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2016 MLP Outlook and Fundamental Review

Whitepaper

A Complete Study of the Historical Relationship Between Interest Rate Cycles and MLP Returns

1st Quarter 2016

7.6

Stability Score

In the 1st Quarter 2016, 76% of all MLPs either maintained or increased their distributions.

 

1st Quarter 2016

-1.7%

Growth Score

-1.7% was the average distribution growth on a year-over-year basis for 1st Quarter 2016

MLP Recovery Playbook

 

MLPs were down -26.7% in the first three weeks of January, pushing yields on infrastructure MLPs to 12%. This is near all-time highs of 14% reached in 2008. As MLP yields once again approach historic highs, we looked back to 2009 to develop a blueprint for how to invest in an MLP recovery. To read how to best position your MLP portfolio for a rebound read this month's MLP Beat.

 
Short-Term
Long-Term
Name Ticker WTD MTD QTD YTD
Yorkville MLP Universe IndexYMLPU-4.6%-4.6%-16.5%-16.5%
Yorkville MLP Commodity Universe IndexYCOMU-5.2%-5.2%-10.7%-10.7%
Yorkville MLP Infrastructure Universe IndexYINFU-4.5%-4.5%-17.3%-17.3%
S&P 500SPX-1.2%-1.2%-6.1%-6.1%

* Annualized Total Returns as of 2/5/2016

 
      Annualized
Name Ticker 1 Year 3 Year 5 Year 10 Year
Yorkville MLP Core Income StrategyMLPC-33.1%3.9%9.2%8.2%
S&P 500SPX1.4%15.1%12.6%7.3%

* Total Returns as of 12/31/2015

** Note: MLP Core Income Strategy returns are shown in U.S. dollars gross of fees

Yorkville Capital Management LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Yorkville Capital Management LLC has been independently verified for the periods 8/31/2006 through 12/31/2007. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Yorkville MLP Core Income Strategy has had a performance examination beginning 12/31/2006. The verification and performance examination reports are available upon request.

The MLP Core Income Strategy contains fully discretionary equity accounts. The composite invests primarily in Master Limited Partnerships (MLPs). The investment objective of the strategy is to deliver stable income, growing distribution, and capital appreciation. The inception of the composite is 1/16/07. Performance presented prior to January 17, 2007 occurred while the Portfolio Manager was affiliated with a prior firm and the Portfolio Manager was the only individual responsible for selecting the securities to buy and sell.

Yorkville Capital Management LLC is an independent registered investment advisor. The firm maintains a complete list and description of composites, which is available upon request.