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Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco SteelPath MLP Alpha Plus Fund

MLPLX | Fund

$6.40

$209 M

4.74%

$0.30

8.06%

Vitals

YTD Return

57.3%

1 yr return

57.0%

3 Yr Avg Return

37.5%

5 Yr Avg Return

20.5%

Net Assets

$209 M

Holdings in Top 10

116.1%

52 WEEK LOW AND HIGH

$6.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 8.06%

SALES FEES

Front Load 5.50%

Deferred Load N/A

TRADING FEES

Turnover 42.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$250

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco SteelPath MLP Alpha Plus Fund

MLPLX | Fund

$6.40

$209 M

4.74%

$0.30

8.06%

MLPLX - Profile

Distributions

  • YTD Total Return 57.3%
  • 3 Yr Annualized Total Return 37.5%
  • 5 Yr Annualized Total Return 20.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -1.67%
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco SteelPath MLP Alpha Plus Fund
  • Fund Family Name
    OppenheimerFunds
  • Inception Date
    Feb 06, 2012
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stuart Cartner

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in master limited partnership (MLP) investments of issuers that are engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund seeks to achieve its investment objective by normally investing substantially all of its net assets in the equity securities of MLP investments. The Fund’s MLP investments may include the following: MLPs structured as limited partnerships (LPs) or limited liability companies (LLCs); MLPs that are taxed as “C” corporations; businesses that operate and have the economic characteristics of MLPs but are organized and taxed as “C” corporations; securities issued by MLP affiliates; and private investments in public equities (PIPEs) issued by MLPs.
The Fund invests in MLP investments that primarily derive their revenue from businesses engaged in the gathering, processing, transporting, terminalling, storing, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products (including non-hydrocarbon based products) or other hydrocarbons (Midstream MLP investments). While the Fund primarily invests in Midstream MLP investments, it also may invest in MLP investments that primarily derive their revenue from businesses engaging in or supporting the acquisition, exploration and development, or extraction of crude oil, condensate, natural gas, natural gas liquids, or other hydrocarbons (Upstream MLP investments) and businesses engaging in the processing, treating, or refining of crude oil, natural gas liquids or other hydrocarbons (Downstream MLP investments). The Fund may invest in MLP investments of all market capitalization ranges. The Fund is non-diversified, which means that it may invest in a limited number of issuers. At times, the Fund may hold fewer than 20 MLP investments. The Fund concentrates its
investments in the instruments of the group of industries that comprise the energy sector.
The Fund intends to obtain leverage through borrowings in seeking investment returns that outperform the returns of the broader market and provide distributions to shareholders. The Fund’s borrowings, which will be in the form of loans from banks, may be on a secured or unsecured basis and at fixed or variable rates of interest. The Fund may borrow up to 33 1/3% of the value of its total assets. The Fund’s ability to obtain leverage through borrowings is dependent upon its ability to establish and maintain an appropriate line of credit. There may be times when the Fund may opt not to seek leverage or engage in borrowings. The Fund will borrow only if the value of the Fund’s assets, including borrowings, is equal to at least 300% of all borrowings, including the proposed borrowing. If at any time the Fund should fail to meet this 300% coverage requirement, within three (3) business days (not including Sundays or holidays), the Fund will seek to reduce its borrowings to the requirement. To do so, or to meet maturing bank loans, the Fund may be required to dispose of portfolio securities when such disposition might not otherwise be desirable. The Fund also may lend the securities in its portfolio to brokers, dealers and other financial institutions.
The Adviser relies on its disciplined investment process in determining investment selection and weightings. This process includes a comparison of quantitative and qualitative value factors that are developed through the Adviser’s proprietary analysis and valuation models. To determine whether an investment meets its criteria, the Adviser generally will perform a detailed fundamental analysis of the underlying businesses owned and operated by potential MLP and energy infrastructure portfolio companies. The Adviser seeks to invest in MLP investments that it believes have, among other characteristics, sound business fundamentals, a strong record of cash flow growth, distribution continuity, a solid business strategy, a respected management team and which are not overly exposed to changes in commodity prices. The Adviser will sell investments if it determines that any of the above-mentioned characteristics have changed materially from its initial analysis, or that quantitative or qualitative value factors indicate that an investment is no longer earning a return commensurate with its risk.
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MLPLX - Performance

Return Ranking - Trailing

Period MLPLX Return Category Return Low Category Return High Rank in Category (%)
YTD 57.3% 18.1% 57.7% 3.00%
1 Yr 57.0% 21.5% 58.2% 3.00%
3 Yr 37.5%* 7.3% 39.1% 5.21%
5 Yr 20.5%* 1.0% 40.1% 17.89%
10 Yr 2.1%* -4.7% 12.3% 77.05%

* Annualized

Return Ranking - Calendar

Period MLPLX Return Category Return Low Category Return High Rank in Category (%)
2023 17.2% -14.9% 18.2% 3.92%
2022 28.9% -7.0% 29.9% 3.06%
2021 41.3% 4.2% 42.7% 4.08%
2020 -56.2% -57.4% 155.1% 98.97%
2019 -4.6% -8.9% 18.9% 90.80%

Total Return Ranking - Trailing

Period MLPLX Return Category Return Low Category Return High Rank in Category (%)
YTD 57.3% 18.1% 57.7% 3.00%
1 Yr 57.0% 21.5% 58.2% 3.00%
3 Yr 37.5%* 7.3% 39.1% 5.21%
5 Yr 20.5%* 1.0% 40.1% 17.89%
10 Yr 2.1%* -4.7% 12.3% 77.05%

* Annualized

Total Return Ranking - Calendar

Period MLPLX Return Category Return Low Category Return High Rank in Category (%)
2023 25.0% -9.3% 25.5% 3.92%
2022 38.3% -1.2% 38.8% 3.06%
2021 55.1% 14.5% 56.2% 4.08%
2020 -46.2% -53.9% 155.1% 97.94%
2019 8.8% -3.4% 22.4% 66.67%

NAV & Total Return History

MLPLX - Holdings

Concentration Analysis

MLPLX Category Low Category High MLPLX % Rank
Net Assets 209 M 22 M 53.1 B 71.30%
Number of Holdings 21 17 89 83.33%
Net Assets in Top 10 308 M 23.7 M 3.63 B 54.90%
Weighting of Top 10 116.06% 39.1% 116.1% 2.94%

Top 10 Holdings

  1. Energy Transfer L.P. 18.81%
  2. MPLX L.P. 18.31%
  3. Targa Resources Corp. 15.88%
  4. Western Midstream Partners, L.P. 14.76%
  5. Enterprise Products Partners L.P. 12.37%
  6. ONEOK, Inc. 9.48%
  7. Plains All American Pipeline, L.P. 9.03%
  8. Sunoco L.P. 6.73%
  9. Williams Cos., Inc. (The) 6.25%
  10. Cheniere Energy, Inc. 4.44%

Asset Allocation

Weighting Return Low Return High MLPLX % Rank
Stocks 		136.34% 53.33% 136.34% 2.94%
Cash 		3.69% 0.00% 13.09% 12.75%
Preferred Stocks 		0.00% 0.00% 2.23% 36.27%
Other 		0.00% -36.30% 5.12% 31.37%
Convertible Bonds 		0.00% 0.00% 5.29% 31.37%
Bonds 		0.00% 0.00% 40.73% 33.33%

Stock Sector Breakdown

Weighting Return Low Return High MLPLX % Rank
Energy 		98.60% 53.73% 100.00% 15.69%
Basic Materials 		1.40% 0.00% 6.40% 25.49%
Utilities 		0.00% 0.00% 41.78% 80.39%
Technology 		0.00% 0.00% 2.43% 50.98%
Real Estate 		0.00% 0.00% 0.00% 30.39%
Industrials 		0.00% 0.00% 4.54% 50.98%
Healthcare 		0.00% 0.00% 0.00% 30.39%
Financial Services 		0.00% 0.00% 0.66% 32.35%
Communication Services 		0.00% 0.00% 0.00% 30.39%
Consumer Defense 		0.00% 0.00% 0.82% 31.37%
Consumer Cyclical 		0.00% 0.00% 1.07% 39.22%

Stock Geographic Breakdown

Weighting Return Low Return High MLPLX % Rank
US 		136.34% 48.92% 136.34% 2.94%
Non US 		0.00% 0.00% 39.30% 71.57%

MLPLX - Expenses

Operational Fees

MLPLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 8.06% 0.35% 8.81% 2.97%
Management Fee 1.25% 0.35% 1.38% 88.89%
12b-1 Fee 0.25% 0.00% 1.00% 27.59%
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

MLPLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.50% 4.50% 5.75% 50.00%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

MLPLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

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.

MLPLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 42.00% 6.00% 166.00% 57.29%

MLPLX - Distributions

Dividend Yield Analysis

MLPLX Category Low Category High MLPLX % Rank
Dividend Yield 4.74% 0.00% 15.34% 66.67%

Dividend Distribution Analysis

MLPLX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

MLPLX Category Low Category High MLPLX % Rank
Net Income Ratio -1.67% -2.83% 5.84% 95.05%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MLPLX - Fund Manager Analysis

Managers

Stuart Cartner

Start Date

Tenure

Tenure Rank

Dec 30, 2011

10.42

10.4%

Stuart Cartner, Portfolio Manager, who has been responsible for the Invesco Advisers, Inc. since 2019 and has been associated with Invesco and/or its affiliates since 2019. Prior to the commencement of operations, Mr. Cartner managed the predecessor fund since 2010 and was associated with OppenheimerFunds, a global asset management firm, since 2012. Stuart Cartner served 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.

Brian Watson

Start Date

Tenure

Tenure Rank

Dec 30, 2011

10.42

10.4%

Brian Watson, CFA, Portfolio Manager, who has been responsible for the Fund since 2019 and has been associated with Invesco and/or its affiliates since 2019. Prior to the commencement of the Fund’s operations, Mr. Watson managed the predecessor fund since 2010 and was associated with OppenheimerFunds, a global asset management firm since 2012. 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 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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 15.78 7.75 12.18

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