“If one is truly allergic to K-1s, there is even an ETF of pipeline LPs (AMLP – Alerian MLP ETF) that doesn't issue a K-1, because you only own shares of the ETF itself, not a look-through link to its holdings.”
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.