), despite bouncing around earlier in the week,

MLP Week Thoughts: Groundhog Day to Year End
Dec. 02, 2012 - MLP HINDSight -  MLPs continued their up trend since November 15th, when the post-election fear crested, with a +0.8% week, slightly better than the S&P 500′s +0.6% return for the week.  Natural gas and NGLs dropped this week, with Ethane hitting its lowest price since 2002 on Wednesday.  But oil was up and so were stocks, with firmness of both contributing to MLP strength.  Also important to MLP strength this week was a lack of equity issuance.  With MLP equity supply stagnant for the first time in a few months, that usual selling pressure wasn’t there.

Week Thoughts: MLPs Go Back for Seconds
Nov. 24, 2012 - MLP HINDSight -  MLPs bounced this week 3.2%, riding the rising broad market through another big week of equity deals (around $450mm in primary issuance)  and equity filings (2 S-1′s for MLPs that have been public less than a year, one mixed shelf filing).  After MLP post election fear peaked on 11/15, the Alerian MLP Index is up 6.6%, including the 3.3% pop on 11/16.

Week Thoughts: MLPs Coil, Coil Some More…Then Spring
Nov. 17, 2012 - MLP HINDSight -  Most of the time, MLPs get batted around by price movements outside of themselves, such as price action in the broader energy sector, the stock market, commodity prices, Europe, etc.  But this week, MLPs drove the bus, and the price action of the sector attracted attention from the financial media

MLP Cliff Dive Update
Nov. 15, 2012 - MLP HINDSight -  Last week’s 2.6% decline by the Alerian MLP Index was just the under card, the main event was this week, as MLPs and other high yield securities have gone from in favor to out of favor in the blink of an eye. MLPs have been out of favor all this year, it seems like the exact moment when everyone was touting high dividend strategies late 2011 was the right time to implement your “yield-off” strategy.

Week Thoughts: MLPs in a (Land)Slide
Nov. 12, 2012 - MLP HINDSight -  The MLP Index was down 2.6% this week including distributions. MLPs have been sliding since around October 5th, down 4 out of the last 5 weeks, and the one positive week was actually negative without distributions.

MLP Week Thoughts: Just the Stats
Nov. 04, 2012 - MLP HINDSight -  Busy week in the MLP space.  Earnings and the equity calendar weren’t slowed by the big storm, or by the two day stock market closure.  Busy week for me as well.  So busy that I’ll be very brief with the commentary, sticking to the charts and stats for the most part.  Also, good luck to anyone that is still without power or had their property damaged last week.  Never been happier to have moved from the northeast.