SPECIAL GUESTS DISCUSS THE OIL AND GAS
MARKETS - IS YOUR PORTFOLIO PREPARED? WEBINAR PROGRAM – WEDNESDAY
AUGUST 5, 2020 - #103
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MARKETS - IS YOUR PORTFOLIO PREPARED?
Let’s review data and analysis on a variety topics involving the
energy markets.
*These are not specific recommendations for you but are ideas for
you to consider and discuss with your Financial Planner.
Get Your Notebook Ready and Take Notes!
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Located in Frisco, Texas
CEO – Mike Kurz, CFP®, CIMA®, CAIA, CPWA®
Financial Planner
Enjoy all kinds of biking – anything with two wheels
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OverShare Advice and Planning, LLC
OverShareAdvice.com
469-777-6559
6136 Frisco Square Blvd, Suite 400 #1099, Frisco, Texas 75034
DISCLOSURES FOR PRESENTATION DATED AUGUST 5, 2020
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DISCLOSURES FOR PRESENTATION DATED AUGUST 5, 2020 This content is
developed from sources believed to be providing accurate
information. It may not be used for the purpose of avoiding any
federal tax penalties. Please consult legal or tax professionals
for
specific information regarding your individual situation. The
opinions expressed and material provided are for general
information and should not be considered a solicitation for the
purchase or sale of
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This webinar contains content that is not suitable for everyone and
is limited to the dissemination of general information pertaining
to our investment and financial planning services. Nothing
presented
should be interpreted as legal, tax or accounting advice, nor
should it be construed as personalized investment, financial
planning, legal or tax planning advice. For legal, tax and
accounting-related
matters, we recommend that you seek the advice of a qualified
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results, and there is no guarantee that the views and opinions
expressed
will come to pass. Investing in the stock and other markets
involves gains and losses and may not be suitable for all
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subject to change without notice based on changes in the law
and
other conditions.
OverShare Advice and Planning, LLC is a registered investment
adviser in the State of Texas. Registration does not imply any
level of skill or training. The opinions and views expressed by the
speakers
who are not OverShare Advice and Planning, LLC employees do not
necessarily represent those of OverShare Advice and Planning, LLC .
While such third parties are deemed to be reliable, OverShare
Advice and Planning, LLC makes no representations as to the
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to
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carefully before you
invest or send money.
DISCLOSURES FOR PRESENTATION DATED AUGUST 5, 2020
This document is a general communication being provided for
informational purposes only. It is educational in nature and not
designed to be taken as advice or a recommendation for any
specific
investment product, strategy, plan feature or other purpose in any
jurisdiction, nor is it a commitment from OverShare Advice and
Planning, LLC or any parties included in this presentation to
participate in any of the transactions mentioned herein.
Any examples used are generic, hypothetical and for illustration
purposes only. This material does not contain sufficient
information to support an investment decision and it should not be
relied
upon by you in evaluating the merits of investing in any securities
or products. In addition, users should make an independent
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implications and determine, together with their own financial
professionals, if any investment mentioned herein is believed to be
appropriate to their personal goals. Investors should ensure
that
they obtain all available relevant information before making any
investment.
Any forecasts, figures, opinions or investment techniques and
strategies set out are for information purposes only, based on
certain assumptions and current market conditions and are subject
to
change without prior notice. All information presented herein is
considered to be accurate at the time of production, but no
warranty of accuracy is given and no liability in respect of any
error or
omission is accepted. It should be noted that investment involves
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agreements and investors may not get back the full amount
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Both past performance and yields are not reliable indicators of
current and future results.
Unless otherwise stated, all data are as of June 30, 2020 or most
recently available.
Investors should consider this presentation as only a single factor
in making their investment decision and not make any final
decisions without first completing their own research to make
their
own investment decisions.
Host - Mike Kurz
About 15 minutes on Financial Markets, Equity Markets and Energy
Markets.
Special Guest – Brad Olsen
About 15 Minutes on his and his firm’s view of the Energy
Markets.
Special Guest – Brett Creeser
About 25 Minutes on his perspective from operating an Energy
Company.
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U.S. LARGE CAP INDEX – S&P 500 COMPOSITE INDEX 1900-2020
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“Following a year of unprecedented shocks,
uncertainties over oil fundamentals has never been
higher.”
“…leads us to forecast that the pace of monthly
demand gains is set to slow to below 1 mb/d from
August through December.”
“This slowdown is driven by a sharp stalling in the
US due to the resurgence of the virus, an only small
increase in global jet demand and finally the
headwinds to normalizing activity even in countries
where the virus remains under control.”
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“Global economic developments and numerous
uncertainties surrounding the ongoing COVID-19
pandemic in the coming months could push oil prices
higher or lower than the current STEO [Short Term Energy
Outlook] price forecast. Uncertainty also remains
regarding the duration of, and adherence to, the current
OPEC+ production cuts. Lastly, the U.S. tight oil sector
continues to be dynamic, and the ability of producers to
adjust to an especially volatile pricing environment in the
face of significant reductions in drilling activity in recent
months could affect both current crude oil prices and
expectations for future prices.”
WORLD OIL DEMAND GROWTH FORECASTS, MB/D
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Upstream companies
Exploration and Production (E&P) companies, find reservoirs and
drill oil and gas wells.
Midstream companies
Downstream companies
Services
Drilling companies contract their services to E&P companies to
extract oil and gas.
Well-servicing companies conduct related construction and
maintenance activities on well sites.
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Financial Markets are naturally cyclical.
Be careful to not see patterns or trends where they don’t
exist.
S&P 500 Index has allocation to Energy.
Seeing opportunities to find energy investments for a long-term
position in a portfolio.
I believe it will be bumpy, and uncertainties remain but
unfortunately the upside will quickly fade away once better
results are expected.
OverShare Advice and Planning, LLC only provides recommendations to
existing Clients. This information is for
educational purposes only.
Talk with your Financial Planner about your long-term investment
portfolio together with your risk tolerance to
determine if your portfolio matches the objectives of your
financial plan.
Is your Portfolio Prepared so that Opportunities are not Lost,
Forgotten or Left to Chance?
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Recurrent Energy/Midstream Update For OverShare Advice and
Planning, August 2020
www.recurrentadvisors.com
Investing Outlook in a post-Covid World • After the worst 2 months
in energy history, we believe that a commodity-agnostic
investment case for midstream remains, thanks to lower growth and
more cash flow
• We evaluate progress made since the “energy credit crisis” of
2015-16
• Valuations today vs. history, and impacts of leveraged forced
selling
• What will drive midstream returns in a post-shale world?
FOR INTENDED RECIPIENT ONLY / FINANCIAL PROFESSIONAL USE 24
Disclosures
The enclosed material is confidential and not to be reproduced or
redistributed in whole or in part without the prior written consent
of Recurrent Investment Advisors. Any statements of opinion
constitute only current opinions of Mr. Laskin and Mr. Olsen, which
are subject to change and which we do not undertake to update. Due
to, among other things, the volatile nature of the markets and the
investment strategies discussed herein, they may only be suitable
for certain investors. Nothing herein constitutes an offer to sell,
or solicitation of an offer to purchase, any securities, nor does
it constitute an endorsement with respect to any investment
strategy or vehicle. Past performance is not indicative of future
results. Returns are presented gross and net of management fees and
include the reinvestment of all income. Actual investment advisory
fees incurred by clients may vary. Please reference Recurrent
Investment Advisors Brochure, Item 5 Fees and Compensation of Part
2.A of the Form ADV.
The information is not intended and should not be construed as
legal or tax advice. Parties should independently investigate any
investment strategy or manager, and should consult with qualified
investment, legal, and tax professionals before making any
investment.
There is no guarantee that any investment process described herein
will be successful or profitable. No investment strategy or risk
management technique can guarantee returns or eliminate risk in any
market environment. Clients and investors may lose all of their
investments.
Without limiting any of the foregoing, in no event shall Recurrent
Investment Advisors, any of its affiliates or any third party have
any liability for any direct, indirect, special, punitive,
consequential or any other damages (including lost profits) even if
notified of the possibility of such damages.
Some information contained herein has been obtained from
third-party sources and has not been independently verified and we
make no representations as to the accuracy or the completeness of
any of the information herein. The information herein is subject to
change, without notice, and the authors do not undertake to revise
or update this information in any way.
Many factors affect performance including changes in market
conditions and interest rates and in response to other economic,
political, or financial developments. Information about rankings in
this material are available upon request.
Returns and Indices Disclaimer: Comparison to benchmarks are
provided for illustrative purposes only. Comparisons to benchmarks
have limitations because benchmarks have volatility and other
material characteristics that may differ from the fund(s). Because
of these differences, benchmarks should not be relied upon as an
accurate measure of comparison.
The following benchmarks are used: “SPGINRTR” = S&P Select
North American Natural Resources Index “AMZ” = Alerian MLP Index -
Capped, Float Adjusted, capitalization weighted index of energy
infrastructure Master Limited Partnerships (MLP)
These benchmarks are broad-based indices which are used for
comparative purposes only and have been selected as they are well
known and are easily recognizable by investors. However, the
investment activities and performance discussed herein may be
considerably more volatile than the performance of any of the
referenced indices. Unlike these benchmarks, the investments
portrayed herein are actively managed. Also, the indices noted in
this presentation are unmanaged, are not available for direct
investment, and are not subject to management fees, transaction
costs or other types of expenses. In addition, the performance of
the indices reflects reinvestment of dividends and, where
applicable, capital gain distributions. Unlike these benchmarks,
the investments portrayed herein are actively managed. Furthermore,
Recurrent Investment Advisors invests in substantially fewer
investments than the number of investments of the portfolios
compiled each of these benchmarks. Therefore, investors should
carefully consider these limitations and differences when
evaluating the comparative benchmark data performance.
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Natural Resources Equities Historically Cheap Compared to Broader
Equity Market
Founded in 2017 by 2 PMs from Boone Pickens’ BP Capital, we focus
on hard assets with strong returns on capital, trading at or below
fair value
STRICTLY FINANCIAL PROFESSIONAL USE ONLY
Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
About Recurrent Investment Advisors An employee-owned emerging real
assets manager
Recurrent strategies (November 2017-Current)
• Recurrent MLP & Infra Fund (RMLPX) – “I” Class shares only,
1.25% expense ratio
• RMLPX – Top 23% in 2018 / 32% in 2019 out of 100+ public MLP
funds, per Morningstar
• RMLPX has raised >$100mm in assets ITD while 90%+ of Midstream
Funds have shrunk
Predecessor BP Capital strategies (full years 2014-16)1
• BP Capital TwinLine MLP Strategy - Top 10% in Morningstar over 3
years
• CIO / BP Capital Fund Advisors • PM / #1 energy fund (Morningstar
3-yr) • Energy PM / Invesco, Van Kampen Funds • Director of
Research / Morgan Stanley
Investment Management • 20 years of finance/energy experience • BA
Swarthmore, MBA Wharton School
MARK LASKIN, CFA – CO-FOUNDER / PORTFOLIO MANAGERBRAD OLSEN –
CO-FOUNDER / PORTFOLIO MANAGER
• MLP PM / BP Capital Fund Advisors • PM / top 10% MLP fund
(Morningstar 3-yr) • Head of MLP Research / TPH & Co. • #1
energy analyst in US / 2013-14
(FT/Starmine) • 12 years of finance/energy experience • BA Rice
University
JAMES “JIM” GILLIGAN – SENIOR ADVISOR
• Former CIO/PM / Invesco, responsible for $40 bn in AUM • PM / Van
Kampen Funds, Morgan Stanley Investment Mgmt
OLIVER DOOLIN – ENERGY SPECIALIST
• Client Portfolio Manager / Series 7, 63 • Institutional E&P
and Midstream background • Previously Sales and Trading / Heikkinen
Energy Advisors • 6 years Research, Sales and Trading / TPH &
Co. • Began career in Research / Howard Weil • 11 years of total
energy finance and investment experience
- Contrary to consensus wisdom that “growth is good” for energy
stocks, shale growth has been bad for performance – why?
- Counterintuitively, growth requires more spending, which means
less cash is left over for debt service and shareholders.
- Energy stocks are cheap today. We believe energy subsectors that
can maintain cash flow without more spending are most attractive –
this brings us to midstream.
- With spending falling faster than cash flow, midstream sector FCF
is poised to grow even in a sustained $30-40/bbl environment.
- Midstream valuations (EV vs book) sit at 20-year lows. A return
to “average” could imply 50-100% upside for equities.
- A variety of sectors, such as Tobacco, have demonstrated that
lower growth and high cash returns can drive market-leading
returns.
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Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
Recurrent Market Update and Outlook What you’ll hear from us
today
The investment case for midstream In an (increasingly) post-shale
world
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EV/IC discounts have historically indicated attractive MLP entry
points
Source: Bloomberg, Company public filings, Recurrent Investment
Advisors.
EV/IC analysis offers historical valuation perspective across
subsectors A differentiated process should produce more than an
index Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
Contrary to consensus wisdom, shale was very bad for the midstream
sector
8.0% 7.9%
8.1%
8.6%
6.5%
7.4%
7.7%
8.2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2015 2016 2017 2018 2019
% o
OCF ROIC % of "Fallow" Capital Tied up in Construction,
Integration
Assets in progress reached 45% of total assets in 2012-13
12.7% 14.3%
-0.3% -2.0%
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50%
60%
70%
80%
90%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2018 2019
D iv
id en
3.0x
3.5x
4.0x
4.5x
5.0x
5.5x
6.0x
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2018 2019
D eb
0%
20%
40%
60%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2016 2017 2018 2019
B o
o k
A ss
e t
G ro
w th
Y /Y
Midstream/MLP Y/Y Asset Growth, 2005-19
The MLP “Balance Sheet Recession”: When will we see a sustained
recovery?
MLP performance since early 2016 has been restrained by reduced
cash flows to equityholders, following the accumulation of high
debt – akin to a sector-level “balance sheet recession.”
Balance Sheet Recession Phases:
1. Debt accumulation in anticipation of future returns (from capex,
M&A) while increasing payouts to support valuations
2. reduction in capital spending and payouts to equity
3. 2-3 years for debt loads to return to “normal”
4. Market satisfied with debt loads, rapid recovery ensues
The BSR began for MLPs and midstream in late 2015 – when efforts to
reduce equity payouts and cut debt loads began.
Assuming continued capital discipline, a recovery generally follows
2 to 3 years thereafter.
NOW: Deleveraging process is accelerating on back of payout
reductions
Source: Bloomberg, Company public filings, Recurrent Investment
Advisors.
EV/IC discounts have historically indicated attractive MLP entry
points EV/IC analysis offers historical valuation perspective
across subsectors A differentiated process should produce more than
an index Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
Shale left midstream inefficient and in debt – by early 2020, it
was largely fixed
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As of 6/30/2020 Source: Bloomberg, Company public filings,
Recurrent Investment Advisors.
EV/IC analysis offers historical valuation perspective across
subsectors A differentiated process should produce more than an
index Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
Due to capex cuts, Covid and low oil prices will not stop FCF
growth
A dramatically more capital-efficient midstream sector is in better
position to manage balance sheets, shareholder returns
20
30
40
50
60
70
80
2014 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E
N A
m e
ri ca
n M
id st
re am
C ap
( $b
n )
2020 FCF has actually grown as Covid crushes capex; FCF per share
to double by 2023E
FCF "Wedge" / Year FCF Deficit / Year New Capex Estimate New CF
Estimate
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Despite opposition to new pipeline construction, midstream
valuations imply a discount to book value, which understates
construction costs
EV/IC discounts have historically indicated attractive MLP entry
points
2019 represents total returns through “Current” reflects 6/30 EV
with 3/31 financial statement data for IC Source: Bloomberg,
Company public filings, Recurrent Investment Advisors.
EV/IC analysis offers historical valuation perspective across
subsectors A differentiated process should produce more than an
index Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
Valuations lower than 2008, below book value (which is below
construction cost)
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
Historical Enterprise Value vs. Invested Capital (EV/IC) of
Midstream
Midstream Observed EVIC EVIC Avg, 2004-08 "Pre-Shale" EVIC Avg,
2009-14 "Shale Era"
MLP Balance Sheet Recession: Cheap valuations in tension with
painful debt reduction
Shale era: bullish investor sentiment, revenue growth, rapid
debt
accumulation
Pre-shale: low debt, selective M&A, some "tight gas"
infrastructure growth -33%
+5%+28% +5%
-7%
+18%
+7%
-36%
(6/30)
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Prosperity without growth: How other sectors have driven strong
investor returns even with slowing revenues
Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
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Source: Bloomberg, Company public filings, Recurrent Investment
Advisors.
EV/IC analysis offers historical valuation perspective across
subsectors A differentiated process should produce more than an
index Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
Dreaming of when midstream is loved and respected, like tobacco
(and refining)
0%
100%
200%
300%
400%
500%
600%
700%
800%
900%
1000%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
A n
n u
Capital Allocation vs. Performance: Tobacco Industry
Reinvestment as % of OCF (Left Axis) Net Equity/Dividends as % of
OCF (Left)
Avg CF Growth, 2001-18 (Right Axis) Cumulative vs. S&P 500
(Right)
2009-2016: shrinking industry? With almost no reinvestment,
divs/buybacks soared and so did share
prices
High cash returns (in orange) and low capex (in blue) in tobacco
show a pathway for a low-growth industry to thrive
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As of 3/25/20. Source: Bloomberg, Company public filings, Recurrent
Investment Advisors.
EV/IC analysis offers historical valuation perspective across
subsectors A differentiated process should produce more than an
index Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
Midstream is poised to follow the path tread by tobacco, refining…
and tech
0%
50%
100%
150%
200%
250%
300%
350%
400%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
A n
n u
Capital Allocation vs. Performance: Midstream Industry
Reinvestment as % of OCF (Left Axis) Net Equity/Dividends as % of
OCF (Left)
Avg CF Growth, 2001-18 (Right Axis) Cumulative vs. S&P 500
(Right)
2015-19: construction projects are finally rolling off
Incredibly, in the “shale era,” midstream cash returns were
neutralized by aggressive equity issuance. Capex is rolling as net
cash returns increase
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Energy / Midstream Underperformance: A parallel perspective from
the late 1990s
Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
36
37
Natural Resources Equities Historically Cheap Compared to Broader
Equity Market A differentiated process should produce more than an
index Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
A Final Thought: “History doesn’t repeat, but it often rhymes” –
Mark Twain
• Mature bull markets in equities, led by tech…
• Strong dollar, volatile/lagging commodities and EM…
• Energy and MLPs lag due to reputation for aggressive financial
policies, negative sentiment…
Sound familiar?
-60%
-50%
-40%
-30%
-20%
-10%
0%
MLPs vs. NASDAQ Energy vs. NASDAQ MLPs vs. S&P Energy vs.
S&P
En er
gy /M
LP A
n n
u al
U n
d er
p er
fo rm
an ce
Late 1990s Today
Natural Resources Equities Historically Cheap Compared to Broader
Equity Market A differentiated process should produce more than an
index Recurrent investment philosophyAbout Recurrent Investment
AdvisorsRecurrent Investment Strategies Active management offers
outsized benefits in specialized sectors of the economy
A Final Thought: “History doesn’t repeat, but it often rhymes” –
Mark Twain
• In the late 1990s, MLP financial strength was improving as the
broad market overheated…
• … and underinvestment by the oil and gas industry created a
counter-cyclical setup for energy investment.
Source: Bloomberg, Recurrent research
0%
10%
20%
30%
40%
50%
60%
MLPs vs. NASDAQ Energy vs. NASDAQ MLPs vs. S&P Energy vs.
S&P
En er
gy /M
LP A
n n
u al
O u
tp er
fo rm
an ce
RMLPX Disclaimers and Other Information
Important Fund Information:
1. Dividends are subject to change and there is no assurance that
they will continue to be paid.
2. The Fund's advisor has contractually agreed to reduce its fees
to 1.25% until March 1, 2021. Without the waiver, total annual
operating expenses would be 1.75% for RMLPX per the initial
prospectus filing.
This presentation makes use of a variety of financial terms,
defined below:
Enterprise Value: The market value of a company’s equity, debt (net
of cash) and preferred/mezzanine claims.
Book Value: The stated book value of a company’s shareholders’
equity and total debt outstanding, net of cash and equivalents, as
found in the balance sheet shown in the financial statements in
their public filings.
Alerian MLP Index - is a composite of the 50 most prominent energy
master limited partnerships calculated by Standard & Poor's
using a float-adjusted market capitalization methodology.
Investments cannot be made in an index. Unmanaged index returns do
not reflect any fees, expenses or sales charges.
Investors should carefully consider the investment objectives,
risks, charges and expenses of the Recurrent Funds. This and other
important information about the Funds is contained in the
prospectus, which can be obtained by calling 833-RECURRENT. The
prospectus should be read carefully before investing. The Recurrent
Funds are distributed by Northern Lights Distributors, LLC, member
FINRA/SIPC.
Recurrent Investment Advisors is not affiliated with Northern
Lights Distributors, LLC.
Risk Disclosure (RMLPX)
Mutual Funds involve risk including the potential loss of
principal. Higher turnover and frequent trading may result in
higher costs. Cash available for distribution by MLPs may vary and
could be affected by the entity’s operations, including capital
expenditures, operating, acquisition, construction, exploration and
borrowing costs, reducing the amount of cash and MLP has available
for distribution. The Fund may focus on one or more industries,
sectors or geographic regions of the economy and the value of an
investment may fluctuate more widely than if it were diversified.
Tax risks associated with the Fund include fund structure risk, MLP
tax risk, and tax estimation/NAV risk. Cyber-attacks or failures
affecting the Fund or service providers may adversely impact the
Fund or its shareholders.
The Fund invests primarily in the energy sector and infrastructure
industry and is susceptible to adverse economic, environmental, and
regulatory concerns. Additional risks include acquisition,
catastrophic event, commodity price, depletion, natural resource,
supply/demand and weather risk. The purchase of IPO shares may
involve high transaction cost, market and liquidity risks. The
investment strategies employed by the Advisor may not result in an
increase in value or performance. Overall equity market risk may
affect the value of individual instruments in which the Fund
invests. Holders of MLPs have limited control and voting rights,
additionally, there are certain tax risks and conflicts of interest
between holders of MLPs and the general partner. The Fund is
newly-formed and may not grow to or maintain economically viable
size, not be successful implementing its investment strategy, which
could result in the Fund being liquidated.
(3457-NLD-4/13/2020)
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• Joined Guidon in April of 2016 with the intent of building a
significant independent shale
development company focused on the Midland Basin
• 2013, Brett joined Laredo Petroleum as the Director of Laredo’s
Midstream Services and was
instrumental in developing a cradle to grave water management
program
• Two year assignment to Ghana, West Africa as Drilling Manager for
Kosmos Energy
• London trading crude and propane
• 2000 independent contractor for Pioneer Natural Resources with
various assignments in the
GOM and South Africa
• Pioneer to manage field operations North Texas
• 1981 with Mobil Oil working in Production and Drilling in Texas,
Gulf of Mexico (GOM) and
Norway
• Brett earned a B.S. in Petroleum Engineering from Texas A&M
University
INTERVIEW WITH BRETT CREESER
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OverShareAdvice.com
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THE END.