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MLPs 2Q15 Outlook & Fundamental Review

MLP Fund Structures

The Benefits of Various MLP Investment Vehicles

3rd Quarter 2015

8.6

Stability Score

In the 3rd Quarter 2015, 86% of all MLPs either maintained or increased their distributions.

 

3rd Quarter 2015

2.4%

Growth Score

2.4% was the average distribution growth on a year-over-year basis for 3rd Quarter 2015

MLP Valuations Point to Attractive Entry Point

 

MLPs are currently yielding 7.2%, while the U.S. ten year yield sits at 2.2%. This difference represents a current spread of 505 basis points. When this spread has been greater than 500 basis points, MLPs produced positive returns over the next twelve months 100% of the time since 1996.

 
Short-Term
Long-Term
Name Ticker WTD MTD QTD YTD
Yorkville MLP Universe IndexYMLPU5.2%-4.5%-8.6%-15.2%
Yorkville MLP Commodity Universe IndexYCOMU7.6%-3.1%-13.0%-17.3%
Yorkville MLP Infrastructure Universe IndexYINFU4.8%-4.7%-7.9%-14.8%
S&P 500SPX0.9%-5.3%-3.3%-2.1%

* Annualized Total Returns as of 8/28/2015

 
      Annualized
Name Ticker 1 Year 3 Year 5 Year 10 Year
Yorkville MLP Core Income StrategyMLPC-19.8%17.6%19.5%11.1%
S&P 500SPX11.2%17.6%16.2%7.7%

* Total Returns as of 7/31/2015

** 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.