Why Midstream Energy Companies Have an Advantage

Well, UMI, what we're doing is a mid-stream fund. We are focused on those midstream companies, and the nice thing in that space is, upstream has boom and bust cycles. The downstream space has margins from refineries and things like that.

In the midstream space, these companies are focused on developing long-term contracts which produce income. Our portfolio management team on that fund is active. They are looking for the best companies in the space, looking at company fundamentals, and trying to pick those companies that are likely to give better total returns over time and consistent income.

So that's really the differentiator with UMI, picking good companies and focusing on that mid-stream area where, hopefully, the income is more consistent, and you have good solid companies to choose from with strong fundamentals.