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SteelPath Focused MLP

Overview

This strategy seeks to invest in a concentrated portfolio of U.S. midstream MLPs and energy infrastructure companies

Strategy Inception Date
July 31, 2004
Composite Inception Date
July 31, 2004
Composite AUM
(as of 11/30/2018)
$48.20 MM
Composite Benchmark
Alerian MLP Total Return Index
Available Vehicles
Separate Account
Model Portfolio Delivery
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 11/30/2018
as of 09/30/2018

Cumulative
Annualized
ytd as of 2018-09-30
1 yr 3 yr 5 yr 10 yr since inception
SteelPath Focused MLP (gross of fees)
2.04% 1.13% 4.05% -0.69% 9.54% 12.50%
SteelPath Focused MLP (net of fees)
1.49% 0.40% 3.31% -1.41% 8.75% 11.68%
Alerian MLP Total Return Index
5.90% 4.89% 4.43% -2.72% 9.18% 8.95%
Cumulative
Annualized
ytd as of 2018-11-30
1 yr 3 yr 5 yr 10 yr since inception
SteelPath Focused MLP (gross of fees)
-6.65% -1.45% 1.61% -3.17% 9.00% 11.65%
SteelPath Focused MLP (net of fees)
-7.26% -2.16% 0.88% -3.87% 8.21% 10.83%
Alerian MLP Total Return Index
-3.38% 1.21% 1.00% -5.16% 10.25% 8.15%

Year SteelPath Focused MLP (gross of fees) SteelPath Focused MLP (net of fees) Alerian MLP Total Return Index
2005 16.92% 16.07% 6.32%
2006 39.25% 38.22% 26.07%
2007 19.76% 18.89% 12.72%
2008 -15.97% -16.61% -36.91%
2009 30.98% 30.05% 76.41%
2010 32.53% 31.55% 35.85%
2011 11.31% 10.48% 13.88%
2012 8.71% 7.90% 4.80%
2013 34.68% 33.70% 27.58%
2014 10.21% 9.43% 4.80%
2015 -32.84% -33.33% -32.59%
2016 28.13% 27.23% 18.31%
2017 -5.56% -6.24% -6.52%

Date SteelPath Focused MLP (gross of fees) SteelPath Focused MLP (net of fees) Alerian MLP Total Return Index
11/30/2008 0.00 0.00 0.00
12/31/2008 0.06 0.00 -3.70
1/31/2009 1.17 1.05 10.99
2/28/2009 1.22 1.04 6.38
3/31/2009 1.24 0.99 7.09
4/30/2009 1.25 0.94 18.89
5/31/2009 1.64 1.26 29.96
6/30/2009 1.70 1.26 27.76
7/31/2009 14.22 13.67 43.67
8/31/2009 11.80 11.19 39.00
9/30/2009 15.72 15.01 45.67
10/31/2009 18.96 18.16 49.84
11/30/2009 23.89 23.00 59.37
12/31/2009 31.07 30.05 69.89
1/31/2010 31.84 30.72 70.97
2/28/2010 36.74 35.51 78.76
3/31/2010 40.83 39.46 83.91
4/30/2010 45.18 43.69 90.13
5/31/2010 38.85 37.32 79.85
6/30/2010 47.98 46.28 89.91
7/31/2010 57.87 55.96 104.21
8/31/2010 54.27 52.31 99.00
9/30/2010 63.83 61.65 111.21
10/31/2010 69.90 67.55 122.61
11/30/2010 70.71 68.23 126.86
12/31/2010 73.71 71.08 130.80
1/31/2011 78.53 75.73 137.78
2/28/2011 84.73 81.72 146.13
3/31/2011 81.48 78.42 144.64
4/30/2011 83.66 80.45 152.73
5/31/2011 76.21 73.02 140.21
6/30/2011 78.10 74.76 142.82
7/31/2011 73.54 70.18 138.24
8/31/2011 72.11 68.67 135.68
9/30/2011 68.17 64.71 125.93
10/31/2011 82.78 78.90 149.12
11/30/2011 82.86 78.87 148.52
12/31/2011 93.34 89.01 162.83
1/31/2012 95.12 90.63 167.94
2/29/2012 105.19 100.34 179.14
3/31/2012 99.19 94.35 168.01
4/30/2012 99.40 94.43 174.02
5/31/2012 89.39 84.55 153.51
6/30/2012 95.42 90.31 161.90
7/31/2012 109.07 103.48 175.19
8/31/2012 112.88 107.06 179.60
9/30/2012 115.09 109.09 185.17
10/31/2012 114.44 108.31 186.59
11/30/2012 117.12 110.79 184.31
12/31/2012 110.19 103.94 175.44
1/31/2013 139.80 132.53 210.22
2/28/2013 146.24 138.65 212.98
3/31/2013 157.96 149.87 229.82
4/30/2013 154.12 145.99 232.85
5/31/2013 149.96 141.81 226.04
6/30/2013 165.56 156.75 236.23
7/31/2013 167.46 158.42 234.57
8/31/2013 162.22 153.20 226.21
9/30/2013 167.87 158.50 233.78
10/31/2013 174.16 164.42 242.76
11/30/2013 178.15 168.09 245.74
12/31/2013 183.08 172.67 251.41
1/31/2014 184.74 174.12 253.50
2/28/2014 193.08 181.99 252.85
3/31/2014 202.99 191.35 257.98
4/30/2014 215.90 203.59 273.25
5/31/2014 229.95 216.91 285.91
6/30/2014 249.68 235.67 308.74
7/31/2014 234.58 220.97 294.25
8/31/2014 258.70 243.92 326.55
9/30/2014 253.53 238.76 319.88
10/31/2014 232.00 217.93 300.57
11/30/2014 228.75 214.62 290.24
12/31/2014 211.98 198.39 268.29
1/31/2015 207.46 193.88 257.05
2/28/2015 216.99 202.82 264.48
3/31/2015 204.31 190.52 249.04
4/30/2015 224.24 209.38 270.62
5/31/2015 216.43 201.74 257.37
6/30/2015 201.08 186.92 227.77
7/31/2015 191.15 177.28 217.12
8/31/2015 171.84 158.73 201.39
9/30/2015 129.68 118.45 155.32
10/31/2015 147.48 135.24 180.07
11/30/2015 125.65 114.35 157.46
12/31/2015 109.54 98.92 148.27
1/31/2016 85.24 75.73 120.70
2/29/2016 83.22 73.71 119.64
3/31/2016 93.11 82.98 137.93
4/30/2016 131.33 119.08 164.20
5/31/2016 138.78 126.01 170.88
6/30/2016 150.74 137.19 184.79
7/31/2016 156.30 142.32 186.37
8/31/2016 158.84 144.57 182.61
9/30/2016 162.85 148.22 187.84
10/31/2016 148.76 134.76 175.03
11/30/2016 154.93 140.44 181.36
12/31/2016 168.50 153.09 193.71
1/31/2017 178.62 162.48 208.08
2/28/2017 180.21 163.82 209.32
3/31/2017 177.46 161.07 205.31
4/30/2017 173.97 157.63 201.40
5/31/2017 161.25 145.52 187.78
6/30/2017 160.84 144.98 185.91
7/31/2017 166.31 149.98 189.61
8/31/2017 153.96 138.23 175.29
9/30/2017 155.86 139.87 177.20
10/31/2017 146.83 131.26 165.72
11/30/2017 140.21 124.92 162.13
12/31/2017 153.57 137.30 174.56
1/31/2018 166.88 149.61 190.38
2/28/2018 140.46 124.75 162.23
3/31/2018 120.65 106.10 144.03
4/30/2018 138.67 122.81 163.79
5/31/2018 146.29 129.78 177.11
6/30/2018 144.78 128.24 172.83
7/31/2018 161.33 143.54 190.78
8/31/2018 165.57 147.34 195.38
9/30/2018 158.74 140.83 190.75
10/31/2018 140.86 124.04 167.52
11/30/2018 136.72 120.06 165.29
Portfolio

Top Holdings

(52.4% of assets as of 07/31/2018)


Portfolio Holdings Breakdown

Equity Sector
Asset Allocation
Market Cap 3
Equity Sector SteelPath Focused MLP Alerian MLP Total Return Index Overweight / Underweight
Petroleum Transportation 44.3% 52.2% -7.9%
Diversified 25.6% 17.7% 8.0%
Natural Gas Pipelines 18.9% 9.1% 9.8%
Gathering & Processing 9.8% 14.1% -4.3%
Asset Allocation SteelPath Focused MLP Alerian MLP Total Return Index Overweight / Underweight
Equity 98.6% 100.0% -1.4%
Market Cap SteelPath Focused MLP Alerian MLP Total Return Index Overweight / Underweight
Large 62.6% 54.2% 8.4%
Mid 31.3% 31.1% 0.3%
Small 4.6% 14.7% -10.1%
Analytics
(As of 11/30/2018)

Performance Statistics
3Y
5Y
Beta
1.10
1.03
Information Ratio
0.09
0.34
Standard Deviation
20.31
20.03
Upside Capture
109.15
107.32
Downside Capture
106.64
98.54
Tracking Error
6.50
5.82

    The Composite gross-of-fee returns reflect the reinvestment of income and the impact of transaction costs, but do not include the deduction of investment advisory fees, distribution expenses or any other account expenses, such as custodial fees. Composite net-of-fee returns are calculated by deducting a model investment advisory fee (using the maximum investment advisory fee as determined by the product's fee schedule) from the Composite gross-of-fee returns. Annual fees for the SteelPath Focused MLP product are 0.75% of the market value of the assets under management. Actual fees may vary depending on, among other things, the vehicle type, applicable fee schedule and portfolio size. While actual portfolios incur transaction expenses, pay investment advisory fees, and may incur other account expenses, the benchmark index is shown without the impact of such charges.

  1. 1. Holdings are subject to change and are dollar-weighted based on assets.
  2. 2. The mention of specific companies does not constitute a recommendation on behalf of OFI Global.
  3. 3. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.

  4. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The strategy’s investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLPs.  
    Additionally, investing in MLPs involves material income tax risks and certain other risks. Actual results, performance or events may be affected by, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels, (4) changes in laws and regulations and (5) changes in the policies of governments and/or regulatory authorities. Investing in MLPs may generate unrelated business taxable income (UBTI) for tax-exempt investors both during the holding period and at time of sale.

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