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    Mario Epelbaum

    Portfolio Manager-Partner at First New York

    Mario Epelbaum is a Portfolio Manager-Partner at First New York, specializing in Latin American equity strategies and asset management. He covers a range of companies and markets across Latin America, having demonstrated a proven track record in portfolio performance and management through successful investment mandates and asset growth. Epelbaum’s career began in academia as a Professor of Economics at ITAM before he transitioned to finance, holding senior roles such as Managing Director at Morgan Stanley, Portfolio Manager at Marathon Asset Management, and co-founder of Tree Capital LLC, prior to joining First New York in May 2016. He holds a PhD in Economics from Stanford University and a BA in Economics, Mathematics, and Computer Science from Cornell University, with additional expertise in securities analysis and portfolio management.

    Mario Epelbaum's questions to KNOT Offshore Partners (KNOP) leadership

    Mario Epelbaum's questions to KNOT Offshore Partners (KNOP) leadership • Q1 2025

    Question

    Mario Epelbaum asked about the upcoming Raquel charter renewal, the comparative impact of dry dockings in Q2, market strength for re-chartering, and questioned the Board's focus on drop-downs versus share buybacks.

    Answer

    CEO and CFO Derek Lowe stated that while the Raquel renewal notice is not unusually late, the company is optimistic given market conditions. He confirmed Q2 will have more dry docking impact than Q1 and agreed the company is in a stronger negotiating position for future charters. Regarding capital allocation, he said the Board's focus is on fleet growth but acknowledged the points raised about buybacks.

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    Mario Epelbaum's questions to KNOT Offshore Partners (KNOP) leadership • Q4 2024

    Question

    Mario Epelbaum questioned the company's distribution policy, asking why dividends are not being increased given the strong recurring cash flow after debt amortization. He also asked about the criteria for dropdown acquisitions, specifically the preference between North Sea and Brazilian assets, and how the company weighs using cash for dropdowns versus share buybacks.

    Answer

    CEO and CFO Derek Lowe reiterated the Board's strategy of balancing accretive fleet investment with a long-term sustainable distribution. He cautioned against annualizing a single strong quarter and noted the continuous need to renew charters. Regarding acquisitions, Lowe explained that the independent Conflicts Committee evaluates all potential dropdowns, including market exposure. He stated the Board considers all capital allocation options, including distributions and acquisitions, collectively to serve the long-term interests of unitholders.

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