MLPs 2Q15 Outlook & Fundamental Review


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

4th Quarter 2015


Stability Score

In the 4th Quarter 2015, 88% of all MLPs either maintained or increased their distributions.


4th Quarter 2015


Growth Score

2.5% was the average distribution growth on a year-over-year basis for 4th Quarter 2015

The New Normal For MLPs


Yorkville analyzed MLP distribution growth and yields from 2001-2014 to determine where MLPs have traded based on yield relative to distribution growth. We applied historical relationships to today’s fundamental environment to establish the “New Normal”.

Yorkville MLP Universe IndexYMLPU-1.2%-8.4%-0.3%-30.1%
Yorkville MLP Commodity Universe IndexYCOMU-1.6%-7.2%-2.0%-29.8%
Yorkville MLP Infrastructure Universe IndexYINFU-1.2%-8.7%-0.1%-30.2%
S&P 500SPX2.9%0.3%8.7%3.0%

* Annualized Total Returns as of 11/20/2015

Name Ticker 1 Year 3 Year 5 Year 10 Year
Yorkville MLP Core Income StrategyMLPC-43.9%4.3%12.0%6.9%
S&P 500SPX-0.6%12.4%13.3%6.9%

* Total Returns as of 9/30/2015

** 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.