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MLPDX Oppenheimer SteelPath MLP Income A

  • Fund
  • MLPDX
  • Price as of: Sep 20, 2019
  • $5.32 + $0.01 + 0.19%

MLPDX - Profile

Vitals

  • YTD Return 6.8%
  • 3 Yr Annualized Return -11.7%
  • 5 Yr Annualized Return -14.6%
  • Net Assets $3.07 B
  • Holdings in Top 10 67.3%

52 WEEK LOW AND HIGH

$5.32
$4.66
$6.24

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.49%

SALES FEES

  • Front Load 5.50%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 30.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000

IRA

$250

Fund Classification

PRIMARY CATEGORY

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

Distributions

  • YTD Total Return 8.0%
  • 3 Yr Annualized Total Return -4.1%
  • 5 Yr Annualized Total Return -6.9%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -1.73%
DIVIDENDS
  • Dividend Yield 7.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Invesco Oppenheimer SteelPath MLP Income Fund
  • Fund Family Name OppenheimerFunds
  • Inception Date Mar 31, 2010
  • Shares Outstanding N/A
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Brian D. Watson

Fund Description

The Oppenheimer SteelPath MLP Income Fund Class A (MLPDX) is an actively managed fund that focuses on the master limited partnership (MLP) segment of the energy sector. The fund uses fundamental analysis to identify U.S. midstream pipeline MLPs that have strong projected distribution growth and high current distributions. MLPDX overweights MLPs with those attributes but that are trading for discounts to their potential values.

Given its narrow focus on one small segment of the energy sector, MLPDX is suitable as a small satellite position. The fund is managed by Oppenheimer Funds.

MLPDX - Performance

Return Ranking - Trailing

Period MLPDX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.8% -15.9% 46.5% 66.55%
1 Yr -13.4% -46.2% 10.2% 74.55%
3 Yr -11.7%* -17.3% 26.5% 92.48%
5 Yr -14.6%* -24.9% 20.4% 91.14%
10 Yr N/A* -6.0% 26.6% N/A

* Annualized


Return Ranking - Calendar

Period MLPDX Return Category Return Low Category Return High Rank in Category (%)
2018 -22.4% -35.0% 4.6% 89.27%
2017 -17.2% -25.3% 49.9% 93.33%
2016 11.2% -24.5% 47.9% 31.25%
2015 -34.5% -57.7% 127.1% 85.47%
2014 -3.9% -21.5% 31.7% 88.46%

Total Return Ranking - Trailing

Period MLPDX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.0% -14.5% 46.5% 63.14%
1 Yr -9.7% -29.0% 10.2% 70.97%
3 Yr -4.1%* -17.3% 26.5% 86.28%
5 Yr -6.9%* -21.7% 20.4% 78.48%
10 Yr N/A* -6.0% 26.6% N/A

* Annualized


Total Return Ranking - Calendar

Period MLPDX Return Category Return Low Category Return High Rank in Category (%)
2018 -13.1% -30.7% 8.2% 62.45%
2017 -8.6% -19.6% 49.9% 92.50%
2016 24.2% -24.5% 65.5% 12.98%
2015 -28.9% -54.9% 127.1% 80.23%
2014 3.0% -21.4% 44.5% 72.31%

NAV & Total Return History

MLPDX - Holdings

Concentration Analysis

MLPDX Category Low Category High MLPDX % Rank
Net Assets 3.07 B 1.07 M 8 B 5.25%
Number of Holdings 38 5 2047 55.37%
Net Assets in Top 10 2.2 B -877 M 2.2 B 0.33%
Weighting of Top 10 67.28% 10.8% 461.9% 46.25%

Top 10 Holdings

  1. Energy Transfer LP 10.24%

  2. Sunoco LP 9.52%

  3. USA Compression Partners LP 7.07%

  4. Genesis Energy LP 6.67%

  5. NuStar Energy LP 6.50%

  6. NGL Energy Partners LP 6.13%

  7. Tallgrass Energy LP Class A 6.04%

  8. TC Pipelines LP 5.91%

  9. Buckeye Partners LP 4.81%

  10. EQM Midstream Partners LP 4.39%


Asset Allocation

Weighting Return Low Return High MLPDX % Rank
Stocks
93.57% 80.54% 259.25% 73.62%
Other
4.09% -26.28% 39.52% 6.19%
Preferred Stocks
2.22% -0.12% 4.44% 5.21%
Cash
0.11% -39.47% 36.18% 84.36%
Convertible Bonds
0.00% -0.03% 3.03% 18.57%
Bonds
0.00% -234.98% 44.67% 21.82%

Stock Sector Breakdown

Weighting Return Low Return High MLPDX % Rank
Energy
86.41% -0.59% 127.60% 22.11%
Utilities
4.24% -10.23% 35.22% 24.75%
Industrials
2.93% -7.47% 48.09% 67.33%
Technology
0.00% -0.56% 81.11% 77.23%
Real Estate
0.00% -2.38% 84.46% 69.97%
Healthcare
0.00% 0.00% 80.54% 75.58%
Financial Services
0.00% 0.00% 83.48% 76.57%
Communication Services
0.00% -0.85% 10.73% 74.26%
Consumer Defense
0.00% -9.29% 31.08% 72.61%
Consumer Cyclical
0.00% 0.00% 31.33% 76.90%
Basic Materials
0.00% -1.07% 15.55% 79.87%

Stock Geographic Breakdown

Weighting Return Low Return High MLPDX % Rank
US
90.14% 80.10% 129.74% 59.61%
Non US
3.43% -3.62% 159.65% 30.94%

MLPDX - Expenses

Operational Fees

MLPDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.49% 0.00% 37.17% 63.70%
Management Fee 0.95% 0.00% 2.25% 52.12%
12b-1 Fee 0.25% 0.00% 1.00% 20.63%
Administrative Fee N/A 0.05% 0.45% N/A

Sales Fees

MLPDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.50% 3.75% 5.75% 50.72%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MLPDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

MLPDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 30.00% 0.00% 5155.00% 24.92%

MLPDX - Distributions

Dividend Yield Analysis

MLPDX Category Low Category High MLPDX % Rank
Dividend Yield 7.47% 0.00% 81.41% 3.58%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

MLPDX Category Low Category High MLPDX % Rank
Net Income Ratio -1.73% -7.28% 8.14% 93.15%

Capital Gain Distribution Analysis

MLPDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

MLPDX - Managers

Brian D. Watson

Manager

Start Date

Tenure

Tenure Rank

Mar 31, 2010

9.42

9.4%

Brian Watson serves as portfolio manager for SteelPath Alpha, Income, Select 40, Alpha Plus, Panoramic and Focused MLP strategies. Prior to joining SteelPath in 2009, Brian was a portfolio manager and led the MLP research effort at Swank Capital LLC, in Dallas, Texas. He also covered the MLP and Diversified Energy sectors for RBC Capital Markets in the firm’s Equity Research Division from 2002 to 2005. Prior to this, Brian worked for Prudential Capital Group, helping to analyze, structure, and invest in debt private placements issued primarily by companies involved in the energy industry including those involved in oil field services, midstream services, and oil and gas exploration and production. Brian holds a BBA from the University of Texas at Austin and an MBA from the McCombs School of Business at the University of Texas at Austin. He is also a CFA charter holder.


Stuart Cartner

Manager

Start Date

Tenure

Tenure Rank

Mar 31, 2010

9.42

9.4%

Stuart Cartner serves as portfolio manager for SteelPath Alpha, Income, Select 40, Alpha Plus, Focused MLP, and MLP & Energy Infrastructure strategies. Prior to joining SteelPath, Stuart was Vice President in the Private Wealth Management Division of Goldman, Sachs & Co. As a Private Wealth Advisor for nineteen years at Goldman, he was responsible for managing a $200 million portfolio of midstream Master Limited Partnerships for over a decade. Prior to his time at Goldman, Stuart worked at Trammell Crow Company and General Electric. Stuart holds a B.S. in Finance and Management from Indiana University and an MBA in Finance and Marketing with Distinction from the Kellogg Graduate School of Management, Northwestern University.


Tenure Analysis

Category Low

0.17

Category High

41.2

Category Average

5.25

Category Mode

9.42