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Midstream Energy/MLP Strategy

The strategy seeks to provide attractive total return and to outperform the Alerian MLP Index over a full market cycle. While yield is a consideration, the portfolio is managed to maximize total return.

  • Seeks to identify mispriced and misunderstood growth opportunities and exploit structural inefficiencies that cause systematic undervaluation of growth-oriented midstream assets
  • Analytical framework incorporates the viewpoint of both equity and credit disciplines
  • Overlay macro viewpoint with fundamental analysis 
  • Growth-oriented with a focus on total return has historically led to alpha generation 
Midstream Focus
Alerian MLP
Jan. 1, 2009


The Midstream Energy/MLP team believes that structural inefficiencies of the Midstream market create opportunities for growth investors. Through extensive fundamental research the team seeks to identify underpriced growth opportunities. All midstream assets are considered to seek out the most attractive total return opportunities. Companies with competitive advantages within the energy value chain tend to have better growth opportunities, and the team focuses analysis on company assets and management teams. Structural characteristics of the Midstream industry create opportunities for growth investors as fundamental analysis identifies market inefficiencies.

Portfolio Construction & Risk Management


  • Fundamentals-based investment process
    - In-depth research of industry and company-specific themes
    - Frequent meetings with portfolio company management teams
    - Analyst perspectives from both the equity and credit side
  • Position size limits: 10-15%
  • Position sizing reflects investment team’s convictions: 
    - Higher execution risk leads to lower position sizes


  • Firm-wide proprietary risk management systems
  • Daily performance and risk attribution monitoring

Strategy Facts

As of 12/31/2019
 Assets Under Management 
$92 million
 eVestment Universe Master Limited Partnership Universe
 Investment Vehicle Separate Account



David McColl

David C. McColl

Vice President, Senior Portfolio Manager

Career Summary
Bank of America Merrill Lynch
Canadian Energy Research Institute

BA - University of Waterloo 
MA - University of Alberta

Meet David McColl

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