CVR Partners (NYSE: UAN) sells fertilizer, which management is very clear to point out is a commodity business. That is both good and bad, since it means that the financial results of the master limited partnership (or MLP) can swing wildly based on supply and demand dynamics. But to fully understand this investment, you need to also understand the distribution policy and its impact on performance.

Getting right down to the numbers, a $1,000 investment in CVR Partners made one year ago would be worth roughly $930 today. That's right -- units of this MLP have declined about 7% or so over the last 12 months. That said, from their apex in late 2022 they are off by nearly 40%. So the trend here has been decidedly negative for a while. By comparison, the S&P 500 Index is up 15% over the past year, and is roughly near its highest levels over that span.

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Source Fool.com