Midstream energy infrastructure company fundamentals may not be as bad as they seem, said Brian Watson, CFA, senior portfolio manager at Invesco Real Estate, in his blog.
Midstream MLPs, as measured by the Alerian MLP Index (AMZ), ended February down 15.1 percent on a price basis and down 14 percent once distributions are considered. The AMZ results underperformed the S&P 500 Index’s 8.2 percent total return loss for the month. The best-performing midstream subsector for February was the Propane group, while the Gathering and Processing subsector underperformed, on average.
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