MLP Investment Products Catering to a Spectrum of Investor Needs
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1 MLP Investment Products Catering to a Spectrum of Investor Needs Platts 2011 MLP Conference Kenny Feng, CFA President & CEO
2 2 Disclosures Copyright. No Unauthorized Redistribution. Alerian All rights reserved. This document, in whole or in part, may not be redistributed, reproduced, and/or photocopied without prior written permission. This Document Is Impersonal and Not a Solicitation. In jurisdictions where Alerian or its affiliates do not have the necessary licenses, this document does not constitute an offering of any security, product, or service. Alerian receives compensation in connection with licensing its indices to third parties. All information provided by Alerian in this document is impersonal and not customized to the specific needs of any entity, person, or group of persons. Alerian and its affiliates do not endorse, manage, promote, sell, or sponsor any investment fund or other vehicle that is offered by third parties and that seeks to provide an investment return linked to or based on the returns of any Alerian index. No Advisory Relationship. Alerian is not an investment advisor, and Alerian and its affiliates make no representation regarding the advisability of investing in any investment fund or other vehicle. This document should not be construed to provide advice of any kind, including, but not limited to, tax and legal. You Must Make Your Own Investment Decision. It is not possible to invest directly in an index. Index performance does not reflect the deduction of any fees or expenses. Past performance is not a guarantee of future returns. You should not make a decision to invest in any investment fund or other vehicle based on the statements set forth in this document, and are advised to make an investment in any investment fund or other vehicle only after carefully evaluating the risks associated with investment in the investment fund or other vehicle, as detailed in the offering memorandum or similar document prepared by or on behalf of the issuer. This document does not contain, and does not purport to contain, the level of detail necessary to give sufficient basis to an investment decision. The addition, removal, or inclusion of a security in any Alerian index is not a recommendation to buy, sell, or hold that security, nor is it investment advice. No Warranties. The accuracy and/or completeness of any Alerian index, any data included therein, or any data from which it is based is not guaranteed by Alerian, and it shall have no liability for any errors, omissions, or interruptions therein. Alerian makes no warranties, express or implied, as to results to be obtained from use of information provided by Alerian and used in this service, and Alerian expressly disclaims all warranties of suitability with respect thereto. Limitation of Liability. While Alerian believes that the information provided in this document is reliable, Alerian shall not be liable for any claims or losses of any nature in connection with the use or misuse of the information in this document, including but not limited to, lost profits or punitive or consequential damages, even if Alerian has been advised of the possibility of same. Research May Not Be Current. This document has been prepared solely for informational purposes based on information generally available to the public from sources believed to be reliable. Alerian makes no representation as to the accuracy or completeness of this document, the content of which may change without notice. Alerian expressly disclaims any obligation to update the contents of this document to reflect developments in the energy Master Limited Partnership sector. The methodology involves rebalancings and maintenance of indices that are made periodically throughout the year and may not, therefore, reflect real-time information. Linked Products. Alerian licensees its indexes to third parties for the creation of investment funds or other vehicles. Alerian is not responsible for the information on these websites or for anything that they provide. Policies and Procedures. Analytic services and products provided by Alerian are the result of separate activities designed to preserve the independence and objectivity of each analytic process. Alerian has established policies and procedures to maintain the confidentiality of material non-public information received during each analytic process. Alerian and its affiliates provide a wide range of services to, or relating to, many organizations, and may receive fees or other economic benefits from these organizations.
3 3 MLPs: Core to a Diversified Portfolio Value of $1,000 Invested $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ Source: Bloomberg as of 9/30/11 AMZI AMZ REITs DJIA Utilities S&P 500
4 4 Are Investors Better Off Owning Individual MLPs? 100% MLP Fund Performance Since Inception vs Individual MLPs 90% Percent of MLPs that Outperformed Each Fund 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: Alerian as of 10/7/11
5 5 Investor Appetite Spurs MLP Product Creation From 1981 early 2000s, MLPs were primarily held directly by individual investors In the early 2000s, pooled MLP investment vehicles began to emerge, as investors desired: - Portfolio diversification - Easier tax filings (K-1s, state taxes) - A 401(k) / IRA eligible product - An institution-friendly product Structural considerations - Liquidity constraints - Regulated Investment Company ( RIC Compliant ) vs. Registered Investment Company ( C-Corp Tax ) - Fees
6 Various MLP Products to Suite Investor Needs Product Type Direct Investment Closed End Funds Mutual Funds Exchange Traded Notes Exchange Traded Funds Tax Characteristic Flow-Through Yes Yes Yes No Yes Tax Treatment Ordinary Income Qualified Dividend Qualified Dividend Ordinary Income Qualified Dividend Tax Form Form K-1 Form 1099 Form 1099 Form 1099 Form 1099 IRA/401k Eligible Taxable Beyond $1,000 in UBTI Yes Yes Yes Yes Leverage No Varies Varies Varies No Annual Fee None Varies Varies 0.85% 0.85% First Fund Launched N/A February 2004 March 2010 July 2009 August 2010 Total Funds N/A AUM ($ MM) N/A $8,066 $1,578 $3,347 $1,390 Exchange-Traded Products Include: AMJ, AMLP, MLPG, MLPI, MLPL, MLPN, MLPS, MLPW and MLPY Mutual Funds Include: CCCAX, CSHAX, INFRX, MGMLPCA, MLPAX, MLPDX, MLPFX, MLPPX, and TORTX Closed-End Funds Include: CEM, EMO, FEN, FMO, JMF, KED, KYN, MTP, NTG, SRV, TPZ, TTO, TYG, TYN, and TYY 6 Source: Alerian, Bloomberg as of 10/10/11
7 7 MLP Investment Product IPO Timeline 16 Number of Funds CCCAX INFRX MLPW CSHAX MLPS MLPPX AMLP NTG MLPG CEM 4 MLPN FMO SRV MLPI EMO TORTX 2 0 KYN BSR MLPFX MLPY FEN TYN MTP TPZ MLPDX JMF TYG TYY KED TTO AMJ MLPAX AMLPX Source: NAPTP as of 9/30/11 CEF ETF Mutual Fund ETN
8 8 MLP Exchange Traded Product Growth (AUM) $5,000 $4,500 $4,000 $3,500 $3,000 (Millions) $2,500 $2,000 $1,500 $1,000 $500 $0 Source: Bloomberg as of 9/30/11 AMJ AMLP MLPG MLPI MLPL MLPN MLPS MLPW MLPY
9 9 AMJ: 20% of the Global ETN Market Source: IndexUniverse as of 10/6/11
10 10 AMLP: Consistent Asset Growth Despite Price Volatility NAV ($) Shares Outstanding (Millions) Source: Alerian as of 9/30/11 Shares Outstanding NAV
11 11 MLP Mutual Fund Growth (AUM) $1,800 $1,600 $1,400 $1,200 (Millions) $1,000 $800 $600 $400 $200 $0 Source: Bloomberg as of 9/30/11 MLPFX MLPAX MLPDX CCCAX CSHAX INFRX AMLPX MLPPX TORTX
12 12 Contact Us // McKinney Avenue // Dallas, TX 75202
13 13 Alerian Alerian is an independent company headquartered in Dallas, Texas, that aims to provide objective market information and product access to investors Alerian is a leader of MLP-market intelligence, providing benchmarks, data sets, and analytics that are used extensively by a range of stakeholders such as investment banks, stock exchanges, investment professionals and consultants, and Master Limited Partnerships The Alerian Index Series is used for the purposes of asset allocation, investment analysis, portfolio hedging, and the creation of index tracking funds such as exchange traded notes (ETNs) and exchange traded funds (ETFs). Alerian is widely known for maintaining the leading benchmark of MLP equities: the Alerian MLP Index (NYSE: AMZ) Alerian has an independent advisory board of auditors, MLP executives, institutional fund managers, legal partners, and other senior financial professionals that review all constituent and methodology changes.
14 AMZ: Leading Benchmark of the Asset Class The Alerian MLP Index (NYSE: AMZ) is a composite of the 50 most prominent energy Master Limited Partnerships Float-adjusted, capitalization-weighted calculation methodology Only statistically significant, academically accepted benchmarking methodology Liquidity creates greater price transparency and accuracy for asset class pricing The AMZ was the first real time MLP index and is the leading benchmark of the asset class MLPs reference the AMZ throughout their investor presentations, website fact sheets, annual reports, as well as for internal benchmarking purposes Research analysts, investment bankers, and investment managers use the AMZ in their client reports to track the performance of the energy MLP sector The AMZ is the benchmark for the NYSE: AMJ, a $2.8 billion exchange-traded note 14
15 Other Alerian MLP Indices Alerian MLP Infrastructure Index (AMZI / AMZIX) 25 MLPs whose constituents earn a majority of cash flow (>50%) from the transportation, storage, and processing of energy commodities Methodology: Capped 1, float-adjusted, capitalization-weighted Alerian Natural Gas MLP Index (ANGI / ANGIX) 20 MLPs whose constituents earn a majority of cash flow (>50%) from the transportation, storage, and processing of natural gas and natural gas liquids. Methodology: equal-weighted Alerian Large Cap Index (ALCI / ALCIX) Top 15 largest MLPs by market capitalization Methodology: equal-weighted 1 Capped to increase diversification. Top 2 names capped at 9.49%, third through sixth names capped at 6.99%, with remainder proportionately distributed to remaining constituents 15
16 16 Trusted Innovation and Data Integrity Market-leading data depth 15 years of price, distribution yield, and total return performance data available in daily, weekly, monthly, quarterly, and yearly formats Quarterly summary and composition analysis data, including share counts and float adjustment factors for each underlying constituent Rigorous data checking process Other index publishers utilize units outstanding and float numbers from inaccurate and/or outdated databases Alerian maintains a custom database that incorporates recent public equity offerings, PIPE transactions, and special units outstanding First mover advantage Some copycat indices have used quirks in an attempt to differentiate themselves Others have engaged in data mining to produce specific results Transparency Methodology is highly structured and publicly available Index rebalancings and constituent changes are publicly announced via PR Newswire
17 17 Innovation Ahead of Industry Trends 2006 Alerian MLP Index (AMZ) Launched 10 years of price and total returns, distribution yields, and market capitalization The index went live on the New York Stock Exchange on 1 June Widespread Adoption Corporate presentations and websites, Annual reports and 10-Ks, research analyst reports, end-ofyear compensation decisions 2008 Creation of the Alerian MLP Infrastructure Index (AMZI) Following sector downturn, investors refocused on infrastructure assets with toll-road business models 2009 Launch of an Exchange-Traded Note NYSE: AMJ began trading on 2 April 2009 Largest MLP pooled investment vehicle with over $2.8 billion in assets today 2010 Alerian MLP ETF (AMLP) Launched First in the Asset Class 2 nd highest volume of any ETF launch in past three years
18 18 Full Suite of Linked Products Exchange Traded Fund (ETF) Alerian MLP ETF JPMorgan Alerian MLP Index ETN UBS E-TRACS Alerian MLP Infrastructure Index ETN UBS E-TRACS 2x Leveraged Long Alerian MLP Infrastructure Index ETN UBS E-TRACS Alerian Natural Gas MLP Index ETN NYSE Ticker Symbol AMLP AMJ MLPI MLPL MLPG Licensee ALPS JPMorgan UBS (E-TRACS) UBS (E-TRACS) UBS (E-TRACS) Underlying Index Alerian MLP Infrastructure Index (AMZI) Alerian MLP Index (AMZ) Alerian MLP Infrastructure Index (AMZI) Alerian MLP Infrastructure Index (AMZI) Alerian MLP Natural Gas Index (ANGI) Annual Fee (%) 0.85% 0.85% 0.85% 0.85% 0.85% Total Assets (million) Exchanged Traded Notes (ETNs) $1,371 $2,790 $170 $71 $13 As of 9/30/11 Total Alerian Linked-Products AUM ($ million): $4,415
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