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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (45717)	6/11/2014 3:17:36 PM
From: E_K_S	of 78683

Tortoise Power and Energy Infra (TPZ) - sold 50% of lt position Crestwood Midstream Partners LP (CMLP) - added 30% to current holding. Closed out 50% of this fund as it now only yields 5.5%. Bought my original position 8/2012 around $21.50/share. Sold this lot for $27.80/share. I moved the proceeds into Crestwood Midstream Partners LP (CMLP) w/ a 30% add at $21.50/share. CMLP s/d achieve better coverage (previous 12 months at 0.71x) once recent acquisition is completed and efficiencies are gained from the consolidation. Growth is estimated at 2.5% but could be a bit better as the combined CAPx from the merger should get that number closer to 3%. Citi's weekly MLP report (pg-2- goo.gl ) has a price target of $23.00/share or 7% undervalued. The true value will be better reflected once the recent merger is completed, their CAPx projects are generating new revenues and a full quarter is booked reflecting the "new" company. My timeline is 18 months and/or $25.00/share. EKS

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