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Jim Murchie
Wednesday 23 July 2014, 07:00 - 08:00
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Jim Murchie, Principal, Energy Income Partners, will be speaker at La Societe Deux Magots (LSDM) on 23 July 2014.
Energy Income Partners, LLC
Energy Income Partners, LLC (EIP) manages 7 funds (2 investment partnerships, 4 NYSE listed closed-end mutual funds – tickers: FEN, FIF, FEI, FPL and 1 NYSE listed Managed ETF – ticker EMLP) and separately managed accounts that invest in energy infrastructure such as pipelines, storage and terminals, power transmission, etc. All investments are publicly traded with a large weighting in Master Limited Partnerships (MLPs), pipeline c-corps, utilities and infrastructure income trusts and their successor companies in Canada. The portfolio companies tend to pay out most or all of their free cash flow in the form of dividends or cash distributions and therefore have an attractive yield. Annual dividend growth of its portfolio companies has averaged about 11% since their first fund’s inception in October of 2003. As of May, 2014 EIP’s assets under management was approximately $5.5 billion.
EIP is led by James Murchie, and its competitive advantage derives from the 100+ years of extensive investment and energy industry experience of its 5 principals. A graduate of Rice University and Harvard University, Mr. Murchie worked eight years at British Petroleum, five years at Sanford C. Bernstein and two years at Tiger Management. Other team members all have energy industry as well as investment experience that includes equities, fixed income, derivatives and commodities at firms including Merrill Lynch, Wells Fargo, Southern Company, Florida Power & Light, Enron, Questar, Public Service of New Mexico, Raymond James and Citigroup. EIP believes its superior performance derives from this experience and its conservative “winning-by-not-losing” investing approach.
EIP believes its strategy will generate long term returns that will approximate the sum of the yield and dividend growth of its portfolio companies while experiencing less volatility and lower correlations to other asset classes by investing in companies that receive non-cyclical, fee-for-service tariffs that do not correlate with commodity prices. EIP sees the infrastructure business as “selling pick-axes to the miners” and believes the high-payout obligation imposes capital spending discipline on management. EIP believes its portfolio companies share this view, are well managed, have safe dividends and are likely to continue their history of dividend growth. Pipeline and transmission tariffs often have price escalators and cost pass-through provisions providing investors with a built-in inflation hedge. MLPs, which make up a significant portion of our portfolios, are tax efficient, which combined with our relatively low turnover, enhances the after-tax returns.
For further information call: 203-349-8232 or visit our website at www.energymlp.com
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