By Brian Watson, CFA, Senior Portfolio Manager
First-quarter earnings season winds down and a major player goes green
May performance reflected improving sentiment as COVID-19 containment efforts ease in many locations. Furthermore, midstream investor anxieties may have been calmed by efforts to improve free cash flow generation and financial results that have exceeded Wall Street's expectations.
MLP Market Overview
Midstream MLPs, as measured by the Alerian MLP Index (AMZ), ended May up 6.9% on a price basis and up 9.0% once distributions were considered. The AMZ results outperformed the S&P 500 Index's 4.8% total return