5 Fairly Valued MLPs: Is the Dilution Worth the Yield and How Do You Value Them?

Size: px
Start display at page:

Download "5 Fairly Valued MLPs: Is the Dilution Worth the Yield and How Do You Value Them?"

Transcription

1 5 Fairly Valued MLPs: Is the Dilution Worth the Yield and How Do You Value Them? February 23, 2017 by Chuck Carnevale of F.A.S.T. Graphs Introduction The 5 MLPs covered in this article offer yields ranging from 5.7% to 10.7%. Additionally, each of these MLPs appears reasonably valued given their high yields and prospects for growth. However, two of these MLPs are currently in the process of merging. MLPs Simple and Complex at the Same Time I believe that MLPs represent an investment choice that is a conundrum of sorts. In some ways, MLPs are very simple investments. They are primarily income generating vehicles that typically produce higher yields than most other investment choices. Furthermore, as a general rule, best-of-breed MLPs have a history of increasing their distributions each year. Therefore, investing in MLPs is primarily about the dividend income, or more precisely stated, the income distributions that they offer unit holders. On the other hand, many best-of-breed MLPs have also proven themselves to be excellent capital appreciation generators over the long term as well. But there is also a lot of complexity associated with investing in MLPs. They have complex capital structures and many have general partner relationships that do not always favor public unit holders. Therefore, each prospective individual MLP investor should also carefully examine the partnership agreements between the general partners and limited partners. These agreements will also cover the distributable cash flow levels to include discretionary reserves mandated by the general partner. In this same regard, there also tax considerations associated with investing in MLPs. As long as the MLP is deriving 90% or more of their income from qualifying sources, there is no tax at the entity level. Furthermore, unit holders are offered tax benefits on their distributions because a portion is considered return of capital. However, the return of capital portion also reduces the unit holder s basis in the units. As a result, unit holders must deal with a K-1 each year and keep track of their cost basis. This tax pass-through status is generally considered a benefit, but it also comes with additional complexity. MLPs also provide challenges to tax advantaged accounts such as IRAs because partnership income can be considered unrelated business taxable income and subject to unrelated business income tax

2 (UBIT) if it exceeds $1000 a year. There is also estate planning tax considerations that investors must consider. With the above said, I want to be clear to the reader that I am not an expert in investing in MLPs. However, I do believe I have something to offer that is often overlooked by investors regarding investing in MLPs. In talking with individual investors about MLPs, I have discovered that few are aware of the amount of dilution associated with investing in MLPs. MLPs are constantly issuing more shares (units) which dilute existing unit holders, but raises muchneeded capital to fund growth at the same time. For the MLPs covered in this article, this additional capital has been the source of significant revenue increases. These increased revenues allow the MLPs to continue to increase distributions in spite of the heavy dilution. MLPs Simplified For those readers not fully versed in MLPs, I offer the following links to the educational section of Alerian an independent provider of master limited partnership products and exchange traded funds. The first is titled MLP 101 and the second is titled MLP 201. These links will provide a basic education on MLPs. I also offer the following info graphic from the same website that simplifies MLPs and how they function 5 Fairly Valued MLPs The following FAST Graphs summary lists 5 MLPs that I considered fairly valued in alphabetical order. As previously mentioned, Energy Transfer Partners, LP (ETP) and Sunoco Logistics Partners, LP (SXL) have entered into a merger agreement providing for the acquisition of ETP by SXL as a unit for unit transaction. My rationale for including these as separate entities prior to the merger is to cast a light on the complexities and challenges often associated with investing in MLPs. Limited partner unit holders are often at the mercy of controlling general partners. In this case there is a third entity, Energy Transfer Equity (ETE) that owns the general partner and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners L.P. and Sunoco LP (SUN). This is offered simply to illustrate the complexity of investing in MLPs. Unlike investing in traditional companies, it s important to not only analyze the specific MLP under consideration, it s also critical to understand and analyze the general partner and all of its parts.

3 5 Featured MLPs: Extraordinary Historical Performance for the Income Investor In spite of all the complexities regarding investing in MLPs I referenced above, their historical performance achievements cannot be denied. The following performance results on each of the 5 featured MLPs in this article clearly illustrate the long-term benefit of investing in MLPs. As previously stated, their primary allure is for their high level of income distributions and the growth of those distributions over time. Additionally, they have also proven themselves to be reasonable capital appreciation investments as well. However, when examining the following performance reports, it s important to keep the tax considerations in mind. Much of the income distribution is considered return of capital, and therefore, a major portion of MLP distributions are considered tax-deferred and the remaining portion taxed at ordinary income rates. The precise calculations are reported in each respective company s K-1. This creates additional tax filing requirements for the individual investor. Buckeye Partners LP (BPL)

4 Enterprise Products Partners (EPD)

5 Energy Transfer Partners (ETP)

6 Plains All American Pipeline (PAA)

7 Sunoco Logistics Partners (SXL)

8 Bonus Video: Is the Dilution Worth the Yield and How Do You Value MLPs? Summary and Conclusions Although I featured 5 MLPs in this article, I did not go into the specific investment characteristics of each of these individual entities. Instead, my purpose was to illustrate the general potential benefits, risks and complexities associated with investing in MLPs. These are a unique asset class created by an act of Congress, and as such, I believe they require a special level of research and due diligence. There are many financial sites where specific information on each of these research candidates can be found. Investing in MLPs can be quite rewarding over the long run when MLPs are purchased at sound valuations. However, assessing sound valuation can be challenging for the individual investor due to the complexities of their capital structures and the associated tax ramifications. In the video included with this article I ve attempted to illustrate ways that the valuation assessments on MLPs can be simplified. However, the challenge of understanding the financial statements of MLPs is very difficult to say the least. Furthermore, I believe that MLP investing requires a significant amount of monitoring and constant due diligence. Consequently, in spite of their prodigious income distributions and attractive

9 long-term capital appreciation achievements, I believe that MLPs should be considered a riskier investment class. Evidence to support that statement can be seen by looking at the credit ratings of the 5 featured MLPs in this article. Caveat emptor. Disclosure: Long ETP Disclaimer: The opinions in this document are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit transactions or clients. Past performance of the companies discussed may not continue and the companies may not achieve the earnings growth as predicted. The information in this document is believed to be accurate, but under no circumstances should a person act upon the information contained within. We do not recommend that anyone act upon any investment information without first consulting an investment advisor as to the suitability of such investments for his specific situation. F.A.S.T. Graphs

Designing a Retirement Portfolio That s Just Right For You

Designing a Retirement Portfolio That s Just Right For You Designing a Retirement Portfolio That s Just Right For You July 10, 2015 by Chuck Carnevale of F.A.S.T. Graphs Introduction No one knows your own personal financial situation better than you do. Every

More information

Campbell Soup Company: High-Yield and Speculative Capital Gain Potential-Part 4

Campbell Soup Company: High-Yield and Speculative Capital Gain Potential-Part 4 Campbell Soup Company: High-Yield and Speculative Capital Gain Potential-Part 4 June 7, 2018 by Chuck Carnevale of F.A.S.T. Graphs This is the fourth of what will be a long-running series highlighting

More information

7 Intriguing Healthcare Growth Stocks in the S&P 500: Part 2

7 Intriguing Healthcare Growth Stocks in the S&P 500: Part 2 7 Intriguing Healthcare Growth Stocks in the S&P 500: Part 2 August 15, 2016 by Chuck Carnevale of F.A.S.T. Graphs Introduction The S&P 500 index is commonly used as a benchmark that investors use to measure

More information

Designing a Dividend Growth Portfolio for a Specific Retirement Yield Objective: Part 1

Designing a Dividend Growth Portfolio for a Specific Retirement Yield Objective: Part 1 Designing a Dividend Growth Portfolio for a Specific Retirement Yield Objective: Part 1 October 2, 2015 by Chuck Carnevale of F.A.S.T. Graphs Introduction Managing an investment portfolio is a very personal

More information

10 Dividend Growth Stocks for Your Retirement Portfolios Aggregate Yield 4.3%: Part 2

10 Dividend Growth Stocks for Your Retirement Portfolios Aggregate Yield 4.3%: Part 2 10 Dividend Growth Stocks for Your Retirement Portfolios Aggregate Yield 4.3%: Part 2 August 12, 2015 by Chuck Carnevale of F.A.S.T. Graphs Introduction After an exhaustive search of the dividend growth

More information

ALPS Alerian MLP ETF (AMLP) Summary. Description. Historical prices (1 year) DIAMONDS* RATINGS* ETFG RISK RATING 2.32 ETFG REWARD RATING 7.

ALPS Alerian MLP ETF (AMLP) Summary. Description. Historical prices (1 year) DIAMONDS* RATINGS* ETFG RISK RATING 2.32 ETFG REWARD RATING 7. ALPS Alerian MLP ETF (AMLP) Tearsheet as of 7:30 pm, April 26, 2014. Summary RATINGS* DIAMONDS* ETFG RISK RATING 2.32 ETFG REWARD RATING 7.40 Description Alerian MLP ETF is an exchange-traded fund incorporated

More information

j2 Global: Don t Overlook This Impressive Growth and Dividend Income Stock

j2 Global: Don t Overlook This Impressive Growth and Dividend Income Stock j2 Global: Don t Overlook This Impressive Growth and Dividend Income Stock March 3, 2017 by Chuck Carnevale of F.A.S.T. Graphs j2 Global (JCOM) was founded in 1995 and went public in 1999. During their

More information

Finding Great Value In The Energy Sector

Finding Great Value In The Energy Sector Finding Great Value In The Energy Sector June 21, 2013 by Chuck Carnevale of F.A.S.T. Graphs This will be the second in a series of articles designed to find value in today s stock market environment.

More information

Master Limited Partnership (MLP) Overview

Master Limited Partnership (MLP) Overview Master Limited Partnership (MLP) Overview ENERGY SECTOR REPORT 17 October 2017 ANALYST(S) Andy Pusateri, CFA This publication is for informational purposes only. While Edward Jones' Research Department

More information

BlackRock Inc: Fundamental Stock Research Analysis

BlackRock Inc: Fundamental Stock Research Analysis BlackRock Inc: Fundamental Stock Research Analysis May 9, 2013 by Team of F.A.S.T. Graphs Before analyzing a company for investment, it s important to have a perspective on how well the business has performed.

More information

American Eagle Outfitters Inc: Fundamental Stock Research Analysis

American Eagle Outfitters Inc: Fundamental Stock Research Analysis American Eagle Outfitters Inc: Fundamental Stock Research Analysis June 18, 2013 by Team of F.A.S.T. Graphs Before analyzing a company for investment, it s important to have a perspective on how well the

More information

Stock Selection Options by Category: Part 2A

Stock Selection Options by Category: Part 2A Stock Selection Options by Category: Part 2A October 31, 2018 by Chuck Carnevale of F.A.S.T. Graphs Introduction In part 1 of this series titled How Many Stocks Should I Own? found here, I focused primarily

More information

Emerson Electric: High-yield, Sound Valuation and 59 Consecutive Years of Dividend Increases, Part 2

Emerson Electric: High-yield, Sound Valuation and 59 Consecutive Years of Dividend Increases, Part 2 Emerson Electric: High-yield, Sound Valuation and 59 Consecutive Years of Dividend Increases, Part 2 May 27, 2016 by Chuck Carnevale of F.A.S.T. Graphs Introduction When I m looking for a stock to add

More information

What Will Happen To the Stock Market When Interest Rates Rise? Part 1

What Will Happen To the Stock Market When Interest Rates Rise? Part 1 What Will Happen To the Stock Market When Interest Rates Rise? Part 1 July 21, 2016 by Chuck Carnevale of F.A.S.T. Graphs Introduction Interest rates have been in a freefall for the better part of the

More information

Celgene: A Primer on Growth Stock Value Investing (GARP): Part 2

Celgene: A Primer on Growth Stock Value Investing (GARP): Part 2 Celgene: A Primer on Growth Stock Value Investing (GARP): Part 2 November 13, 2015 by Chuck Carnevale of F.A.S.T. Graphs Introduction This article is the second in a two-part series on applying the principles

More information

Which Is the Better Valuation Metric? The P/E Ratio or the PEG Ratio: Part 1

Which Is the Better Valuation Metric? The P/E Ratio or the PEG Ratio: Part 1 Which Is the Better Valuation Metric? The P/E Ratio or the PEG Ratio: Part 1 October 28, 2016 by Chuck Carnevale of F.A.S.T. Graphs Introduction Recently, I have been engaged in rather intense discussions

More information

Archer Daniels Midland Co: Fundamental Stock Research Analysis

Archer Daniels Midland Co: Fundamental Stock Research Analysis Archer Daniels Midland Co: Fundamental Stock Research Analysis April 19, 2013 by Team of F.A.S.T. Graphs Before analyzing a company for investment, it s important to have a perspective on how well the

More information

Designing the Appropriate Common Stock Retirement Portfolio: Stock Selection Options Part 1

Designing the Appropriate Common Stock Retirement Portfolio: Stock Selection Options Part 1 Designing the Appropriate Common Stock Retirement Portfolio: Stock Selection Options Part 1 September 14, 2015 by Chuck Carnevale of F.A.S.T. Graphs Introduction What is the best way to design or construct

More information

The Great Beta Hoax: Not an Accurate Measure of Risk After All

The Great Beta Hoax: Not an Accurate Measure of Risk After All The Great Beta Hoax: Not an Accurate Measure of Risk After All May 21, 2015 by Chuck Carnevale of F.A.S.T. Graphs Every investor is concerned with risk at some level. Arguably investors in retirement are

More information

What s Inside. Constituent Analysis. Distribution Review. Long Term Performance as of 3/31/18

What s Inside. Constituent Analysis. Distribution Review. Long Term Performance as of 3/31/18 ALERIAN MLP ETF QUARTERLY SCORECARD AMLP ETF Stats Ticker: AMLP Underlying Index: AMZI Listing Exchange: NYSE Arca CUSIP: 00162Q 866 Fund Inception: 8/25/10 Net Assets: $8.5 billion Net Asset Value: $9.38

More information

6/30/17 7/31/17 5/31/17. *Source: Bloomberg NAV returns as of 12/31/2017. Past performance is not indicative of future results.

6/30/17 7/31/17 5/31/17. *Source: Bloomberg NAV returns as of 12/31/2017. Past performance is not indicative of future results. ALERIAN MLP ETF QUARTERLY SCORECARD AMLP ETF Stats Ticker: AMLP Underlying Index: AMZI Listing Exchange: NYSE Arca CUSIP: 00162Q 866 Fund Inception: 8/25/10 Net Assets: $10.3 billion Net Asset Value: $10.82

More information

Expanding Retirement Savings Opportunities with Roth Accounts

Expanding Retirement Savings Opportunities with Roth Accounts Defined Contribution Plans Expanding Retirement Savings Opportunities with Roth Accounts A growing number of plan sponsors are finding that adding Roth features to their retirement plan helps provide the

More information

Dividends True Contribution to Total Return May Surprise You

Dividends True Contribution to Total Return May Surprise You Dividends True Contribution to Total Return May Surprise You March 30, 2016 by Chuck Carnevale of F.A.S.T. Graphs Introduction In recent years, dividends contribution to total return has been one of the

More information

VF Corp: Fundamental Stock Research Analysis

VF Corp: Fundamental Stock Research Analysis VF Corp: Fundamental Stock Research Analysis January 18, 2013 by Team of F.A.S.T. Graphs By FAST Graphs VF Corp: Fundamental Stock Research Analysis Before analyzing a company for investment, it s important

More information

10 Attractive Dividend Growth Stocks Poised to Become the Next Dividend Champions Or Aristocrats

10 Attractive Dividend Growth Stocks Poised to Become the Next Dividend Champions Or Aristocrats 10 Attractive Dividend Growth Stocks Poised to Become the Next Dividend Champions Or Aristocrats January 12, 2016 by Chuck Carnevale of F.A.S.T. Graphs Introduction I screened the Dividend Contenders list

More information

Fossil Inc Fundamental Stock Research Analysis

Fossil Inc Fundamental Stock Research Analysis Fossil Inc Fundamental Stock Research Analysis January 22, 2013 by Team of F.A.S.T. Graphs Growth stocks are defined as companies with high rates of change of earnings growth of 15% to 20% or better. Growth

More information

Don t Be a Stock Market Victim!

Don t Be a Stock Market Victim! Don t Be a Stock Market Victim! December 27, 2018 by Chuck Carnevale of F.A.S.T. Graphs Introduction The primary objective of this article is to help the reader put this recent bad market in perspective

More information

Year-End Planning 2017

Year-End Planning 2017 Wealth Management Year-End Planning Executive Summary As we approach the end of, it is time to review traditional year-end planning decisions. We are aware of the significant changes in the tax code currently

More information

ANNUAL REPORT. November 30, Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution

ANNUAL REPORT. November 30, Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution ANNUAL REPORT November 30, 2017 Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution TABLE OF CONTENTS Performance Overview Alerian MLP ETF...

More information

Asset Class Review APR. 24, Master Limited Partnerships

Asset Class Review APR. 24, Master Limited Partnerships APR. 24, 2013 INVESTOR EDUCATION GLOBAL INVESTMENT COMMITTEE Asset Class Review OVERVIEW AUTHOR Master Limited Partnerships DESCRIPTION. Master limited partnerships (MLPs) operate physical assets such

More information

Peter Lynch Taught Me to Invest in Ultra Beauty Inc.

Peter Lynch Taught Me to Invest in Ultra Beauty Inc. Introduction Peter Lynch Taught Me to Invest in Ultra Beauty Inc. February 1, 2018 by Chuck Carnevale of F.A.S.T. Graphs In his best-selling book One up on Wall Street Peter Lynch included this subtitle

More information

Update Hidden Value in MLP & Midstream Credit

Update Hidden Value in MLP & Midstream Credit JANUARY 2018 Update Hidden Value in MLP & Midstream Credit Sharam Honari Partner SHonari@BlackGoldCap.com 832 706 4873 Chris Jacobe Director, Client Solutions CJacobe@BlackGoldCap.com 832 871 4233 Shalin

More information

Important Information about a Fund of Hedge Funds

Important Information about a Fund of Hedge Funds Robert W. Baird & Co. Incorporated Important Information about a Fund of Hedge Funds Fund of Hedge Fund Investing at Baird Baird offers eligible clients the opportunity to invest in funds of hedge funds

More information

The 5 Biggest TAX MISTAKES. Investors Make AND HOW YOU CAN AVOID THEM

The 5 Biggest TAX MISTAKES. Investors Make AND HOW YOU CAN AVOID THEM The 5 Biggest TAX MISTAKES Investors Make AND HOW YOU CAN AVOID THEM Investing is complex and the impact of taxes can make a big difference in your investment returns over time. With investing, it s not

More information

Mastering Energy MLPs

Mastering Energy MLPs Mastering Energy MLPs pans and shovels. In the energy industry, the steadiest and most reliable earnings go not to the companies that bring the oil and gas from deep within the earth to the wellhead, but

More information

The 15 Minute Unrelated Business Income Tax (UBIT) Guide

The 15 Minute Unrelated Business Income Tax (UBIT) Guide The 15 Minute Unrelated Business Income Tax (UBIT) Guide Learn how to Harvest IRA MLP Tax Losses, Offset Taxes and Ensure Compliance with the IRA Mystery Tax Called UBIT. WHY WE WROTE THIS GUIDE This guide

More information

How to Forecast Future Stock Returns: Part 3

How to Forecast Future Stock Returns: Part 3 How to Forecast Future Stock Returns: Part 3 Chuck Carnevale - Monday, July 16, 2012 Introduction In Part 1 and Part 2 of this three-part series, we established the basic principles of valuation and provided

More information

Practice Intelligence

Practice Intelligence Practice Intelligence How to Protect your Business STEP ONE: For any business owners it is wise to set up a personal asset protection plan. Must have a real/true expert. It s not just having a family limited

More information

These Are the Only Dividend Aristocrats I Would Consider Today

These Are the Only Dividend Aristocrats I Would Consider Today These Are the Only Dividend Aristocrats I Would Consider Today July 8, 2016 by Chuck Carnevale of F.A.S.T. Graphs Generally speaking, the overall stock market is fully valued at best, and in many cases

More information

Master Limited Partnerships 101:

Master Limited Partnerships 101: Master Limited Partnerships 101: Presentation to the American Association of Individual Investors Silicon Valley Chapter April 16, 2011 2010 National Association of Publicly Traded Partnerships 1 Master

More information

Union Bank, N.A. Market-Linked Certificates of Deposit, due June 28, 2018 (MLCD No. 283) Quarterly Capped Return Linked to the S&P 500 Index

Union Bank, N.A. Market-Linked Certificates of Deposit, due June 28, 2018 (MLCD No. 283) Quarterly Capped Return Linked to the S&P 500 Index FINAL DISCLOSURE SUPPLEMENT Dated June 25, 2013 To the Disclosure Statement dated January 30, 2013 Union Bank, N.A. Market-Linked Certificates of Deposit, due June 28, 2018 (MLCD No. 283) Quarterly Capped

More information

GPs vs MLPs AN OVERVIEW OF THE GENERAL PARTNERS OF MASTER LIMITED PARTNERSHIPS

GPs vs MLPs AN OVERVIEW OF THE GENERAL PARTNERS OF MASTER LIMITED PARTNERSHIPS AN OVERVIEW OF THE GENERAL PARTNERS OF MASTER LIMITED PARTNERSHIPS MLPs AND GPs Master Limited Partnerships, or MLPs, are tax pass-through entities that derive 90 percent of their income from the exploration,

More information

SemGroup Corporation Agreement to Acquire Rose Rock Midstream Announcement

SemGroup Corporation Agreement to Acquire Rose Rock Midstream Announcement SemGroup Corporation Agreement to Acquire Rose Rock Midstream Announcement May 31, 2016 at 8:30 a.m. Eastern CORPORATE PARTICIPANTS Alisa Perkins Investor Relations Carlin Conner Chief Executive Officer

More information

A retirement plan guide for small businesses

A retirement plan guide for small businesses A retirement plan guide for small businesses Choosing a plan that benefits you and your employees Benefits of a qualified retirement plan A qualified retirement plan is also a good strategy for reducing

More information

Master Limited Partnerships

Master Limited Partnerships March 2010 Master Limited Partnerships An Outstanding Track Record And A Promising Future Malcom Day, CFA Partner, Eagle Global Advisors An Outstanding Track Record: A Quarter Century of History Master

More information

The Ultimate Guide to Choosing, Owning and Selling Master Limited Partnerships

The Ultimate Guide to Choosing, Owning and Selling Master Limited Partnerships The Ultimate Guide to Choosing, Owning and Selling Master Limited Partnerships Everything You Should Know about MLPs before You Invest By Tom Hutchinson, Chief Analyst, Cabot Dividend Investor Safe Income

More information

2019 Midstream Outlook. December 18, 2018

2019 Midstream Outlook. December 18, 2018 2019 Midstream Outlook December 18, 2018 2018 performance recap midstream defensive as oil fell Source: Bloomberg as of December 12, 2018 2 Production growth outlook remains strong Source: Energy Information

More information

THE ZACKS MLP INDEX (ZAXLP)

THE ZACKS MLP INDEX (ZAXLP) THE ZACKS MLP INDEX (ZAXLP) Table of Contents 1. About Zacks 2. Index Summary 3. Index Methodology 3.1. Overview 3.2. Constituent Criteria 3.3. Rebalancing Frequency 4. Index Calculation & Dissemination

More information

Glass Lewis Approach to Financial Transactions

Glass Lewis Approach to Financial Transactions Glass Lewis Approach to Financial Transactions Mergers and Acquisitions. Some of the most important votes an investor will consider and cast are on mergers and acquisition transactions. These are economic

More information

Supplementing Retirement Income with Life Insurance

Supplementing Retirement Income with Life Insurance Supplementing Retirement Income with Life Insurance CLIENT SNAPSHOT INDIVIDUAL NEEDS Protection for today, income for tomorrow Protecting your family and planning for a long retirement are likely to top

More information

Platts 2011 MLP Symposium. October 11, 2011

Platts 2011 MLP Symposium. October 11, 2011 Platts 2011 MLP Symposium October 11, 2011 Disclaimer The opinions expressed in these materials represent the personal views of Salient s investment professionals and are based on their broad investment

More information

10 Undervalued Dividend Champions For 2016: Be Greedy When Others Are Fearful

10 Undervalued Dividend Champions For 2016: Be Greedy When Others Are Fearful 10 Undervalued Dividend Champions For 2016: Be Greedy When Others Are Fearful December 24, 2015 by Chuck Carnevale of F.A.S.T. Graphs Introduction Dividend Champions/Aristocrats are the go-to dividend

More information

FundSource. Professionally managed, diversified mutual fund portfolios. A sophisticated approach to mutual fund investing

FundSource. Professionally managed, diversified mutual fund portfolios. A sophisticated approach to mutual fund investing FundSource Professionally managed, diversified mutual fund portfolios Is this program right for you? FundSource is designed for investors who: Want a diversified portfolio of mutual funds that fits their

More information

2017 ETP Fall Forum New York City November 28, 2017 Panel: The Need to Differentiate Among Smart Beta Strategies

2017 ETP Fall Forum New York City November 28, 2017 Panel: The Need to Differentiate Among Smart Beta Strategies 2017 ETP Fall Forum New York City November 28, 2017 Panel: The Need to Differentiate Among Smart Beta Strategies Ed Coyne, EVP, National Sales, Sprott Asset Management USA, Inc. (646) 599-0859 / mailto:ecoyne@sprottusa.com

More information

TRANSAMERICA ADVANCED MARKETS. Transamerica s guide to small business RETIREMENT PLANS

TRANSAMERICA ADVANCED MARKETS. Transamerica s guide to small business RETIREMENT PLANS Transamerica s guide to small business RETIREMENT PLANS guide to small business RETIREMENT PLANS Once you decide to offer a retirement plan to your employees, one of the most important decisions you will

More information

EMPLOYEE INCENTIVE PLANNING

EMPLOYEE INCENTIVE PLANNING EMPLOYEE INCENTIVE PLANNING WHITE PAPER Chuck Baldwin Baldwin & Clarke Advisory Services, Inc. 116 A South River Road Coldstream Park Bedford, NH 03110 Phone: 603-668-4353 http://www.baldwinclarke.com

More information

LIFE INSURANCE BASED STRATEGIES TO ATTRACT AND RETAIN KEY EMPLOYEES Executive Compensation Plans

LIFE INSURANCE BASED STRATEGIES TO ATTRACT AND RETAIN KEY EMPLOYEES Executive Compensation Plans LIFE INSURANCE BASED STRATEGIES TO ATTRACT AND RETAIN KEY EMPLOYEES Executive Compensation Plans THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 0239395-00006-00 Ed. 06/2017 Exp. 12/31/2018 HOW PRUDENTIAL

More information

Wealth solutions for life in a complex world.

Wealth solutions for life in a complex world. Wealth solutions for life in a complex world. An introduction to for partners Contents Wealth solutions for life in a complex world. Expertise in Partnership 04 About the Business 06 Our Foundations 10

More information

Performance Report - Performance Snapshot

Performance Report - Performance Snapshot Sample-6XXXXX2153XXXXXX Cost of s Return ELSS - Equity ICICI Prudential Long Term Equity Fund (Tax Saving) - Regular Plan - Growth 60,000 48,000 107,332 - -2,000 59,332 95.6 493.5 3.2 Summary 60,000 48,000

More information

With-Profits Plan. Sharing in the profits of Prudential s With-Profits Fund by means of bonuses

With-Profits Plan. Sharing in the profits of Prudential s With-Profits Fund by means of bonuses With-Profits Plan Sharing in the profits of Prudential s With-Profits Fund by means of bonuses Introducing Prudential s With-Profits Plan This document is a highly simplified description of With-Profits

More information

Subject to Completion, dated April 18, 2018

Subject to Completion, dated April 18, 2018 Subject to Completion, dated April 18, 2018 The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying base

More information

Important Information About Changes To Your Advisory Service

Important Information About Changes To Your Advisory Service Important Information About Changes To Your Advisory Service March 29, 2018 Effective July 16, 2018, Fidelity will bring together multiple services. A new registered investment adviser called Fidelity

More information

Hope Is Not A Strategy, Before Investing Have A Precise Calculation Of Return In Mind

Hope Is Not A Strategy, Before Investing Have A Precise Calculation Of Return In Mind Hope Is Not A Strategy, Before Investing Have A Precise Calculation Of Return In Mind May 2, 2015 by Chuck Carnevale of F.A.S.T. Graphs Introduction Many people make the mistake of investing in a stock

More information

Income Investing basics

Income Investing basics Income Investing basics investment options that can offer income, growth, and diversification Key questions to consider: What are your income-oriented investment options? What is the role of income in

More information

LIQUIDITY A measure of the company's ability to meet obligations as they come due. Financial Score for Restaurant

LIQUIDITY A measure of the company's ability to meet obligations as they come due. Financial Score for Restaurant Dear Client: In an effort to bring you more value as a financial management advisor, we have initiated a program to present your financial statements in an easier-to-read and more useful format. We are

More information

Small business plans Business owner guide

Small business plans Business owner guide Small business plans Business owner guide Contents 1 Why consider a retirement plan? 2 SEP Plan 4 SIMPLE IRA 6 Age-Weighted Profit Sharing Plan 8 New Comparability Profit Sharing Plan 10 Safe Harbor 401(k)

More information

Business development companies: understanding tax-related opportunities and challenges

Business development companies: understanding tax-related opportunities and challenges Business development companies: understanding tax-related opportunities and challenges Venture capital and private equity funds are wellknown and important sources of investment money for startup firms

More information

AMLP Alerian MLP

AMLP Alerian MLP Alerian MLP ETF ETF.com segment: Equity: U.S. MLPs Competing ETFs: MLPI, MLPB, AMJ, AMU, MLPG Related ETF Channels: U.S., Smart-Beta ETFs, Sectors, MLPs, Energy, Alerian MLP Infrastructure, Dividends,

More information

The Problems With Reverse Mortgages

The Problems With Reverse Mortgages The Problems With Reverse Mortgages On Monday, we discussed the nuts and bolts of reverse mortgages. On Wednesday, Josh Mettle went into more detail with some of the creative uses for a reverse mortgage.

More information

Demystifying the Role of Alternative Investments in a Diversified Investment Portfolio

Demystifying the Role of Alternative Investments in a Diversified Investment Portfolio Demystifying the Role of Alternative Investments in a Diversified Investment Portfolio By Baird s Advisory Services Research Introduction Traditional Investments Domestic Equity International Equity Taxable

More information

Invest In Walgreens Or CVS Speculate In Rite Aid

Invest In Walgreens Or CVS Speculate In Rite Aid Invest In Walgreens Or CVS Speculate In Rite Aid January 23, 2018 by Chuck Carnevale of F.A.S.T. Graphs Introduction For many years now, investing in healthcare related stocks has presented me with a conundrum

More information

SNIDER

SNIDER OWNER S MANUAL www.snideradvisors.com 1-888-6SNIDER I am delighted you are considering the Snider Investment Method. We wrote what we hope will be a plain-english guide to the Snider Investment Method

More information

Investment Policy Statement and Guidelines

Investment Policy Statement and Guidelines Investment Policy Statement and Guidelines MISSION The Rhode Island College Foundation, established in 1965, is a separate but affiliated enterprise that is devoted to raising funds for Rhode Island College,

More information

Current GP / IDR Market Trends. Platts Conference Houston, TX October 11, 2011

Current GP / IDR Market Trends. Platts Conference Houston, TX October 11, 2011 Current GP / IDR Market Trends Platts Conference Houston, TX October 11, 2011 Forward-Looking Statements Statements made by representatives of Vanguard Natural Resources, LLC during the course of this

More information

If the final share price of the worst performing underlying shares on the final valuation date is less than the applicable final barrier price,

If the final share price of the worst performing underlying shares on the final valuation date is less than the applicable final barrier price, The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission.

More information

Simplification and Financial Repositioning February 8, 2018

Simplification and Financial Repositioning February 8, 2018 Simplification and Financial Repositioning February 8, 2018 Note: We have revised slides 10 & 11, as described in the footnotes thereto, to clarify our basis of presentation Investor Notice In connection

More information

Employee Incentive Planning White Paper

Employee Incentive Planning White Paper Employee Incentive Planning White Paper Before they can sell or exit their businesses with financial security, most owners need to grow their companies cash flow and transferable value significantly. Without

More information

PERSONAL WEALTH PORTFOLIOS. simplify. your life. With Investment Strategies

PERSONAL WEALTH PORTFOLIOS. simplify. your life. With Investment Strategies PERSONAL WEALTH PORTFOLIOS simplify your life With Investment Strategies The Personal Wealth Portfolios: Meeting Sophisticated Needs in a Single Account As an investor, your financial portfolio is more

More information

All Employees Eligible to Participate in the ARRIS Technology, Inc. Employee Savings Plan. Annual Notice of Safe Harbor Status for the 2018 Plan Year

All Employees Eligible to Participate in the ARRIS Technology, Inc. Employee Savings Plan. Annual Notice of Safe Harbor Status for the 2018 Plan Year To: From: All Employees Eligible to Participate in the ARRIS Technology, Inc. Employee Savings Plan ARRIS Benefits Department Date: November 2017 Subject: Annual Notice of Safe Harbor Status for the 2018

More information

MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due July 31, 2018 (MLCD No. 377) Quarterly Capped Return Linked to the S&P 500 Index

MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due July 31, 2018 (MLCD No. 377) Quarterly Capped Return Linked to the S&P 500 Index FINAL DISCLOSURE SUPPLEMENT Dated July 28, 2015 To the Disclosure Statement dated March 30, 2015 MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due July 31, 2018 (MLCD No. 377) Quarterly

More information

Union Bank, N.A. Market-Linked Certificates of Deposit, due June 28, 2018 (MLCD No. 284) Contingent Currency Basket Return

Union Bank, N.A. Market-Linked Certificates of Deposit, due June 28, 2018 (MLCD No. 284) Contingent Currency Basket Return FINAL DISCLOSURE SUPPLEMENT Dated June 26, 2013 To the Disclosure Statement dated January 30, 2013 Union Bank, N.A. Market-Linked Certificates of Deposit, due June 28, 2018 (MLCD No. 284) Contingent Currency

More information

MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due February 28, 2020 (MLCD No. 393) Currency Basket Return

MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due February 28, 2020 (MLCD No. 393) Currency Basket Return FINAL DISCLOSURE SUPPLEMENT Dated February 25, 2016 To the Disclosure Statement dated January 7, 2016 MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due February 28, 2020 (MLCD No. 393) Currency

More information

Union Bank, N.A. Market-Linked Certificates of Deposit, due March 30, 2018 (MLCD No. 340) Currency Basket Return

Union Bank, N.A. Market-Linked Certificates of Deposit, due March 30, 2018 (MLCD No. 340) Currency Basket Return FINAL DISCLOSURE SUPPLEMENT Dated March 27, 2014 To the Disclosure Statement dated January 30, 2013 Union Bank, N.A. Market-Linked Certificates of Deposit, due March 30, 2018 (MLCD No. 340) Currency Basket

More information

Master Limited Partnerships (MLPs)

Master Limited Partnerships (MLPs) 1Q 2017 Master Limited Partnerships (MLPs) Distinct Focus on Yield VanEck Vectors High Income Infrastructure MLP ETF (YMLI) VanEck Vectors High Income MLP ETF (YMLP) ETF disclosure This material does not

More information

Equity Crowdfunding Guide

Equity Crowdfunding Guide Equity Crowdfunding Guide FOR INVESTORS 1 P a g e Disclaimer: Crowd88 does not provide investment advice. This guide has been prepared as a support document to provide Investors with a greater understanding

More information

SEMI-ANNUAL REPORT. May 31, Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution

SEMI-ANNUAL REPORT. May 31, Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution SEMI-ANNUAL REPORT May 31, 2017 Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution TABLE OF CONTENTS Performance Overview Alerian MLP ETF...

More information

The Threat and Risk of Rising Interest Rates: Separating Fact from Fiction

The Threat and Risk of Rising Interest Rates: Separating Fact from Fiction The Threat and Risk of Rising Interest Rates: Separating Fact from Fiction March 24, 2017 by Chuck Carnevale of F.A.S.T. Graphs Introduction The threat of rising interest rates is all the rage in financial

More information

SEC Number: ADVISORY SERVICES WRAP FEE PROGRAMS DISCLOSURE BROCHURE

SEC Number: ADVISORY SERVICES WRAP FEE PROGRAMS DISCLOSURE BROCHURE ADVISORY SERVICES WRAP FEE PROGRAMS SEC Number: 801-43561 October 31, 2018 DISCLOSURE BROCHURE This Brochure provides information about the qualifications and business practices of Century Securities Associates,

More information

Master Limited Partnerships Solid, Stable Growth

Master Limited Partnerships Solid, Stable Growth 2012 Master Limited Partnerships Solid, Stable Growth Offices: New York: 520 Madison Avenue 26 th Floor New York, NY 10022 212-396-5900 Palm Beach: 324 Royal Palm Way Suite 226 Palm Beach, FL 33480 561-833-6789

More information

20 Dividend Growth Stocks To Buy Today For Your Retirement Portfolios: Part 1

20 Dividend Growth Stocks To Buy Today For Your Retirement Portfolios: Part 1 20 Dividend Growth Stocks To Buy Today For Your Retirement Portfolios: Part 1 August 7, 2015 by Chuck Carnevale of F.A.S.T. Graphs Introduction We are in the seventh year of a strong bull market, and stock

More information

StockReports+ User Guide

StockReports+ User Guide StockReports+ User Guide 1 1. Introduction StockReports+ is a trading support tool that simplifies the process of evaluating stocks, providing users easy to understand stock ratings through earnings, fundamentals,

More information

Highland Energy MLP Fund

Highland Energy MLP Fund Annual Report TABLE OF CONTENTS Portfolio Manager Commentary... 1 Fund Profile... 3 Financial Statements... 4 Investment Portfolio... 5 Statement of Assets and Liabilities... 6 Statement of Operations...

More information

MLP Investment Company

MLP Investment Company MLP Investment Company KYN Semi-Annual Report May 31, 2017 CONTENTS Management Discussion... 1 Portfolio Summary... 5 Schedule of Investments... 6 Statement of Assets and Liabilities... 9 Statement of

More information

Risk averse. Patient.

Risk averse. Patient. Risk averse. Patient. Opportunistic. For discretionary use by investment professionals. Litman Gregory Portfolio Strategies at a Glance We employ tactical asset allocation by identifying undervalued asset

More information

The Case for Midstream Energy Equities

The Case for Midstream Energy Equities INSIGHTS The Case for Midstream Energy Equities May 2018 203.621.1700 2018, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY Midstream energy equities, including Master Limited Partnership ( MLPs ),

More information

A Planning Guide for Participants Nearing Retirement

A Planning Guide for Participants Nearing Retirement A Planning Guide for Participants Nearing Retirement What are your plans for retirement? For some, retirement is about living out dreams they didn t have time for during their working years. For others,

More information

CBA AND EMO POTENTIAL FUND MERGER

CBA AND EMO POTENTIAL FUND MERGER Closed-End Funds Frequently Asked Questions: AND POTENTIAL FUND MERGER On May 29, 2018, it was announced that the Board of Directors proposed the merger of ClearBridge American Energy MLP Fund Inc. ( )

More information

Kayne Anderson. Midstream Market Update: Q April 2018

Kayne Anderson. Midstream Market Update: Q April 2018 Kayne Anderson Midstream Market Update: Q1 2018 April 2018 Topics Covered in Presentation Recent trading performance for MLPs and Midstream Companies Fourth quarter earnings and recent news flow for the

More information

A simple answer. UBS Retirement Plan Manager program Investment management for your plan

A simple answer. UBS Retirement Plan Manager program Investment management for your plan A simple answer UBS Retirement Plan Manager program Investment management for your plan Simplicity makes it manageable Helping to lead and manage a business can be rewarding, both emotionally and financially.

More information

A Message from the President and Chair

A Message from the President and Chair A Message from the President and Chair Putnam Voyager Fund September 6, 2016 Dear Fellow Shareholder: We are sending this prospectus to you because you are a shareholder of Putnam Voyager Fund. The Board

More information