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Individual Investor
Philip Trinder
- Education University of Houston; University of Texas at Austin
- Qualifications MBA in Finance; BBA in Finance
- Investment Experience 18+ Years
- Founded 2008
MLP Protocol Sprint
The MLP Protocol Sprint Model’s strategy pursues a higher risk, higher potential total return using an opportunistic and concentrated approach that leverages Master Limited Partnerships (“MLPs”)and related C-Corps. The model also invests in recent MLP IPOs.
The investment approach is guided by a relative valuation ranking methodology. The model’s pursuit of higher yield and total return will lead it to be invested in smaller, riskier MLP investments and is expected to generate portfolio volatility that exceeds the S&P 500. In addition, the portfolio may have higher turnover driven by changes in relative valuations and changing projected yields.
Model positions will be managed based upon peer segment MLP Protocol rankings (www.MLPprotocol.com), taking into account underlying company fundamentals and valuations coupled with projected distribution growth and resulting estimated forward yields.
Market data is generally taken from www.finviz.com. All underlying company financial data is taken from their respective SEC filings and company press releases. The analytical tools used are the methodologies and analyses created for MLP Protocol. The resulting rankings generated by the MLP Protocol methodology are the foundation for the investment ideas and views used for the Sprint portfolio.
Market data is generally taken from www.finviz.com. All underlying company financial data is taken from their respective SEC filings and company press releases. The analytical tools used are the methodologies and analyses created for MLP Protocol. The resulting rankings generated by the MLP Protocol methodology are the foundation for the investment ideas and views used for the Sprint portfolio.
The portfolio is a non-diversified approach focused in energy related Master Limited Partnerships. Due to the small portfolio size, the model will typically be concentrated in 12 positions or less and will not have any strict position or concentration limits, which could lead to a substantially concentrated portfolio. Cash is a viable position so the model will not need to be fully invested at all times.
The number of holdings will vary from zero on the low end to approximately a dozen on the high end. The number of holdings will be dependent upon investment opportunities in the market and the overall valuations. If MLP valuations become excessively exuberant the model will tend to have holdings towards the low end of the range (and possibly zero). Conversely, if overall MLP valuations remain reasonable then the number of positions will tend to be on the high end driven by the pursuit of higher relative yield and total return.
The number of holdings will vary from zero on the low end to approximately a dozen on the high end. The number of holdings will be dependent upon investment opportunities in the market and the overall valuations. If MLP valuations become excessively exuberant the model will tend to have holdings towards the low end of the range (and possibly zero). Conversely, if overall MLP valuations remain reasonable then the number of positions will tend to be on the high end driven by the pursuit of higher relative yield and total return.
Closing positions will be conducted based upon expected or actual deterioration in underlying fundamentals or possibly due to excessively high valuations that would provide a way to exit the highly valued position and then redeploy that capital into less expensive opportunities that would be expected to provide more favorable forward return potential.
The model will primarily focus on non-financial company MLPs (so mainly energy related) that typically generate a K-1 tax form; however, it will also be able to invest in MLPs that have elected to be taxed as C-Corps and also any C-Corp deemed to be related to an underlying MLP (General Partner owners for example).
Model commentary
QR Energy's stock offered value and we pounced
8 April 2013
Even in a bull market, stocks can be mispriced.
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