White Papers Archive

The Evolution of MLP and Energy Infrastructure Products

Since 2004, when the first MLP closed-end fund launched, there have been 112 MLP products issued in the form of ETFs, ETNs, mutual funds, and closed-end funds. The MLP product landscape continues to evolve and today, there are 94 MLP products remaining. This whitepaper walks through this evolution and provides context for where the market may be shifting to next.


Crude Correlations and MLPs – The Biggest Frustration of 2017

Why have MLPs exhibited a higher correlation with WTI as oil fell and a lower correlation with WTI as oil prices improved from their February 2016 bottom? In this analysis, we examine MLPs’ correlation with crude at both the index level and individual MLP level.


Size Matters: Defining and Comparing Small-, Mid-, and Large-cap MLPs

They say that everything is bigger down here in Texas but is bigger really better? What does bigger necessarily mean, especially in the context of MLPs? In the finance world, the “size” of a company is generally associated with its market capitalization, but how do we define what the difference is between a large-cap and a small-cap MLP?


Taking the Passive Versus Active Debate to MLPs

How do you choose between over 85 publicly traded MLP access products? The first step is to decide between passive or active. This study compares return, distribution growth, risk-adjusted performance, and alpha generation between the Alerian MLP Index (AMZ) and active C-corp closed-end funds and mutual funds


How do MLPs Respond in Rising Interest Rate Environments?

With interest rates at historic lows and interest rate fears at historic highs, this piece examines how MLPs have responded in previous rising rate environments. Due to their use of primarily long-term, fixed-rate debt, as well as built-in inflation hedges, MLPs show little meaningful correlation with interest rates over the long term.


Back To