“Pass the frickin’ bill so we can start building things again.” — U.S. Oil & Gas Association The Bipartisan American Affordability and Jobs Act of 2026 (BAAJA), a sweeping energy and infrastructure permitting reform bill, was introduced in the U.S. Senate on September 30. If enacted, we believe it could be a significant catalyst for midstream energy, utilities, clean energy, and infrastructure companies, including many of our holdings. The bill aims to get infrastructure buil

Inflation, oil prices and interest rates have all remained higher for longer than conventional wisdom anticipated. We explore a scenario in which this environment persists and its implications for energy investments. OUR HIGHER-FOR-LONGER STANCE: Midstream companies enter this environment from a position of strength. Balance sheets are stronger, returns on invested capital have improved, and companies are generating meaningful free cash flow after capital expenditures. This a

FIRESIDE CHAT WITH EQT CFO, JEREMY KNOP On August 6th, we hosted a fireside chat with Jeremy Knop, Chief Financial Officer (CFO) of EQT Corporation (NYSE: EQT), to discuss the outlook for natural gas and EQT’s transformation from a traditional exploration and production (E&P) company into a vertically integrated natural gas company designed to generate durable cash flow across commodity cycles. The conversation reinforced a central theme of our natural gas thesis: near-term c