A New MLP Position

Quality assets, free cash flow set to rocket higher, plan to boost capital return

Some of you know that MLP securities have been an unintended specialty of mine over the past few years, the most recent being Summit Midstream (SMLP) and Natural Resource Partners (NRP). I continue to think they are under the radar and have a limited investor constituency.

The investors they do have often chase yield, or wait until a catalyst becomes a “whites of their eyes” situation before acting.

In other words, they continue to be an interesting place to look for mispriced securities. I believe this is just such a case.

This is a brief look at the bull case - I plan to provide updates on my thinking as we move through the year as well as a more detailed look at the business.

Note: My next update will be on a med tech company that is at an interesting potential inflection point. Look for it within the next few hours.