By Brian Watson, CFA, Senior Portfolio Manager
Midstream Master Limited Partnerships (MLPs), as measured by the Alerian MLP Index (AMZ), ended June 2019 up 2.6% on a price basis and once distributions were considered. The AMZ results underperformed the S&P 500 Index's 7.0% total return for the month. The best performing midstream subsector for May was the Compression group, while the Propane subsector underperformed.
For the year through June, the AMZ is up 12.4% on a price basis, resulting in a 16.9% total return. This compares to the S&P 500 Index's 17.3% and 18.5% price