My Fund Comparison
US Energy and MLP Market Update
On Thursday, July 20, Kyri Loupis, Head of the Energy and Infrastructure Team, along with Portfolio Manager Ganesh Jois, CFA, discussed the recent market environment as well as the long term outlook for investing in US energy and energy infrastructure.
Lead Portfolio Manager,
Head of the Energy & Infrastructure Team
Goldman Sachs Asset Management
|Ganesh V. Jois, CFA
Energy & Infrastructure Team
Goldman Sachs Asset Management
Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
Partnerships ("MLPs") may be generally less liquid than other
publicly traded securities and as such can be more volatile and involve higher
risk. Investments in securities of an MLP involve risks that differ from
investments in common stocks, including risks related limited control and
limited rights to vote on matters affecting the MLP, risks related to potential
conflicts of interest between the MLP and the MLP’s general partner, cash flow
risks, dilution risks and risks related to the general partner’s right to require
unit holders to sell their common units at an undesirable time or price. MLPs
are also generally considered interest-rate sensitive investments. During
periods of interest rate volatility, these investments may not provide
attractive returns. MLPs may also
involve substantially different tax treatment than other equity-type
investments, and such tax treatment could be disadvantageous to certain types
of investors, such as retirement plans, mutual funds, charitable accounts,
foreign investors, retirement accounts or charitable entities. In addition,
investments in MLPs may trigger state tax reporting requirements. Generally, a
master limited partnership (“MLP”) is treated as a partnership for Federal
income tax purposes. Therefore, investors in an MLP may be subject to certain
taxes in addition to Federal income taxes, including state and local income
taxes imposed by the various jurisdictions in which the MLP conducts business
or owns property. In addition, certain tax-exempt investors in an MLP, such as
tax-exempt foundations and charitable lead trusts, may incur unrelated business
taxable income (“UBTI”) with respect to their investment. UBTI may result in
increased Federal, and possibly state and local, tax costs, and may also result
in additional filing requirements for tax exempt investors. Non-U.S. investors
may be subject to U.S. taxation on a net income basis and have U.S. filing
obligations as a result of investing in MLPs. The tax reporting information for
MLPs generally is provided to investors on an annual IRS Schedule K-1, rather
than an IRS Form 1099. To the extent the Schedule K-1 is delivered after April
15, you may be required to request an extension to file your tax returns.
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their specific circumstances and that the tax law is subject to change in the
future or retroactively and investors are strongly urged to consult with their
own tax advisor regarding any potential strategy, investment or transaction.
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to buy or sell any securities.
opinions expressed are for informational purposes only and do not constitute a
recommendation by GSAM to buy, sell, or hold any security. Views and opinions
are current as of the date of this presentation and may be subject to change,
they should not be construed as investment advice.
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