Core Insights - Enterprise Products Partners (EPD) and Energy Transfer (ET) are leading integrated and diversified North American master limited partnerships (MLP) providing extensive energy infrastructure [1] Group 1: Company Overview - EPD and ET offer energy shippers a comprehensive network of pipelines, processing plants, storage facilities, and export capabilities [1] Group 2: Investment Philosophy - The investment approach is characterized by a long-term, top-down strategy focusing on macro and secular trends, durable themes, and industries with strong fundamentals [1] - The portfolio typically consists of 8–12 concentrated holdings, emphasizing a buy-and-hold philosophy to allow long-term ideas to compound [1]