We would like to share an important update on one of the core holdings in our energy portfolio – Magellan Midstream Partners LP (MMP).
As you might be aware, we added MMP to our portfolio on March 17, 2022, and since then, the stock has delivered a robust return of 34.69%, significantly outpacing the 6.65% return of our benchmark, the Energy Select Sector SPDR Fund (XLE).
In addition to its capital appreciation, MMP has also been a high-yielding asset in our portfolio, providing us with a yield of 7.56%, which is almost double the 3.9% yield from our benchmark. This has contributed to our portfolio’s overall income and has helped us to provide you with reliable, above-market returns.
Major News Impacting MMP
You can read more about the news here.
Please stay tuned as we will soon share our decision on the next energy stock we intend to add to the portfolio in the wake of these developments. We remain committed to keeping you updated on our portfolio strategy and thank you for your continued trust in our management.