DCP - SteelPath December MLP Update And News
By Brian Watson, CFA, Senior Portfolio Manager
The master limited partnership ((MLP)) sector saw a series of events take place in November, including the conclusion of third quarter earnings season and yet another MLP simplification eliminating incentive distribution rights. And while midstream equities underperformed energy equities and the broader markets in recent months, the story has been different in the bond market, where energy credit spreads have widened meaningfully and midstream has outperformed.
Overview
Midstream MLPs, as measured by the Alerian MLP Index (AMZ), ended November down 6.8% on a price basis and down 5.6%