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Salient’s leadership and portfolio managers are often quoted in print, radio, and TV appearances.
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Salient’s single- and multi-asset alternative and real asset investment strategies serve as powerful building blocks for efficient portfolios.
10-year Treasury is a debt obligation issued by the U.S. Treasury that has a term of more than one year, but not more than 10 years.
2-year U.S. Treasury is a debt obligation issued by the U.S. Treasury that has a term of two years.
30-Day SEC Yield is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.
30-Day SEC Yield (REIT ROC ADJUSTED) is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. The 30-Day SEC Yield has been adjusted for REIT investment return of capital.
30-Day Unsubsidized SEC Yield is computed by dividing the net investment income per share earned during the period, excluding expense waivers or reimbursements, by the maximum offering price per share on the last day of the period.
A is a Standard & Poor’s long-term credit rating that reflects a bond issuer’s financial strength, or its ability to meet its financial commitments in a timely fashion. A is given when an issuer’s capacity to meet its long-term debt obligations is strong.
AA is a Standard & Poor’s long-term credit rating that reflects a bond issuer’s financial strength, or its ability to meet its financial commitments in a timely fashion. AA is given when an issuer’s capacity to meet its long-term debt obligations is very strong.
Absolute return is the return that an asset achieves over a certain period of time.
Alerian MLP Index (AMZ) is a composite of the 50 most prominent energy MLPs that provides investors with a comprehensive benchmark for this emerging asset class.
Alpha is a coefficient measuring risk-adjusted performance.
Asset coverage is the extent to which a company’s net assets cover its debt obligations and/or preferred stock.
Asset-backed security is a financial security backed by loans, leases, credit card debt or receivables against assets other than real estate and mortgage-backed securities.
Athens Stock Exchange General Index is a capitalization-weighted stock market index that tracks the performance of Greek stocks listed on the Athens Stock Exchange.
B+ is a Standard & Poor’s long-term credit rating that reflects a bond issuer’s financial strength, or its ability to meet its financial commitments in a timely fashion. B+ is given when an issuer has significant speculative characteristics that make it vulnerable to nonpayment.
BarclayHedge CTA Index is an unweighted index that measures the composite performance of commodity trading advisors with four years or more documented performance history.
Bloomberg Barclays Global High Yield Index is a multi-currency flagship measure of the global high yield debt market.
Bloomberg Barclays High-Yield Municipal Bond Index tracks the performance of noninvestment-grade U.S. municipal bonds with a remaining maturity of one year or more.
Bloomberg Barclays Intermediate Government/Credit Bond Index tracks the performance of intermediate-term U.S. government and corporate bonds.
Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade fixed-rate-bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.
Bloomberg Barclays U.S. Corporate High-Yield Bond Index covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.
Bloomberg Barclays U.S. Corporate High-Yield Total Return Index measures the USD-denominated, high yield, fixed-rate corporate bond market.
Bloomberg Barclays U.S. Credit Index is an index composed of corporate and noncorporate debt issues that are rated investment grade (Baa3/BBB) or higher.
Bloomberg Barclays U.S. Government/Credit Bond Index is an unmanaged index of fixed-rate government and corporate bonds rated investment grade or higher. One cannot invest directly in an index.
Bloomberg Barclays U.S. Mortgage-Backed Securities Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC).
Bloomberg Barclays U.S. Municipal Bond Index covers the USD-denominated, long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.
Bloomberg Barclays U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of one to 30 years.
Basis point (bps) is a unit of measure that is equal to 1/100th of 1% and used to denote a change in the value or rate of a financial instrument.
BB- is a Standard & Poor’s long-term credit rating that reflects a bond issuer’s financial strength, or its ability to meet its financial commitments in a timely fashion. BB- is given when an issuer has significant speculative characteristics but is less vulnerable to nonpayment than other speculative issues.
Beta is a statistical measure of the relative volatility of a stock, fund or other security in comparison to the market as a whole.
Bid/ask spread refers to the difference in price between the highest price that a buyer is willing to pay for an asset and the lowest price for which a seller is willing to sell it.
Bloomberg Commodity Index is a broadly diversified index composed of exchange-traded futures contracts on physical commodities.
Bloomberg World Index is a capitalization weighted index of all equities included in the Bloomberg World Index Series. One cannot invest directly in an index.
Blue chip refers to a nationally-recognized, well-established and financially-sound company.
Breadth is a technique used in technical analysis that attempts to gauge the direction of the overall market by analyzing the number of companies advancing relative to the number declining.
BRIC is an acronym for the emerging economies of Brazil, Russia, India and China combined.
A bund is a bond issued by Germany’s federal government.
CAC 40 Index is the most widely-used indicator of the Paris market, reflects the performance of the 40 largest equities listed in France, measured by free-float market-capitalization and liquidity.
Caixin Purchasing Managers Index is a gauge of nationwide manufacturing activity in China.
Carry trade is a trading strategy that borrows currency at a low interest rate in order to buy an asset that provides a higher rate of return.
Cash flow is a revenue or expense stream that changes a cash account over a given period.
Chicago Board Options Exchange (CBOE) Volatility Index (VIX) is a popular measure of market risk and is constructed using the implied volatility of S&P 500 index options.
Chicago Mercantile Exchange is the world’s second-largest exchange for futures and options on futures and the largest exchange in the U.S.
Citigroup 1-Month Treasury Bill Index is designed to measure the return of the 1-month Treasury bills.
Citigroup 30-day U.S. Treasury Bill Index is designed to measure monthly return equivalents of yield averages that are not marked to market.
Commercial mortgage-backed security (CMBS) is a type of mortgage-backed security that is secured by the loan on a commercial property. It can provide liquidity to real estate investors and commercial lenders.
Commercial paper is uncollateralized loans obtained by companies, usually on a short-term basis.
A commodities futures curve plots futures prices of commodities against commodities contract maturities (i.e., terms to maturity).
Commodity trading advisor (CTA) is US financial regulatory term for an individual or organization who is retained by a fund or individual client to provide advice and services related to trading in futures contracts, commodity options and/or certain swaps. They are responsible for the trading within managed futures accounts. The definition of CTA may also apply to investment advisors for hedge funds and private funds including mutual funds and exchange-traded funds in certain cases.CTAs are generally regulated by the United States federal government through registration with the Commodity Futures Trading Commission (CFTC) and membership of the National Futures Association (NFA).
Consumer Price Index (CPI) is an index number measuring the average price of consumer goods and services purchased by households. The percentage change in the CPI is a measure of inflation.
Contango is when a futures price is above the expected future spot price. Consequently, the price will decline to the spot price before the delivery date.
Core CPI is a subset measurement of the total Consumer Price Index (CPI) that excludes highly volatile food and energy prices.
Correlation is a statistical measure of how two securities move in relation to each other.
A credit default swap is a type of contract that offers a guarantee against the nonpayment of a loan by transferring the credit exposure of fixed-income products from the holder of the security to the seller of the swap.
Credit risk is the risk of loss of principal or loss of a financial reward stemming from a borrower’s failure to repay a loan or otherwise meet a contractual obligation.
Credit Suisse Emerging Market Corporate Bond Index consists of U.S. dollar-denominated fixed-income issues from Latin America, Eastern Europe and Asia.
DAX Index is a stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange.
Default risk is the risk that companies or individuals will not be able to make the required payments on their debt obligations.
Deutsche Boerse AG German Stock Index or DAX is a total return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange.
Discounting mechanism refers to the premise that the stock market essentially discounts, or takes into consideration, all available information about present and potential future events, including unexpected events and disasters.
Dividend capture is an income-producing strategy in which a particular security about to pay a dividend is purchased, held until its dividend is captured and then sold in order to purchase another security about to pay a dividend.
Salient’s Dividend Signal Strategy is an approach that targets promising growth companies and high total return as well as stable income streams via stocks that have provided a regular dividend payout.
Dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Dow Jones Equity All REIT Index represents all publicly traded real estate investment trusts in the Dow Jones U.S. stock universe classified as Equity REITs according to the S&P Dow Jones Indices REIT Industry Classification Hierarchy. These companies are REITs that primarily own and operate income-producing real estate.
Dow Jones Equity REIT Total Return Index is comprised of real estate investment trusts (“REITs”) that directly own all or part of the properties in their portfolios.
Dow Jones Industrial Average (DJIA) is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry and are listed on the New York Stock Exchange. It has been a widely followed indicator of the U.S. stock market since October 1, 1928.
Downside capture ratio is a statistical measure of an investment manager’s overall performance in down-markets.
Drawdown is the gradual decline in the price of a security or other investment between its high and low over a given time period
Duration is a measure of the sensitivity of the price of a fixed-income investment to a change in interest rates and is expressed as a number of years.
Employment Cost Index is a quarterly report from the U.S. Department of Labor that tracks movement in the cost of labor, including wages, benefits and bonuses, and measures the growth of employee compensation.
Eurozone Services Purchasing Managers’ Index (PMI) measures business activity at thousands of eurozone firms from banks to restaurants.
Fair value is a tool used by investors to understand the relationship between the value of futures contracts and the current price of a stock.
Family offices are private wealth management advisory firms that manage the finances and investments of affluent individuals or families.
Federal funds rate is the interest rate at which a depository institution lends immediately available funds to another depository institution overnight.
Federal Open Market Committee (FOMC) is the branch of the Federal Reserve Board that determines the direction of monetary policy.
Federal Reserve Act refers to the 1913 U.S. legislation that created the current Federal Reserve System. The act intended to establish a form of economic stability through the introduction of the central bank, which would be in charge of U.S. monetary policy.
Fiat Currency is a currency that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves.
Fiscal cliff refers to the simultaneous spending cuts and tax increases that were slated to take place at the end of 2012.
FTSE 100 Index is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange.
FTSE EPRA/NAREIT Developed ex-U.S. Index is designed to track the performance of listed real estate companies and REITs worldwide, excluding U.S. companies.
FTSE MIB Index consists of the 40 most liquid and capitalized stocks listed on the Borsa Italiana.
FTSE NAREIT Composite Index is an unmanaged index consisting of approximately 200 Real Estate Investment Trust stocks.
FTSE NAREIT Equity REITs Index is representative of the tax-qualified REITs listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market, excluding timber and infrastructure REITs.
Fundamental analysis is a method of measuring intrinsic value by examining related economic, financial and other qualitative and quantitative factors, including macroeconomics and company-specific characteristics.
Futures are financial contracts that obligate the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a financial instrument, at a predetermined future date and price.
Futures curve plots futures prices against contract maturities (i.e., terms to maturity).
Global Industry Classification Standard (GICS) is a standardized classification system for equities developed jointly by Morgan Stanley Capital International (MSCI) and Standard & Poor’s. The GICS methodology is used by the MSCI indices, which include domestic and international stocks, as well as by a large portion of the professional investment management community.
Gross domestic product (GDP) is the monetary value of all the finished goods and services produced in a country in a given year. GDP is one way of measuring the size of a country’s economy.
Group of 20 (G-20) is a forum of finance ministers and central bank governors from 19 of the world’s largest economies, and the European Union. Formed in 1999, the group discusses key issues related to the global economy.
Gulf Cooperation Council (GCC) is a political and economic union involving six Arab states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) of the Persian Gulf.
HFRI Equity Hedge Index maintains positions both long and short in primarily equity and equity derivative securities.
HFRI Event-Driven Index maintains positions in companies currently or prospectively involved in corporate transactions of a wide variety including but not limited to mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance or other capital structure adjustments.
HFRI Fund of Funds Composite Index is an equal-weighted index comprised of fund of funds. The index includes over 600 constituents, both domestic and offshore funds.
HFRI Fund Weighted Composite Index is an equal-weighted index comprised of over 2,200 domestic and offshore hedge funds, excluding fund of funds. It is considered the industry’s most widely used benchmark for global hedge fund performance.
HFRI Macro Index maintains positions in a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets.
HFRI Relative Value Index maintains positions in strategies in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities.
IBEX 35 Index is the official index of the Spanish Continuous Market. The index is comprised of the 35 most liquid stocks traded on the Continuous market.
Inflation is the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.
Inflationary risk refers to the possibility that the value of assets or income will decrease as inflation shrinks the purchasing power of a currency.
Institute of Supply Management (ISM) Manufacturing Index is a monthly index that tracks the amount of manufacturing activity that occurred in the previous month.
Institute of Supply Management (ISM) Purchasing Managers Index (PMI) measures the health of the manufacturing sector and is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.
Interest rate risk is the risk that an investment’s value will change due to a change in interest rates.
International Monetary Fund (IMF) is an international organization created for the purpose of promoting global monetary and exchange stability, facilitating the expansion and balanced growth of international trade and assisting in the establishment of a multilateral system of payments for current transactions.
Investment grade refers to the quality of credit, and indicates that a company or bond has a relatively low risk of default.
IP Index (U.S. Industrial Production) measures the real output of the manufacturing, mining, and electric and gas utilities industries.
J.P. Morgan Global Manufacturing Purchasing Managers Index is a composite index that serves as a global economic indicator by measuring different business conditions in 24 countries, including global manufacturing output, new orders and employment across the global manufacturing sector. One cannot invest directly in an index.
Leverage is the use of various financial instruments or borrowed capital, such as margin, to increase the potential return of an investment.
Liquidity is the degree to which an asset or security can be bought or sold in the market without affecting the asset’s price.
Liquidity risk refers to the risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss.
Managed futures are a type of alternative investment. Managed futures accounts can take both long and short positions in futures contracts and options on futures contracts in the global commodity, interest rate, equity and currency markets.
Market breadth is a ratio that compares the total number of rising stocks to the total number of falling stocks.
Modern portfolio theory (MPT) is a theory on how risk-averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward.
MOVE (Merrill Lynch Option Volatility Estimate) Index measures the implied volatility of U.S. Treasury markets by gauging options contracts on one-month Treasury issues. It serves as an indicator for assessing the psyche of the market.
MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. One cannot invest directly in an index.
MSCI ACWI (All Country World Index) ex-USA is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. One cannot invest directly in an index.
MSCI China Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of the developed markets in China.
MSCI EAFE Index is a stock market index that is designed to measure the equity market performance of developed markets outside of the U.S. and Canada. One cannot invest directly in an index.
MSCI Emerging Markets (EM) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. One cannot invest directly in an index.
MSCI Frontier Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of frontier markets. One cannot invest directly in an index.
MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. With 320 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Japan.
MSCI Qatar Index is designed to measure the performance of the large and mid cap segments of the Qatari market. With 13 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Qatar. One cannot invest directly in an index.
MSCI Spain Index is designed to measure the performance of the large and mid cap segments of the Spanish market. With 22 constituents, the index covers about 85% of the equity universe in Spain.
MSCI United Arab Emirates (UAE) Index is designed to measure the performance of the large and mid cap segments of the UAE market. With 10 constituents, the index covers approximately 85% of the UAE equity universe. One cannot invest directly in an index.
MSCI World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed markets. One cannot invest directly in an index.
MSCI World ex USA Index is a free-float weighted equity index created by Morgan Stanley Capital International (MSCI) that is designed to measure market performance in developed world markets excluding the USA.
NASDAQ Composite Index is a capitalization-weighted index designed to measure the performance of 3,000 stocks listed on the Nasdaq exchange, which includes large technology and biotech companies.
NASDAQ-100 Index is a modified capitalization-weighted index that includes the largest non-financial U.S. and non-U.S. companies listed on the NASDAQ stock market across a variety of industries, such as retail, healthcare, telecommunications, wholesale trade, biotechnology and technology. One cannot invest directly in an index.
Newedge CTA Trend Sub-Index is a subset of the Newedge CTA Index, and follows traders of trend following methodologies. The Newedge CTA Index is equal weighted, calculates the daily rate of return for a pool of CTAs selected from the larger managers that are open to new investment.
Nigerian Stock Exchange All Share Index tracks the general market movement of all listed equity securities on the Nigerian Stock Exchange, regardless of capitalization.
Nikkei 225 Index is a price-weighted index comprised of Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange.
Non-farm U.S. Payrolls is the statistic used to measure employment for goods, construction and manufacturing companies in the U.S. It does not include farm workers, private household employees, or non-profit organization employees.
Payout ratio is the amount of earnings paid out in dividends to shareholders.
Personal Consumption Expenditures (PCE) is a measure of price changes in consumer goods and services targeted toward individuals and consumed by individuals.
Portable alpha is a strategy in which investments are made in areas that have little to no correlation with the market.
Price-earnings (P/E) ratio of a stock is a measure of the price paid for a share relative to the annual income or profit earned by the firm per share. A higher P/E ratio means that investors are paying more for each unit of income.
Price-to-book (P/B) ratio compares a stock’s market value to its book value and is calculated by dividing the closing price of the stock by the latest quarter’s book value per share.
Price-to-cash flow is the ratio of a stock’s closing price to its cash flow per share and is an indicator of a stock’s value.
Producer Price Index (PPI) is a family of indices that measures the average change in selling prices received by domestic producers of goods and services over time.
Purchasing power parity (PPP) is an economic theory that estimates the amount of adjustment needed on the exchange rate between countries in order for the exchange to be equivalent to each currency’s purchasing power.
Quantitative easing refers to a form of monetary policy used to stimulate an economy where interest rates are either at, or close to, zero.
R-squared reflects the percentage of a fund or security’s movements that are explained by movement in its benchmark index.
Real yield is the yield on an investment minus the rate of inflation.
Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index represents approximately 98% of the investable U.S. equity market.
Russell 3000 Index is a market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market. The index is composed of the 3,000 largest U.S. companies and represents approximately 98% of the investable U.S. equity market. One cannot invest directly in an index.
Russell Midcap Index measures the performance of the mid cap segment of the U.S. equity universe.
S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. One cannot invest directly in an index.
S&P GSCI is a widely recognized, investable broad-based and production-weighted index that represents the global commodity market and measures commodity performance over time.
S&P GSCI Commodity Index is a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities and serves as a measure of commodity performance over time.
Shanghai Stock Exchange (SSE) Composite Index is a market composite of all A and B shares traded on the Shanghai Stock Exchange and provides a broad overview of the performance of companies listed on the Shanghai exchange.
Sharpe ratio is a ratio developed by Nobel laureate William F. Sharpe to measure how a fund performs relative to the risk it takes.
Single-B is a Moody’s long-term credit rating that reflects a bond issuer’s likelihood of default on contractually promised payments and the expected financial loss suffered in the event of default. A single-B rating indicates obligations are considered speculative and are subject to high credit risk.
Spot price is the current price at which a particular security can be bought or sold at a specified time and place.
Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.
Technical analysis is a method of evaluating market activity by analyzing statistics such as past prices and volume to identify patterns that can suggest future activity.
Tokyo Stock Price Index is an index that measures stock prices on the Tokyo Stock Exchange (TSE).
Total return swap is a swap agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains.
Upside capture ratio is a statistical measure of an investment manager’s overall performance in up-markets.
U.S. Corporate Profits with IVA & CCA measures corporate Profits with Inventory Valuation Adjustment (IVA) and Capital Consumption Adjustment (CCAdj).
U.S. Trade-weighted Dollar Index tracks the strength of the dollar against a basket of currencies.
Valuation is the process of determining the value of an asset or company based on earnings and the market value of assets.
VIX (the ticker symbol for the Chicago Board Options Exchange Volatility) Index is a popular measure of market risk and is constructed using the implied volatility of S&P 500 index options.
Volatility is a statistical measure of the dispersion of returns for a given security or market index.
Volume is the number of shares or contracts traded in a security or an entire market during a given period of time.
West Texas Intermediate (WTI) crude oil is commonly referred to as “oil” in the Western world. WTI is the underlying commodity of the New York Mercantile Exchange’s oil futures contracts.
Yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.
ZEW Indicator of Economic Sentiment is a monthly survey of up to 350 financial experts that reflects the difference between the share of analysts that are optimistic and the share of analysts that are pessimistic for Germany’s expected economic development in six months. The survey also asks for the expectations for the eurozone, Japan, Great Britain and the U.S.
The information contained on this web site reflects thoughts and opinions of Salient Capital Advisors, LLC (“Salient”) employees only, and the firm is not soliciting any transaction based upon such information.
The contents of this web site are for informational purposes only and may not reflect current financial developments or market conditions. You should not act or refrain from acting on the basis of any content included in this web site without seeking financial or professional advice on the particular facts and circumstances at issue. Salient reserves the right to change any information contained herein without prior notice. Salient is not responsible for any third-party content that may be accessed through this web site. The distribution or photocopying of Salient information contained on or downloaded from this site is strictly prohibited without the express written consent of Salient.
Salient research has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Salient recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
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Salient is the trade name for Salient Partners, L.P., which together with its subsidiaries provides asset management and advisory services. Insurance products offered through Salient Insurance Agency, LLC (Texas license #1736192). Trust services provided by Salient Trust Co., LTA. Securities offered through Salient Capital, L.P., a registered broker-dealer and Member FINRA, SIPC. Each of Salient Insurance Agency, LLC, Salient Trust Co., LTA, and Salient Capital, L.P., is a subsidiary of Salient Partners, L.P.
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