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2015 All-America Research Team: Master Limited Partnerships, No. 3: Zalman (Shneur) Gershuni & team
With a crew under the direction of newcomer Zalman (Shneur) Gershuni, UBS makes its first appearance on this lineup, securing third place.
Total appearances: 1
Team debut: 2015
With a crew under the direction of newcomer Zalman (Shneur) Gershuni, UBS makes its first appearance on this lineup, securing third place. The five-strong group expects midstream master limited partnerships in the U.S. to post a distribution growth rate of approximately 10 percent next year. “However, given the current state of the commodities environment,” cautions Gershuni, “we believe there is heightened risk around exploration and production drilling capital spending in 2016, which could limit the growth potential for the group as we look forward to 2017.” This could, in turn, create “a growth gap,” he notes. Consequently, the researchers are highlighting MLPs that have some ability to enhance distributions and are appealing on a valuation basis, as well. Two Houston-based players — Buckeye Partners and Genesis Energy — fit this bill, they believe, as do Philadelphia’s Sunoco Logistics Partners and Tesoro Logistics of San Antonio, Texas. Gershuni, 41, also debuts on the Natural Gas roster this year, as a runner-up. “His research is deep and thought-provoking,” affirms one money manager. The team leader signed on with UBS in January 2004 and for some time both tracked MLPs and led the firm’s U.S. metals and mining coverage, earning a runner-up position in that sector in 2011. Before jumping to the sell side, he logged stints as an equity researcher at Franklin Templeton Investments and a credit analyst at Canada Life Assurance Co. Gershuni holds an MBA in finance from the DeGroote School of Business at Canada’s McMaster University and a bachelor’s degree in economics from that nation’s York University.