ARP is down 9% for the year while ATLS is up 35%. That kind if divergence can't continue. A good pair trade for next year is to purchase ARP and short ATLS. Plus one picks up an additional 7% on the distribution spread.
Cooperman has a larger position in ATLS in terms of dollars owned........ If ARP works, ATLS works on steroids given the 50% IDR carry. This explains the divergence in returns for the last 3 years with APL as well. ATLS distribution is set to grow by at least 50% in 2014 and probably another 50% in 2015. The looking forward yield arbitrage between ARP & ATLS narrows considerably and the market is a forward looking mechanism..... Happy New Years! I own both ARP and ATLS in major size!!