BPCFA is a Delaware limited liability company that was formed on June 19th, 2013 for the purpose of
providing discretionary and non-discretionary portfolio management and investment advisory services to
registered investment vehicles and separately managed accounts. BPCFA and its affiliates are
headquartered in Dallas, Texas. Since August 22nd, 2013, BPCFA has been registered with the SEC
pursuant to the Advisers Act. Registration of an investment adviser does not imply any level of skill or
training. The primary owners of BPCFA are the Loftin Group, LLC, a Texas limited liability company and
TBP MLP Advisors Holdings, LLC, a Delaware limited liability company (which is a holding company
controlled by the estate of T. Boone Pickens).
Advisory Services
BPCFA’s portfolio management and investment advisory services are offered (directly or indirectly through
a sub-advisory arrangement with the client's primary investment adviser) to registered investment
companies and High Net Worth investors through separate account management.
BPCFA’s investment strategies employ an energy sector focus by primarily investing in publicly-traded
equity and debt securities of U.S. energy companies involved in the extraction, processing, distribution or
use of natural gas, oil and coal. Additionally, BPCFA focuses its investments on energy infrastructure
master limited partnerships (“MLPs”), which own and operate assets that are used in the energy sector,
including assets used in exploring, developing, producing, generating, transporting (including marine),
transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing of
natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or that provide energy related
equipment or services. BPCFA’s advisory services consist of managing each of its Client’s portfolios,
including sourcing, selecting, determining investments in, and monitoring investments in and the execution
of transactions on behalf of its Clients. BPCFA generally is responsible for investing and re-investing the
assets of each Client account in accordance with the investment objectives, policies and guidelines set
forth in the Client’s governing documents. With respect to any Client, this Brochure is qualified in its entirety
by the Clients’ offering memorandum, prospectus, statement of additional information or other similar
disclosures and governing documents (collectively, the “governing documents”).
BPCFA tailors its investment advice to the specific needs of its Clients and is subject to applicable
investment restrictions set forth in the governing documents for the applicable Clients. BPCFA works with
Clients to formulate appropriate and agreed-upon investment guidelines. BPCFA works with Clients to
determine the feasibility of monitoring proposed restrictions and limitations. Clients who restrict their
investment portfolios may experience potentially worse performance results than Clients with unrestricted
portfolios even for Clients with similar objectives. BPCFA reserves the right to reject or terminate any Client
that seeks restrictions which BPCFA is unable to implement or which may fundamentally alter the
investment objective of the strategy selected by the Client. Investors who participate in pooled investment
vehicles, such as U.S. registered investment companies, may generally not tailor investment guidelines.
When BPCFA serves as investment adviser, it enters into a written investment management agreement
with each of its advisory Clients. Investors in pooled investment vehicles are not considered as BPCFA’s
advisory Clients and do not enter into investment management agreements with BPCFA. Investment
management agreements include provisions related to each Client’s management fees, investment
strategy, investment guidelines, termination rights, proxy voting and sub-adviser, if applicable. BPCFA’s
standard investment management contract generally permits either party to terminate the contract at the
upon 30 days’ written notice. Upon termination, Clients are billed only for the pro-rata portion of the
management period. Clients do not pay a termination fee.
Wrap Fee Programs
We do not currently have a Wrap-Fee Program.
Regulatory Assets Under Management
As of December 31, 2022, BPCFA managed approximately $15 million of advisory assets, all of which
were on a discretionary basis. The SEC has adopted a uniform method for advisers to calculate assets
under management for regulatory purposes which it refers to as an adviser’s “regulatory assets under
management.” Regulatory assets under management are generally an adviser’s gross assets, i.e., assets
under management without deduction for outstanding indebtedness or other accrued but unpaid liabilities.
BPCFA reports its regulatory assets under management in Item 5 of Part 1 of Form ADV which you can
find at
www.adviserinfo.sec.gov.