ClearBridge Energy MLP Strategy Portfolio Manager Commentary Q2 2019

Aug. 02, 2019 8:55 AM ETBPL, MMP, ANDX, KMI, BP, TGE, ENLC, ET, AM, GEL1 Comment2 Likes

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.
  • U.S. energy production remains robust, with oil, natural gas and natural gas liquids production up double digits year over year.
  • Infrastructure bottlenecks are beginning to clear as midstream projects are adding new takeaway capacity, primarily in the Permian Basin of West Texas.
  • Despite higher cash flow growth and higher yields, MLP stocks trade at lower EV/EBITDA multiples than the broader U.S. equity market, utility stocks and REIT stocks.

PORTFOLIO MANAGER COMMENTARY
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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. We convey these ideas to investors on a frequent basis through investment commentaries and thought leadership and look forward to sharing the latest insights from our white papers, blog posts as well as videos and podcasts.
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