We are long-term investors seeking to maximize investment returns over full market cycles. To minimize risk, we prefer to invest in securities backed by long-lived assets that generate substantial streams of free cash flow. To enhance income for more risk tolerant investors, we may use modest leverage or options strategies.

Long-Term Investing

We invest in long-lived assets and seek to maximize returns over a full market cycle.

We believe companies in the infrastructure sectors often own irreplaceable assets whose value will grow over the long term. These assets may include real estate in premier locations, pipeline right-of-ways, or storage terminals in critical harbor locations. Go to Funds Page to see ETF options.

We focus on relative valuations in terms of credit quality and asset valuations to best position portfolios in each stage of an economic cycle.

Infrastructure Focus

We seek total-return opportunities driven by catalysts, largely in key infrastructure sectors. These sectors include energy, real estate, transportation, industrials, and utilities.

We often identify opportunities in entities that are not taxed at the entity level, such as master limited partnerships ("MLPs") and real estate investment trusts ("REITs"). See MLP ETF or REIT ETF

We like to find opportunities in credit and related securities, such as preferred stocks, that are often issued by companies in our target market sectors. See Preferred Stock Trading Overview PDF

Regular
Distribution Payouts

Income Emphasis

Current income is a primary objective in most, but not all, of our investing activities. Consequently, the focus is generally on companies that generate and distribute substantial streams of free cash flow.

Our approach is based on the belief that tangible assets that produce free cash flow have intrinsic values that are unlikely to deteriorate over time.

Credit quality screens can eliminate positions where the issuer’s credit quality is deteriorating or financial stress is evident. The avoidance of distressed securities can support the sustainability of the income stream.