This month, Senior Portfolio Manager James Mick recaps energy market performance and explores emerging themes for the year ahead:
- 2025 Recap: Energy equities ended strong despite a 20% drop in crude.
- Midstream & Majors: Outperformed as oil correlations continued to decline.
- Venezuela: Regime change raises questions—but infrastructure challenges remain.
- Geopolitics: U.S.–China tensions may flare over crude trade dynamics.
- 2026 Themes: Humanoid robots, affordability concerns, and nuclear momentum.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS
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The S&P 500® Index is an unmanaged, market-value weighted index of stocks that is widely regarded as the standard for measuring large-cap U.S. stock market performance. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMNA) and on a total-return basis (AMNAX). The S&P 500® Utilities comprises those companies included in the S&P 500 that are classified as members of the GICS® utilities sector.
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