Dow up better than a 100. MLP index up 3 as the rally gains a head of steam today. EV Partners (EVEP) is up more than 2 today. The stock sold off a little on earnings yesterday but its back over 32. Also we have Alliance Resource (ARLP) up 1.10. Markwest (MWE) and Oneok(OKS) are both up over 1 point. Nice fractional gains among most issues.
Energy Transfer Partners (ETP) is down over 1 dollar as the standout loser today. Otherwise just a handful of issues are off a few cents or so.
Market has the bit in the teeth and it looks like last week's 10 percent ish correction..was...just that and nothing more.
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About Me
- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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6 comments:
New MLP fund is out there. They indicate no leverage and low fees, obviously in contrast to popular CEF's like KYN, TYG, and others:
http://www.steelpath.com
And no UBTI if you put it in an IRA. I put the link up.
Good on the no UBTI and no K-1; however, I have to disagree on the "low fees." From the link provided, there are several mutual funds offered. The Class A shares carry a 5.75% front load, expense ratios of 0.85% to 1.25%, and 12b-1fees. The Class I shares appear to be no-load and carry no 12b-1 fees, but do carry expense ratios around 1%. My opinion, for what its worth: I think the exchange traded products AMJ and MLPI are better deals, and just purchasing units of the MLPs you like are better yet.
Thanks for the info; it is always good to learn about new products.
JCarroll
Yep, I goofed on the low fees. I bought into their advertising before reading the fine print. The 12b-1 fees are a particular abomination.
It seems the closest thing we have to a low-cost, non-managed MLP index fund is JP Morgan's exchange traded note AMJ, but I'm not thrilled with the idea having it 100% backed by the long-term health of JPM.
Well, in the MLP ETN universe there's now actually 3 to look at: AMJ, MLPI, and MLPN. An interesting overview here:
http://seekingalpha.com/article/198788-credit-suisse-s-cushing-30-mlp-index-etn-now-trading
Thanks, Mike, for the MLPN reminder. I apologize if I came across as a heavy; it was not intended. Too bad all of the products you and I mentioned are all Exchange Traded Notes, rather than Exchange Traded Funds; as ETNs carry the credit risks associated with their sponsors. Also, all of the ETNs we mentioned carry, from memory, expense ratios around 0.85%. If/when someone puts out an MLP ETF with an expense ratio of 0.50% or less, that would be a product I would be interested in.
Thanks again for your comments and follow-up. And, thanks Joe, for this blog and the opportunities it provides us to share information.
JCarroll
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