North American Midstream Energy (NAME) Quarterly Commentary – September 2020

Changing Energy Landscape

The mix of U.S. energy consumption and production has changed over time. We are embracing the change. Through a holistic investment approach, we are building Energy investments of the future.

History has shown us nothing is set in stone — we believe the most successful investment strategy is to embrace the changes and continuously seek investment opportunities with an open mind.

DAC has been an Energy Investor since the early days, focused on Energy infrastructure, particularly midstream Master Limited Partnerships. Midstream MLPs are involved in the transportation, processing, and storage of oil, natural gas, and natural gas liquids (NGLs). They typically operate fee-based business models, engaging long term contracts with their customers.