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Does Issue Date impact MLP Performance?

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Given the recent rout in Master Limited Partnerships, we wanted to consider whether seasoned MLP's, those issued prior to 2008, have performed any better than those issued after 2010 (there was a two year hiatus in issuance from after the 2008 crash).  The question is whether the more significant tax recapture associated with older units, which have paid out a higher amount of aggregate distributions for those who have owned since inception, has had any impact on retail selling Year and Month to Date Total Returns.

 

We stratify the MLPData universe by exchange listing date below and display the table for units issued prior to 2008.  In summary, the $313B market cap of issuance prior to 2008 has an average Year to Date Total Return performance of -23.14% and a Month to Date total Return Performance of -11.67%.  For the $200B of units issued after 2010, the YTD number is -25.40% and MTD is -16.77%.  There are many other obvious factors to consider along with this data, but on the surface, but it appears that seasoned issues are less likely to be liquidated in this downturn than those with a longer ownership period, and lower tax obligations upon sale.

 


 

The next table is issuance from 2010 to 2013


 

And the final table is issuance from 2013

 

 

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All Data is collected and provided by MLPData LLC

 

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