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TORIX Tortoise MLP & Pipeline Instl

  • Fund
  • TORIX
  • Price as of: Aug 08, 2016
  • $13.03
  • + $0.18
  • + 1.40%
  • Category
  • MLPs

TORIX - Profile

Vitals

  • YTD Return 29.4%
  • 3 Yr Annualized Return -0.6%
  • 5 Yr Annualized Return 7.9%
  • Net Assets $2.08 B
  • Holdings in Top 10 56.9%

52 WEEK LOW AND HIGH

$13.03
$8.15
$13.57

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.99%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 34.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000,000

IRA

N/A

Investment Themes

CATEGORY

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

Distributions

  • YTD Total Return 29.4%
  • 3 Yr Annualized Total Return -0.6%
  • 5 Yr Annualized Total Return 7.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.71%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Semi-Annually

Fund Details

  • Legal Name Tortoise MLP & Pipeline Fund
  • Fund Family Name Tortoise Capital Advisors
  • Inception Date May 31, 2011
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager H. Kevin Birzer

Fund Description

The fund normally invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of MLPs and pipeline companies. The advisor intends to focus its investments primarily in equity securities of MLPs and pipeline companies that own and operate a network of energy infrastructure asset systems that transport, store, distribute, gather and/or process crude oil, refined petroleum products (including biodiesel and ethanol), natural gas or natural gas liquids. It is non-diversified.

TORIX - Performance

Return Ranking - Trailing

Period TORIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 29.4% -36.1% 29.4% 1.39% 1
1 Yr -10.1% -69.5% -7.3% 18.06% 1
3 Yr -0.6% * -28.3% -0.6% 1.82% 1
5 Yr 7.9% * -0.6% 7.9% 3.33% 1
10 Yr N/A * N/A N/A N/A N/A

* Annualized


Return Ranking - Calendar

Period TORIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -39.0% -57.7% -20.4% 53.73% 3
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

Total Return Ranking - Trailing

Period TORIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 29.4% -32.1% 29.4% 1.43% 1
1 Yr -10.1% -69.5% -7.3% 11.11% 1
3 Yr -0.6% * -28.3% -0.6% 1.82% 1
5 Yr 7.9% * -1.0% 7.9% 3.33% 1
10 Yr N/A * N/A N/A N/A N/A

* Annualized


Total Return Ranking - Calendar

Period TORIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -39.0% -57.7% -20.4% 53.73% 3
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

NAV & Total Return History

TORIX - Holdings

Filings data as of: May 31, 2016

Concentration Analysis

TORIX Category Low Category High TORIX % Rank Quintile
Net Assets 2.08 B 557 K 3.55 B 8.33% 2
Number of Holdings 43 21 73 9.72% 2
Net Assets in Top 10 1.05 B 7.33 M 2.24 B 8.33% 2
Weighting of Top 10 56.9% 33.9% 79.5% 16.67% 3

Top 10 Holdings

  1. Spectra Energy Corp 9.63%
  2. Williams Companies Inc 5.96%
  3. ONEOK Inc 6.67%
  4. Enbridge Inc 7.21%
  5. TransCanada Corp 7.06%
  6. Kinder Morgan Inc P 4.90%
  7. Cheniere Energy Inc 4.50%
  8. Targa Resources Corp 3.82%
  9. Plains GP Holdings LP Class A 3.60%
  10. Enterprise Products Partners LP 3.50%

Asset Allocation

Weighting Category Low Category High TORIX % Rank Quintile
Stocks
97.37% 62.19% 118.31% 13.89% 3
Cash
2.63% -0.29% 18.02% 11.11% 2
Other
0.00% -18.31% 7.79% 12.50% 3
Convertible Bonds
0.00% 0.00% 0.00% 1.39% 1
Preferred Stocks
0.00% 0.00% 2.32% 9.72% 2
Bonds
0.00% 0.00% 29.73% 5.56% 1

Stock Sector Breakdown

Weighting Category Low Category High TORIX % Rank Quintile
Energy
93.85% 56.10% 116.29% 12.50% 3
Utilities
3.52% 0.00% 9.85% 9.72% 2
Financial Services
0.00% 0.00% 0.00% 1.39% 1
Industrials
0.00% 0.00% 12.95% 19.44% 3
Healthcare
0.00% 0.00% 0.00% 1.39% 1
Real Estate
0.00% 0.00% 1.66% 4.17% 1
Technology
0.00% 0.00% 0.00% 1.39% 1
Communication Services
0.00% 0.00% 0.00% 1.39% 1
Consumer Defense
0.00% 0.00% 0.00% 1.39% 1
Consumer Cyclical
0.00% 0.00% 0.00% 1.39% 1
Basic Materials
0.00% 0.00% 2.02% 6.94% 2

Stock Geographic Breakdown

Weighting Category Low Category High TORIX % Rank Quintile
US
81.60% 62.12% 118.31% 25.00% 4
Non US
15.77% 0.00% 20.33% 2.78% 1

TORIX - Expenses

Operational Fees

TORIX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.99% 0.80% 7.62% 76.39% 1
Management Fee 0.85% 0.70% 1.25% 11.11% 1
12b-1 Fee 0.00% 0.00% 1.00% 12.77% 1
Administrative Fee 0.08% 0.03% 0.20% 12.50% 3

Sales Fees

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

Trading Fees

TORIX Fees (% of AUM) Category Low Category High TORIX Rank Quintile
Max Redemption Fee N/A 1.00% 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.

TORIX Fees (% of AUM) Category Low Category High TORIX Rank Quintile
Turnover 34.00% 8.00% 96.00% 18.06% 2

TORIX - Distributions

Dividend Yield Analysis

TORIX Category Low Category High TORIX % Rank Quintile
Dividend Yield 0.2% 0.02% 1.34% 52.11% 5

Dividend Distribution Analysis

TORIX Category Low Category High Category Mode
Dividend Distribution Frequency Semi-Annually Semi-Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

TORIX Category Low Category High TORIX % Rank Quintile
Net Income Ratio 1.71% -2.17% 9.01% 19.44% 1

Capital Gain Distribution Analysis

TORIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

TORIX - Managers

H. Kevin Birzer

Manager

Start Date

May 31, 2011

Tenure

5.17

Tenure Rank

3.7%

Mr. Birzer co-founded Tortoise Capital in 2002. Mr. Birzer is a member of the Investment Committee of Tortoise Capital. He began his career in 1981 at KPMG Peat Marwick. His experience includes three years as vice president for F. Martin Koenig & Co., where he focused on equity and options investments, and three years at Drexel Burnham Lambert, where he served as vice president in the corporate finance department. In 1990, Mr. Birzer co-founded Fountain Capital Management, a high-yield bond management firm and founding sponsor of Tortoise. He earned a Master of Business Administration degree from New York University and a Bachelor of Science in business administration degree from the University of Notre Dame. He is a CFA charterholder.


Zachary A. Hamel

Manager

Start Date

May 31, 2011

Tenure

5.17

Tenure Rank

3.7%

Mr. Hamel co-founded Tortoise Capital in 2002. Mr. Hamel is a member of the Investment Committee of Tortoise Capital. He joined Fountain Capital, a founding sponsor of Tortoise, in 1997 and served as a partner from 2001 through September 2012. Prior to joining Fountain Capital, Mr. Hamel spent eight years with the Federal Deposit Insurance Corp. as a bank examiner and a regional capital markets specialist. He earned a Master of Business Administration from the University of Kansas School of Business, and a Bachelor of Science in business administration from Kansas State University. He is a CFA charterholder.


Kenneth P. Malvey

Manager

Start Date

May 31, 2011

Tenure

5.17

Tenure Rank

3.7%

"Mr. Malvey co-founded Tortoise Capital in 2002. Mr. Malvey is a member of the Investment Committee of Tortoise Capital. He joined Fountain Capital, a founding sponsor of Tortoise, in 2002 and served as a partner from 2004 through September 2012. Prior to joining Fountain Capital, Mr. Malvey was one of three members of the Global Office of Investments for GE Capital’s Employers Reinsurance Corp., and also served as the global investment risk manager for a portfolio of approximately $24 billion of fixed-income, public equity and alternative investment assets. Before joining GE Capital in 1996, Mr. Malvey spent nine years at the Federal Deposit Insurance Corp. as a bank examiner and regional capital markets specialist. Mr. Malvey earned a Bachelor of Science in finance from Winona State University. He is a CFA charterholder."


Terry C. Matlack

Manager

Start Date

May 31, 2011

Tenure

5.17

Tenure Rank

3.7%

Mr. Matlack co-founded Tortoise Capital in 2002. Mr. Matlack is a member of the Investment Committee of Tortoise Capital. From 2001 to 2002, Mr. Matlack was a managing director at Kansas City Equity Partners (KCEP), a founding sponsor of Tortoise. Prior to joining KCEP, Mr. Matlack was president of GreenStreet Capital and its affiliates in the telecommunications service industry. Prior to that, Mr. Matlack served as the executive vice president and on the board of directors of W.K. Communications, Inc., a cable television operator, and as chief operating officer of W.K. Cellular, a cellular rural service area operator. Mr. Matlack earned a Juris Doctorate and Master of Business Administration degree from the University of Kansas and a Bachelor of Science in business administration from Kansas State University. He is a CFA charterholder.


Brian A. Kessens

Manager

Start Date

Jul 31, 2013

Tenure

3.0

Tenure Rank

8.5%

Mr. Kessens joined Tortoise Capital Advisors, L.L.C in 2008. He has been a portfolio manager of Tortoise Capital Advisors since July 2013, and a Managing Director of the company since January 2015. He was a senior investment analyst of the the company from June 2012 to July 2013, and an investment analyst from 2008 to June 2012. Previously, from 2004 to 2008, he was a vice president in Citigroup’s global energy investment banking practice. Prior to Citigroup, he served from 1997 to 2002 as a field artillery officer in the United States Army. Mr. Kessens earned a Master of Business Administration from Columbia Business School in New York and a Bachelor of Science in economics from the United States Military Academy at West Point. He earned his CFA designation in 2006.


James R. Mick

Manager

Start Date

Jul 31, 2013

Tenure

3.0

Tenure Rank

8.5%

"Mr. Mick joined Tortoise Capital in 2006. He was a senior finance specialist at General Electric Insurance Solutions (now Swiss Re) from 2003 to 2006 and a senior auditor at Ernst & Young from 2000 to 2003. Mr. Mick earned Bachelor of Science degrees in business administration and accounting and a Master of Accounting and Information Systems degree from the University of Kansas. He is a CFA charterholder."


Matthew G.P. Sallee

Manager

Start Date

Jul 31, 2013

Tenure

3.0

Tenure Rank

8.5%

Mr. Sallee joined Tortoise Capital in 2005. Previously, he served for five years as a senior financial analyst with Aquila, Inc., where he was responsible for analysis of capital allocation at the firm’s communications infrastructure subsidiary, Everest Connections. Mr. Sallee graduated magna cum laude from the University of Missouri with a degree in business administration. He is a CFA charterholder.


Robert J. Thummel

Manager

Start Date

Jul 31, 2013

Tenure

3.0

Tenure Rank

8.5%

Mr. Thummel joined Tortoise Capital in 2004. Mr. Thummel is a member of the Investment Committee for Tortoise Energy Independence Fund, Inc. Previously, he was the president of Tortoise North American Energy Corp. from 2008 until the fund was merged into Tortoise Energy Infrastructure Corp. in June 2014. Mr. Thummel was director of finance at KLT Inc., a subsidiary of Great Plains Energy from 1998 to 2004 and a senior auditor at Ernst & Young from 1995 to 1998. Mr. Thummel earned a Bachelor of Science in accounting from Kansas State University and a Master of Business Administration degree from the University of Kansas.


Tenure Analysis

Category Low

0.0

Category High

6.3

Category Average

3.98

Category Mode

1.6