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:“我们的团队将华尔街上最好、最稳定的(大师有限合伙制)产品组合在一起。”这种卓越的表现帮助富国证券的分析师从第三名一路升至榜首，这是自2011年以来，摩根士丹利首次未能夺得第一名的位置;它跌到了第二名。布鲁姆和他的七名员工认为，尽管大宗商品价格下跌，产量预计也会下降，但大多数中游MLP分销是安全的。他说:“我们认为，一旦市场看到原油价格稳定在有利于美国生产商开采和盈利的水平，人们的心理就会改善，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，这应该会支持一个有吸引力的行业分销增长率。”基于这种观点，研究人员看好达拉斯的能源转移股权。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，这些mlp在能源业务的不同领域运营，创造了强大的多元化投资组合效应。”他补充称，该公司的多数基础有限责任公司产生的是基于收费的现金流，并产生与几个有机基础设施投资项目(如建设新管道)相关的明显增长。他们认为，Energy Transfer的估值为40 - 42美元，较9月中旬时的价格有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