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Performance

Samson Capital Management aims to manage a conservative portfolio of MLPs focused on income and high after-tax total return. The chart below displays the growth of a $1mm investment in the SCM MLP Income Portfolio, since inception, as compared to the Alerian MLP Index and the S&P 500 Index.

Performance Disclosures:

  • Samson Capital Management, LLC ("Samson Capital") is a registered investment adviser with the United States Securities and Exchange Commission in accordance with the Investment Advisers Act of 1940. The MLP Income Portfolio SMA Composite includes separately managed non-wrap account portfolios invested in Master Limited Partnerships (MLPs) with the aim of providing investors with a high level of income while seeking to maximize total return. The portfolios are invested in domestic securities primarily concentrated in the midstream energy sector.

  • The performance shown is for the stated time period only; due to market volatility, current performance may be different. This presentation contains both gross and net performance calculations for the Samson Capital Management MLP Income Portfolio SMA Composite.  Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are based on gross returns minus actual management fees paid by fee paying accounts and management fees that would have been charged to non-fee paying accounts according to the standard investment management fee schedule described in Part 2 of Samson Capital’s Form ADV. The investment management fee schedule for the composite is 1.25% for accounts under $1 million and 1.00% for accounts $1 million and above. Actual investment advisory fees paid and actual commissions incurred by clients may vary. Some clients are sub-advisory clients and the fee applied to these accounts is the fee charged by our firm. Actual performance for sub-advisory accounts could be lower due to the primary advisers fee. Both gross and net performance include the reinvestment of income and dividends for those clients that elect this option. Valuations are computed and performance is reported in U.S. dollars. No leverage or derivatives have been used in the management of portfolios in this composite.

  • The Samson Capital MLP Income Portfolio Composite was managed in a separate account by Ferrell Capital through 05/28/09 and did not incur any management fees. Future client returns will be reduced by management fees and other expenses that the Portfolio may incur. Samson Capital data reflects cashflow in and out of the account, and reflects periodic re-investment of distributions for those accounts that elect this option. As management fees are deducted quarterly for clients, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, on an account with a 1% management fee, if the gross performance is 10% annually, owned for 10 years, the compounding effect of the management fees will result in a net performance of approximately 8.90% annual return.

  • A comparison to the portfolio return is The Alerian MLP Index ("Alerian"), which is a composite of the 50 most prominent energy master limited partnerships calculated using a float-adjusted market capitalization methodology. The total return performance data was derived from www.alerian.com.

  • In addition to sector comparison's, we also show S&P 500 Index ("S&P") returns to compare returns to the market in general. The S&P is a cap weighted index including 500 leading companies in leading industries of the U.S. economy. Total Return performance data was derived from Bloomberg Professional Services. The S&P has been used as a comparative benchmark because the goal of the above account is to provide equity-like returns. The S&P is one of the world's most recognized indexes by investors and the investment industry for the equity market.

  • The S&P and the Alerian are not managed portfolios and are not subject to management fees or trading costs.  Investors cannot invest directly in them.  The returns also reflect the reinvestment of dividends. Samson is aware of the benchmark comparison guidelines set forward  in the SEC Clover No-Action Letter (1986) and compares clients’ performance results to a benchmark or a combination of benchmarks most closely resembling clients’ actual portfolio holdings.  However, investors should be aware that the referenced benchmark funds may have a different composition, volatility, risk, investment philosophy, holding times, and/or other investment-related factors that may affect the benchmark funds’ ultimate performance results.  Therefore, an investor’s individual results may vary significantly from the benchmark’s performance.

  • Past performance is not indicative of future results.