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MLPs Recent Plunge Not Tied to Fundamentals

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The Benefits of Various MLP Investment Vehicles

Whitepaper

Variable Distribution MLP: A Complete Study of Fundamentals, Returns, Risk, and Correlations

4th Quarter 2014

9.5

Stability Score

In the 4th Quarter 2014, 95% of all MLPs either maintained or increased their distributions.

 

4th Quarter 2014

5.6%

Growth Score

5.6% was the average distribution growth on a year-over-year basis for 4th Quarter 2014

Stay Focused on Fundamentals in 2015

 

Even though MLPs have declined in the recent months, fundamentals remain strong. In the fourth quarter 2014, 95% of all MLPs maintained or increased distributions at an average rate of 5.6%. As long as distributions are being held stable and growing, bank the growing income streams and don’t get distracted by the noise of short-term price fluctuations.

 
Short-Term
Long-Term
Name Ticker WTD MTD QTD YTD
Yorkville MLP Universe IndexYMLPU2.7%-2.1%-2.1%-2.1%
Yorkville MLP Commodity Universe IndexYCOMU1.1%-2.3%-2.3%-2.3%
Yorkville MLP Infrastructure Universe IndexYINFU3.0%-2.2%-2.2%-2.2%
S&P 500SPX1.6%-0.3%-0.3%-0.3%

* Annualized Total Returns as of 1/23/2015

 
      Annualized
Name Ticker 1 Year 3 Year 5 Year 10 Year
Yorkville MLP Core Income StrategyMLPC5.7%23.3%24.3%13.4%
S&P 500SPX13.7%20.4%20.4%7.7%

* Total Returns as of 12/31/2014

** 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.