2015全美研究团队:Master Limited Partnerships, No. 1: Michael Blum & Team

“毫无疑问,迈克尔·布卢姆一位基金经理宣称:“我们的团队打造了华尔街上最好、最稳定的(大师有限合伙企业)产品。”这种卓越的表现帮助富国证券(Wells Fargo Securities)的分析师从第三名一路升至榜首，这是摩根士丹利(Morgan Stanley)自2011年以来首次没有获得第一名;它跌至亚军。布鲁姆和他的七名得力助手认为，尽管大宗商品价格下跌，产量预计也会下降，但大多数MLP中游分销渠道是安全的。他说:“我们认为，一旦市场看到原油价格稳定在一个有利于美国生产商钻探和盈利的水平，市场心理将会改善，这应该会使产量轨迹更加清晰。”“我们认为，至少在未来三到四年，基础设施基本完好无损，这应该会支持具有吸引力的行业分布增长率。”鉴于这种前景，研究人员看好位于达拉斯的Energy Transfer Equity。40岁的Blum解释说，这家有限合伙公司“本质上拥有高质量的中游mlp投资组合，在能源业务的不同领域运作，创造了强大的多元化投资组合效应。”他补充道，该公司的大部分mlp都能产生基于费用的现金流，并与几个有机基础设施投资项目(如建设新管道)挂钩，产生可见的增长。他们认为，Energy Transfer的估值在40 - 42美元是合适的，这意味着该股较9月中旬的价格有55.6% - 63.4%的溢价。 The Wells Fargo squad also likes Houston’s Enterprise Products Partners, “the largest and most diversified pipeline MLP in the sector, with visible multiyear growth and a strong balance sheet,” the 40-year-old team leader explains. Enterprise Products traded at $26.82 in mid-September, and the analysts assign it a price objective of $36 to $39. Blum graduated from the University of Pennsylvania with a B.A. in English literature and a minor in economics. In 2001 he joined First Union Securities, which merged with Wachovia National Bank in September of that year and was acquired by Wells Fargo & Co. in December 2008. Before that he worked as an equity research associate at First Albany Securities, following the alternative energy space.

图片来源:Spencer Heyfron