CBRE Global Investors, combined with CBRE Clarion Securities and CBRE Caledon, is one of the world’s leading real asset investment managers providing real estate and infrastructure investment solutions to over 500 clients worldwide.
CBRE Global Investors is the investment management division of CBRE Group, Inc. the world’s premier commercial real estate services and investment firm. The company’s shares trade on the New York Stock Exchange under the symbol “CBRE.”
August 31, 2013
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MLPs had a rough week, down 1.6%, which was slightly better than the S&P 500 (down 1.8%). The situation in Syria seems to be having a positive impact on oil prices and a negative impact on the U.S. stock market. U.S. military action would probably continue those two trends. Next week’s August jobs report will be the next thing people talk about driving stock market performance, as plenty of people will use that as a barometer (at least for that day) of whether the economy is doing well enough for the Fed’s to go through with plans to reel in some of that QE we love so much. For MLPs, expect the equity capital markets to open up again maybe next week, but definitely in the weeks that follow, which may pressure the space as we close the quarter. NGL prices have picked up of late though, and that should have a positive impact on 3Q earnings for many MLPs.
With the 1.0% drop Friday, MLPs were down 2.5% for August, making it the worst month of the year so far, narrowly beating the 2.1% drop we saw in May. September on average has been the third worst performing month of the year over the years, producing 0.13% total return on average in the 17 years of the MLP Index. However, the average for the 5 Septembers that immediately followed a negative August is 3.3%. In order to do that, MLPs will need to string more than one positive week in a row together, which hasn’t happened since the two middle weeks of June.
Recap of the MLP Index total return for various recent time periods:
Winners & Losers
PNG moved higher on the news of the offer from PAA. There was no other news around the MLPs that made the top 5 and bottom 5, but a huge block of units traded in MWE Thursday, which may have been some of the secondary units registered in the ATM program filed in August.
No changes in the constituents or order of the YTD winners and losers chart this week.
News of the (MLP) World
Equity
M&A / Growth Projects
Other
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