A Complete Study of the Historical Relationship Between Interest Rate Cycles and MLP Returns
There is a widely held belief that MLPs are negatively impacted by increases in interest rates. In order to provide investors with an objective perspective on the relationship between MLPs and interest rates, Yorkville analyzes has analyzed MLPs’ sensitivity to interest rates during every rising interest rate environment and Federal Reserve tightening cycle since 1992. This study provides a comprehensive and in-depth look at yield movements, MLP returns, and correlations during interest rate shocks.
Variable Distribution MLP: A Complete Study of Fundamentals, Returns, Risk, and Correlations
While minimum quarterly distribution and variable quarterly distribution MLPs have similarities, Variable Distribution MLPs have significant structural differences to traditional MLPs. Our goal in creating the Yorkville Variable Distribution MLP Universe Index as an accessible and transparent benchmark is to educate investors on the newly popular structure and to provide them with the tools needed to better understand this MLP structure.
In this paper, we analyze the variable distribution MLP structure since its inception in 1994, providing an in-depth look at returns, risks, distributions, yields, and correlations.
MLPs: A Complete Study of Risk and Return (1986-2011)
The following is the most comprehensive study ever conducted on the sphere of existing publicly traded partnerships (PTPs), and is the first unbiased presentation dating back to the inception of the modern-day publicly traded partnership (the Tax Reform Act of 1986). In the analysis, Yorkville offers the greatest granularity of this rapidly growing asset class by breaking it down into 11 distinctive sectors and 4 composites, then developing each as a proprietary market capitalization weighted index since the first IPO in that sector.
In performing this study, we detail the maturation of the MLP asset class with great depth and granularity. Our indices, created using every day of trading and every distribution since October 22, 1986, are unprecedented in their breadth and scope. The analysis synthesizes the millions of data points into manageable measurements of performance and risk across each sector, clearly demonstrating that not all PTPs are created equal.