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 07/31/2019)
$48.90 MM
Composite Benchmark
Alerian MLP Total Return Index
Available Vehicles
Separate Account
Model Portfolio Delivery
Performance
Average Annual Returns
Calendar Year Returns
as of 07/31/2019
as of 06/30/2019

Cumulative
Annualized
ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr since inception
SteelPath Focused MLP (gross of fees)
17.93% 6.47% 1.30% -5.71% 9.87% 11.89%
SteelPath Focused MLP (net of fees)
17.52% 5.71% 0.57% -6.39% 9.07% 11.07%
Alerian MLP Total Return Index
16.96% 3.09% -0.42% -7.20% 8.21% 8.24%
Cumulative
Annualized
ytd as of 2019-07-31
1 yr 3 yr 5 yr 10 yr since inception
SteelPath Focused MLP (gross of fees)
16.06% -1.85% 0.02% -5.18% 8.43% 11.70%
SteelPath Focused MLP (net of fees)
15.58% -2.56% -0.69% -5.86% 7.64% 10.88%
Alerian MLP Total Return Index
16.73% -3.47% -0.66% -6.57% 6.93% 8.18%

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%
2018 -12.84% -13.48% -12.42%
Analytics
(As of 07/31/2019)

Performance Statistics
3Y
5Y
Beta
0.97
1.02
Information Ratio
0.19
0.24
Standard Deviation
16.59
20.66
Upside Capture
100.74
105.41
Downside Capture
97.63
99.19
Tracking Error
3.54
5.83
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Average Market Cap (weighted)
$25.58 B
$18.86 B
Median Market Cap (weighted)
$23.33 B
$15.11 B
P/E Ratio (LTM)
12.65
12.44
P/E Ratio (NTM)
12.88
12.83
P/E Ratio (LTM)
11.99
11.64
Price/Book
2.43
2.08
Return on Equity
16.98%
18.46%
EPS Growth Rate 3Y
7.86%
16.32%
EPS Growth Rate 5Y
19.50%
13.75%
Sales Growth Rate 3Y
4.49%
5.10%
Sales Growth Rate 5Y
2.95%
1.60%
Debt to Capital Ratio
60.07
58.55
Average Coupon
0.00%
-
Effective Coupon
0.00%
-
Team


    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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