Summary

• Returns in the midstream master limited partnership sector outperformed the broader stock market in the first quarter of 2026.
• During the quarter, the Alerian MLP Infrastructure Index was up 17.16%, while the S&P 500 Index returned -4.33%.
• We believe that MLPs, which were once widely recognized as a go-to vehicle for income-focused investors, can be a useful tool for investors looking for attractive levels of income in a falling interest-rate environment.

Market Overview

Returns in the midstream master limited partnership (MLP) sector outperformed the broader stock market in the first quarter of 2026. During the quarter, the Alerian MLP Infrastructure Index (Benchmark Index) was up 17.16%, while the S&P 500® Index returned -4.33%. Additionally, energy commodities were