The Coverage Universe consists of energy related equities that we consider for potential inclusion in the Focus List and Absolute-Return Portfolios.

Names in the Lower Risk category involve the least exposure to volatility in the stock and commodity markets and often generate much of their returns from dividend accumulation, though some price appreciation will also occur. In contrast, stocks in the Medium Risk segment entail additional volatility and tend to generate the bulk their returns from price appreciation, though this category also includes a handful of income-oriented names that have moderate exposure exposure to commodity prices.

Holdings in the Higher Risk category can be subject to significant price gyrations, largely because of their sensitivity to fluctuations in energy prices or their smaller market capitalizations. This segment may include some shorter-term trades.