September 5, 2018 Dear Partners, The U. S. oil and gas markets had a constructive month in August. Oil prices were firm, backed by a steady draw down of inventories […]

August 16, 2018 Dear Partners, This map shows the number of pipelines that are proposed to be built in the Permian Basin, to handle the expected increase in production in […]

July 9, 2018 Dear Partners, The oil markets and our holdings were stronger than expected in June after the big run up in May. Geopolitics and some technical issues get […]

June 11, 2018 Dear Partners, It is one thing to write about why we select certain holdings for our fund. It is another thing altogether to see our convictions come […]

May 11, 2018 Dear Partners, The oil markets and the energy business came to life over the last few weeks spurred by steadily falling inventories, continued production restrictions by key […]

April 8, 2018 Dear Partners, Processing of K-1s has taken longer than expected but we hope to get K-1s out to you ASAP. For the time being, we can supply […]

March 14, 2018 Dear Investors, The Fund value retreated (-.58%) last month after a fine performance in January. The Alerian MLP Index we have long used for performance comparison declined […]

February 14, 2018 Dear Investors, We suggested last month that we believed that 2018 would be a strong year for equity markets including those in the energy sector and in […]

January 19, 2018 Dear Investors, We want to reemphasize what we said in last month’s letter: we think 2018 will be a good year for energy stocks. Selection will continue […]