ClearBridge Energy MLP Strategy Portfolio Manager Commentary Q3 2018

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Includes: BKEP, BPMP, ENLK, EPD, ETPZF, GEL, NBLX, RMP, WES, WMB, WPZ
by: ClearBridge Investments
Summary

ClearBridge is a leading global asset manager committed to active management. Research-based stock selection guides our investment approach, with our strategies reflecting the highest-conviction ideas of our portfolio managers.

The stock market generated a strong 7.7% return in the third quarter despite trade conflicts and numerous bouts of financial and political uncertainty across the globe. The Alerian MLP Index finished the period up 6.6%.

After a rocky and volatile first quarter, MLP stocks have gained traction in the market since late March. Based on fundamental and valuation tailwinds, we remain positive in our outlook for MLP stocks over the balance of 2018 and into 2019.

On an absolute basis, the Strategy had a positive return for the third quarter and underperformed its benchmark.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.