SteelPath MLP Suite
The SteelPath suite of master limited partnership (MLP) funds invest primarily in U.S. energy infrastructure with a focus on the mid-stream sector.
The strategy for the four MLP funds focus on identifying primarily U.S. midstream master limited partnerships (MLPs) that have strong projected distribution growth, or the greatest potential for significant upward revaluation, seeking to provide an attractive risk-reward balance for investors.
The SteelPath investment team’s conservative investment style seeks to uncover MLPs that offer low underlying business risk and attractive total return potential in order to focus on those entities that we believe have the most attractive risk/reward balance.
- Employs a bottom-up approach to selecting energy MLP securities
- Majority of targeted MLPs operate toll-road business models (do not take title to commodity).
- Market comps: Price/distributable cash flow, Debt/EBITDA, Enterprise Value/EBITDA, Coverage ratio.
- Utilizes rigorous proprietary modeling and analytical techniques to understand MLP valuations and risks.
- Seeks to invest in MLPs with proven management teams and asset footprints positioned to result in future attractive growth opportunities.
Stuart Cartner serves as a senior portfolio manager of the Oppenheimer SteelPath team. Prior to joining SteelPath in 2007, Mr. Cartner was an advisor in the Private Wealth Management Division of Goldman Sachs. During his 19-year tenure there, he was responsible for managing a $200 million portfolio of midstream MLPs. Previously he worked at Trammell Crow Company and General Electric.
Brian Watson, CFA
Brian Watson, CFA, serves as director of MLP Research and is a senior portfolio manager on the SteelPath team. Prior to joining the Firm in 2009, Mr. Watson was a portfolio manager and led the MLP research effort at Swank Capital LLC, in Dallas, Texas. He also covered the MLP and diversified energy sectors for RBC Capital Markets in the firm’s Equity Research Division.