Week Thoughts: MLPs Blocked, But Gas Pipelines Flow
Growth At A Reasonable Price, Dividend Investing
Seeking Alpha Analyst Since 2009
I serve as Portfolio Manager on the Listed Infrastructure Team at CBRE Clarion Securities, a global asset management firm based in Radnor, PA. My primary focus is on investing in Midstream companies, including Master Limited Partnerships (MLPs), as well as transportation companies (rails, airports) for larger infrastructure investment team.
- Midstream kept pace with broad equities, MLPs underperformed.
- Capital markets activity is picking up, market more accepting.
- IDRs almost vanquished.
This week, midstream stocks struggled to find their footing: stumbling early in the week, bouncing back Wednesday, listless Thursday and strong again Friday. When the dust on the see-saw week cleared, midstream corporations had finished well ahead of MLPs, with notable strength among the biggest natural gas pipeline names.
With outperformance from the broader midstream indexes, YTD performance of all three midstream indexes has tightened up to 23-24%. Year-over-year, U.S. indexes (AMZ and AMUS) are well ahead of the AMNA.
The full subscriber version was sent this morning and includes:
Discussion of the change in sentiment related to good news
Discussion of the remaining IDR structures in the MLP universe
Winners & Losers
News detail, including multiple capital markets and simplification transactions
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