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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$4.92

$2.96 B

7.98%

$0.39

1.07%

Vitals

YTD Return

5.4%

1 yr return

8.6%

3 Yr Avg Return

2.3%

5 Yr Avg Return

N/A

Net Assets

$2.96 B

Holdings in Top 10

79.4%

52 WEEK LOW AND HIGH

$4.9
$4.01
$4.93

Expenses

OPERATING FEES

Expense Ratio 1.07%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 22.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$4.92

$2.96 B

7.98%

$0.39

1.07%

SPMQX - Profile

Distributions

  • YTD Total Return 6.1%
  • 3 Yr Annualized Total Return 2.3%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.78%
DIVIDENDS
  • Dividend Yield 8.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco SteelPath MLP Income Fund
  • Fund Family Name
    Invesco
  • Inception Date
    May 24, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Brian Watson

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. Under normal circumstances, the Fund typically targets higher-yielding MLP investments. The Fund concentrates its investments in the securities of issuers in the energy sector and its underlying industries.
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 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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SPMQX - Performance

Return Ranking - Trailing

Period SPMQX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.4% -2.1% 51.8% 29.55%
1 Yr 8.6% -16.2% 76.4% 57.04%
3 Yr 2.3%* -43.5% 76.5% 66.92%
5 Yr N/A* -32.1% 32.3% 10.92%
10 Yr N/A* -11.5% 5.9% 25.42%

* Annualized

Return Ranking - Calendar

Period SPMQX Return Category Return Low Category Return High Rank in Category (%)
2022 14.7% -64.4% 67.5% 53.73%
2021 14.6% -16.6% 24.6% 41.98%
2020 -14.8% -24.8% 46.7% 73.08%
2019 N/A -28.4% 5.2% N/A
2018 N/A -14.5% 19.8% N/A

Total Return Ranking - Trailing

Period SPMQX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.1% 0.0% 51.8% 21.97%
1 Yr 8.6% -21.0% 76.4% 57.97%
3 Yr 2.3%* -43.5% 76.5% 65.41%
5 Yr N/A* -32.1% 34.0% 10.57%
10 Yr N/A* -11.5% 5.9% 23.73%

* Annualized

Total Return Ranking - Calendar

Period SPMQX Return Category Return Low Category Return High Rank in Category (%)
2022 13.9% -64.4% 67.5% 54.48%
2021 14.6% -16.6% 24.6% 43.51%
2020 -14.8% -24.8% 46.7% 73.08%
2019 N/A -28.4% 5.2% N/A
2018 N/A -14.5% 19.8% N/A

NAV & Total Return History


SPMQX - Holdings

Concentration Analysis

SPMQX Category Low Category High SPMQX % Rank
Net Assets 2.96 B 13.6 M 6.88 B 4.38%
Number of Holdings 34 1 175 51.56%
Net Assets in Top 10 2.25 B 0 5.88 B 4.69%
Weighting of Top 10 79.37% 39.8% 89.4% 16.67%

Top 10 Holdings

  1. Energy Transfer LP 13.98%
  2. MPLX LP Partnership Units 13.23%
  3. Sunoco LP 8.18%
  4. EnLink Midstream LLC 8.12%
  5. Antero Midstream Corp 7.98%
  6. USA Compression Partners LP 7.48%
  7. Magellan Midstream Partners LP 6.95%
  8. DCP Midstream LP 5.61%
  9. NuStar Energy LP 5.24%
  10. Western Midstream Partners LP 4.77%

Asset Allocation

Weighting Return Low Return High SPMQX % Rank
Stocks
96.88% 53.33% 133.88% 85.04%
Cash
2.69% -58.21% 13.09% 14.17%
Preferred Stocks
0.42% 0.00% 4.73% 15.75%
Other
0.00% -36.30% 8.13% 61.42%
Convertible Bonds
0.00% 0.00% 5.29% 63.78%
Bonds
0.00% 0.00% 44.12% 66.93%

Stock Sector Breakdown

Weighting Return Low Return High SPMQX % Rank
Energy
96.99% 29.76% 100.00% 39.37%
Industrials
1.10% 0.00% 10.08% 12.60%
Basic Materials
0.79% 0.00% 8.62% 39.37%
Utilities
0.58% 0.00% 48.96% 75.59%
Consumer Cyclical
0.54% 0.00% 13.46% 12.60%
Technology
0.00% 0.00% 19.24% 77.17%
Real Estate
0.00% 0.00% 14.30% 64.57%
Healthcare
0.00% 0.00% 0.00% 63.78%
Financial Services
0.00% 0.00% 0.99% 66.14%
Communication Services
0.00% 0.00% 5.06% 64.57%
Consumer Defense
0.00% 0.00% 0.82% 63.78%

Stock Geographic Breakdown

Weighting Return Low Return High SPMQX % Rank
US
95.58% 48.92% 130.59% 26.77%
Non US
1.30% 0.00% 39.45% 79.53%

SPMQX - Expenses

Operational Fees

SPMQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.07% 0.35% 13.30% 81.29%
Management Fee 0.95% 0.00% 1.43% 41.01%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

SPMQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 2.25% N/A

Trading Fees

SPMQX 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.

SPMQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 6.00% 248.00% 23.53%

SPMQX - Distributions

Dividend Yield Analysis

SPMQX Category Low Category High SPMQX % Rank
Dividend Yield 7.98% 0.00% 21.29% 11.97%

Dividend Distribution Analysis

SPMQX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

SPMQX Category Low Category High SPMQX % Rank
Net Income Ratio -0.78% -6.38% 6.88% 73.60%

Capital Gain Distribution Analysis

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

Distributions History

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SPMQX - Fund Manager Analysis

Managers

Brian Watson


Start Date

Tenure

Tenure Rank

Mar 31, 2010

12.18

12.2%

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.

Stuart Cartner


Start Date

Tenure

Tenure Rank

Mar 31, 2010

12.18

12.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 15.78 7.59 12.18