By Brian Watson, Senior Portfolio Manager
Midstream master limited partnerships (MLPs), as measured by the Alerian MLP Index (AMZ), ended July down 0.9% on a price basis and down 0.3% once distributions were considered. That trailed the S&P 500 Index's 1.4% total return for the month. The Petroleum Pipeline group led the midstream subsector in July, while the Natural Gas Pipeline subsector underperformed.
For the year through July, the AMZ is up 11.3% on a price basis and 16.6% in total returns. This trails the S&P 500 Index's 18.9% and 20.2% price and total returns,