The ETF Investor’s Guide To MLPs, With Alerian And ALPS
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It has not been a good decade for MLP investors. Even with double digit yields, total returns on the sector are at -4% annualized going back to 2010. Alerian’s Stacey Morris believes that’s all about to change as 2021 will see meaningful growth in MLP free-cash-flow and dividends for the first time in years. SS&C ALPS' Paul Baiocchi also joins the conversation and goes under the hood of his firm’s 2 Alerian MLP ETFs, AMLP and ENFR. On this episode of Let's Talk ETFs - the first to focus specifically on MLPs in an ETF wrapper - we cover everything from why companies would choose the master limited partnership structure, the unique and often confusing tax code around MLPs (and how ETFs like AMLP and ENFR manage to largely sidestep it), differences between American and Canadian Partnerships, and how various outcomes in the upcoming Presidential election are likely to affect the broader MLP sector. Show Notes3:30 - How has the pandemic affected Stacey and Paul's work lives?8:00 - What makes a company an MLP? What are the benefits of this structure?10:30 - How are MLPs insulated from price movements in crude oil and natural gas?14:15 - The outlook for MLPs in 2021 and beyond: Lowering CapEx, increasing FCF22:00 - Dealing with the tax man: How do you get around issuing K-1s in AMLP?26:00 - How are holdings selected and maintained for both ENFR and AMLP?28:30 - Divergent performances: Why has ENFR outperformed AMLP?34:45 - How much overlap is there between the holdings of these two funds?37:00 - Biden vs. Trump: How will the outcome of the upcoming presidential election affect energy mid-stream players?Learn more about your ad choices. Visit megaphone.fm/adchoices