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BPMAX BP Capital TwinLine MLP A

  • Fund
  • BPMAX
  • Price as of: Oct 26, 2018
  • $12.61
  • - $0.21
  • - 1.64%
  • Category
  • MLPs

BPMAX - Profile

Vitals

  • YTD Return -15.3%
  • 3 Yr Annualized Return 3.1%
  • 5 Yr Annualized Return N/A
  • Net Assets $106 M
  • Holdings in Top 10 60.6%

52 WEEK LOW AND HIGH

$12.61
$12.35
$14.83

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.89%

SALES FEES

  • Front Load 5.75%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 63.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

$500

Investment Themes

CATEGORY

MLPs
  • Fund Type Open End Mutual Fund
  • Investment Style Energy Limited Partnership

Distributions

  • YTD Total Return -15.3%
  • 3 Yr Annualized Total Return 1.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -1.36%
DIVIDENDS
  • Dividend Yield 1.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name BP Capital TwinLine MLP Fund
  • Fund Family Name bp capital
  • Inception Date Dec 31, 2013
  • Shares Outstanding 1605594
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Toby Loftin

Fund Description

The fund normally invests in at least 80% of its net assets (plus any borrowings for investment purposes) in energy infrastructure master limited partnership ("MLP") investments. It may invest up to 20% of its net assets in non-MLP investments, including, without limitation, securities of corporations that operate in the energy sector or that hold energy assets and fixed income securities. The fund is non-diversified.

BPMAX - Performance

Return Ranking - Trailing

Period BPMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -15.3% -32.1% 27.1% 88.89% 5
1 Yr -4.4% -69.5% 10.2% 83.33% 5
3 Yr 3.1% * -28.3% 14.1% 27.14% 2
5 Yr N/A * -22.1% -1.1% N/A N/A
10 Yr N/A * N/A N/A N/A N/A

* Annualized


Return Ranking - Calendar

Period BPMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -11.0% -57.5% 110.3% 5.71% 1
2017 13.6% -25.3% 54.6% 4.35% 1
2016 -32.0% -36.6% 39.2% 91.30% 5
2015 8.3% -57.7% 8.5% 2.90% 1
2014 N/A -4.8% 10.5% N/A N/A

Total Return Ranking - Trailing

Period BPMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -15.3% -32.1% 27.1% 88.89% 5
1 Yr -9.9% -69.5% 10.2% 86.11% 5
3 Yr 1.1% * -28.3% 14.1% 41.43% 3
5 Yr N/A * -20.2% -1.1% N/A N/A
10 Yr N/A * N/A N/A N/A N/A

* Annualized


Total Return Ranking - Calendar

Period BPMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -11.0% -57.5% 110.3% 5.71% 1
2017 19.9% -25.3% 54.6% 4.35% 1
2016 -29.7% -33.5% 43.1% 91.30% 5
2015 13.2% -57.2% 13.5% 2.90% 1
2014 N/A 2.9% 23.1% N/A N/A

NAV & Total Return History

BPMAX - Holdings

Filings data as of: May 31, 2018

Concentration Analysis

BPMAX Category Low Category High BPMAX % Rank Quintile
Net Assets 106 M 329 K 4.19 B 25.00% 4
Number of Holdings 22 16 58 20.83% 5
Net Assets in Top 10 64 M 240 K 2.61 B 25.00% 4
Weighting of Top 10 60.6% 37.5% 112.2% 23.61% 4

Top 10 Holdings

  1. Williams Partners LP 5.58%
  2. Energy Transfer Partners LP 6.33%
  3. MPLX LP Partnership Units 4.85%
  4. Enterprise Products Partners LP 9.46%
  5. Antero Midstream GP LP 5.11%
  6. Phillips 66 Partners LP 5.82%
  7. Magellan Midstream Partners LP 6.39%
  8. Shell Midstream Partners LP 5.16%
  9. Targa Resources Corp 6.81%
  10. Kinder Morgan Inc P 5.06%

Asset Allocation

Weighting Category Low Category High BPMAX % Rank Quintile
Stocks
98.70% 62.61% 132.36% 15.28% 3
Cash
1.30% -24.95% 27.88% 13.89% 2
Preferred Stocks
0.00% 0.00% 2.78% 5.56% 5
Other
0.00% -35.31% 4.40% 9.72% 5
Convertible Bonds
0.00% 0.00% 0.05% 2.78% 5
Bonds
0.00% 0.00% 21.36% 6.94% 5

Stock Sector Breakdown

Weighting Category Low Category High BPMAX % Rank Quintile
Energy
98.70% 3.33% 128.15% 9.72% 2
Utilities
0.00% 0.00% 4.10% 20.83% 5
Technology
0.00% 0.00% 11.74% 2.78% 5
Real Estate
0.00% 0.00% 3.41% 2.78% 5
Industrials
0.00% 0.00% 7.58% 16.67% 5
Healthcare
0.00% 0.00% 8.87% 2.78% 5
Financial Services
0.00% 0.00% 11.25% 2.78% 5
Communication Services
0.00% 0.00% 0.98% 2.78% 5
Consumer Defense
0.00% 0.00% 3.59% 2.78% 5
Consumer Cyclical
0.00% 0.00% 7.11% 2.78% 5
Basic Materials
0.00% 0.00% 4.22% 9.72% 5

Stock Geographic Breakdown

Weighting Category Low Category High BPMAX % Rank Quintile
US
98.70% 55.02% 132.36% 8.33% 2
Non US
0.00% 0.00% 24.03% 23.61% 5

BPMAX - Expenses

Operational Fees

BPMAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.89% 0.81% 7.62% 40.28% 3
Management Fee 1.10% 0.70% 1.25% 4.17% 5
12b-1 Fee 0.25% 0.00% 1.00% 10.42% 3
Administrative Fee N/A 0.03% 0.20% N/A N/A

Sales Fees

BPMAX Fees (% of AUM) Category Low Category High BPMAX Rank Quintile
Front Load 5.75% 4.50% 5.75% 4.55% 5
Deferred Load N/A 1.00% 1.00% N/A N/A

Trading Fees

BPMAX Fees (% of AUM) Category Low Category High BPMAX Rank Quintile
Max Redemption Fee N/A 2.00% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BPMAX Fees (% of AUM) Category Low Category High BPMAX Rank Quintile
Turnover 63.00% 0.00% 75.00% 5.56% 5

BPMAX - Distributions

Dividend Yield Analysis

BPMAX Category Low Category High BPMAX % Rank Quintile
Dividend Yield 1.0% 0.04% 1.69% 2.78% 1

Dividend Distribution Analysis

BPMAX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

BPMAX Category Low Category High BPMAX % Rank Quintile
Net Income Ratio -1.36% -7.28% 8.30% 69.44% 4

Capital Gain Distribution Analysis

BPMAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency N/A Annually Annually Annually

BPMAX - Managers

Toby Loftin

Manager

Start Date

Dec 31, 2013

Tenure

4.75

Tenure Rank

10.2%

Toby Loftin is the managing member of BP Capital Fund Advisors, LLC and the portfolio manager. Mr. Loftin founded BP Capital Fund Advisors, LLC in 2013. Prior thereto, between 2010 and the formation of the firm, Mr. Loftin served as a member of TBP’s Investment Committee, and managed the midstream/MLP assets. Before joining TBP, Mr. Loftin was a partner of Steelpath Fund Advisors and Steelpath Capital Management (formerly Alerian) (2009-2010). He also served as Director of Institutional Equity Research Sales with Royal Bank of Canada Capital Markets from 2003-2009. He earned a Bachelor of Science degree from the U.S. Air Force Academy (1995) and a Master of Science-Finance from University of Texas at San Antonio (1999).


Benton D. Cook

Manager

Start Date

Jun 13, 2017

Tenure

1.3

Tenure Rank

14.5%

Benton Cook, CFA, Portfolio Manager, joined BP Capital Fund Advisors in June 2017, where he serves as a member of the Investment Committee. Prior to joining the team, Mr. Cook was a Portfolio Manager with Mariner Investment Group (2016 – 2017), and before that he was a Portfolio Manager with A.G. Hill Partners (2009 – 2015) and Opsis Capital Management (2005 -2009). Mr. Cook previously held positions as a Senior Analyst with Carlson Capital and as an Equity Research Analyst with Raymond James. Mr. Cook has an MBA in Finance from the University of Texas at Austin and a BA in Economics from Johns Hopkins University. He is also a CFA charter holder and member of the Chartered Financial Analyst Institute.


Tenure Analysis

Category Low

1.1

Category High

8.9

Category Average

5.96

Category Mode

4.2