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ENFR vs. ETF Alternatives
The Alerian Energy Infrastructure ETF (NYSE: ENFR) delivers exposure to the Alerian Energy Infrastructure Index (NYSE: AMEI), a composite of 30 core North American energy infrastructure companies that engage in the transportation, storage, and processing of energy commodities. Index constituents belong to one of five categories US MLP affiliates (30%), energy infrastructure MLPs (25%), Canadian energy infrastructure companies (20%), US energy infrastructure companies (15%), and Canadian MLP affiliates (10%).
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Sector: Basic Materials
Monday, Feb 243:35 PM
Monday, Feb 243:35 PM| 10 Comments
- Comparing metrics for the two of the more popular dividend strategies - the SPDR S&P Dividend ETF (SDY +0.4%) and the Vanguard Dividend Appreciation ETF (VIG +0.7%) - against the two largest large-cap value ETFs - the Russell 1000 Value ETF (IWD +0.9%) and Vanguard's Value ETF (VTV +0.7%) - Larry Swedroe finds valuations quite stretched for the dividend players.
- The SDY sports a P/E ratio of 17.2x, price/book ratio of 2.5x, and price/cash flow ratio of 10.5x, with the VIG showing similar. The value ETFs have P/E below 14x, price/books below 2x, and price/cash flow below 6x.
- The popularity of dividends has led to a pleasing rise in the values of the stocks, but has thus reduced expected future returns, reminds Swedroe. And for taxable accounts, it's even worse as dividends are less tax-efficient than capital gains.
- Dividend ETFs: DVY, VIG, AMLP, SDY, VYM, AMJ, BDCL, SCHD, HDV, MLPL, YMLP, KBWD, BDCS, DES, PEY, MLPI, SPHD, DIV, DLN, DHS, MLPA, ENY, DTD, DGRW, DON, MLPN, FDL, NOBL, FVD, PFM, EMLP, MLPS, BIZD, MLPG, MLPY, MLPX, MLPJ, SDYL, AMU, YMLI, DVYL, ATMP, DGRS, ZMLP, RDIV, RDVY, MLPW, IMLP, QDYN, ENFR, QDF, QDEF, MLPC
Wednesday, Jan 223:48 PM|Wednesday, Jan 223:48 PM| 1 Comment
Tuesday, Jan 1410:20 AM
Tuesday, Jan 1410:20 AM| Comment!
- Income-minded investors keep pouring money into MLPs despite continued pressure on oil prices and as the Fed unwinds its bond-buying stimulus program, presumably sending longer-term interest rates higher.
- Some MLP ETFs are yielding between 9-11%, but some analysts are warning that a more realistic target for MLP investors is closer to 5%-6%; straying too far afield runs the risk of leading investors into businesses that won't be able to sustain higher yields and could mask operational problems.
- Plus. a higher profile with mainstream investors figures to dampen MLP's growth prospects somewhat, says Ballentine Partners' Austin Poirier: "With a flood of new investors coming into the MLP market, the days of low valuations and double-digit yields are probably behind us."
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPS, MLPG, MLPY, MLPJ, MLPX, AMU, YMLI, ATMP, MLPW, IMLP, ENFR, MLPC
Tuesday, Nov 262013, 8:54 AM
Tuesday, Nov 262013, 8:54 AM| 3 Comments
- Open for trade from Goldman Sachs Asset Management (GS) is the GS MLP Income Opportunities Fund (GMZ), the first closed-end fund ever launched by the firm. The fund raised $826.3M in its IPO.
- MLP ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPS, MLPG, MLPY, MLPJ, MLPX, YMLI, AMU, ATMP, MLPW, IMLP, ENFR, MLPC
- MLP CEFs: CEM, FMO, JMF, KYE, KYN, NTG, SRV, TYG, TYN, TYY
Friday, Nov 12013, 12:14 PM
Friday, Nov 12013, 12:14 PM| Comment!
- Open for trade today is the Alerian Energy Infrastructure ETF (ENFR), set to track performance of the North American energy infrastructure sector.
- The tracked index holds 30 U.S. and Canadian stocks engaged in the transportation, storage, and processing of energy commodities (midstream energy businesses). Among the holdings are seven U.S.midstream MLPs, two Canadian MLPs, 14 U.S. and Canadian energy and infrastructure corporations.
- No more than 25% of the index may consist of MLPs or other issuers treated as partnerships.