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TORIX Tortoise MLP & Pipeline Instl

  • Fund
  • TORIX
  • Price as of: May 14, 2019
  • $13.22 + $0.15 + 1.15%
  • Category
  • MLPs

TORIX - Profile

Vitals

  • YTD Return 20.1%
  • 3 Yr Annualized Return 4.2%
  • 5 Yr Annualized Return -5.6%
  • Net Assets $4.14 B
  • Holdings in Top 10 65.0%

52 WEEK LOW AND HIGH

$13.22
$10.59
$14.28

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.93%

SALES FEES

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

BROKERAGE FEES

  • Turnover 14.00%

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 20.1%
  • 3 Yr Annualized Total Return 4.2%
  • 5 Yr Annualized Total Return -5.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.06%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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 272904732
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Brian A. Kessens

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 (%)
YTD 20.1% 7.8% 21.6% 6.67%
1 Yr -1.4% -16.9% -0.5% 10.00%
3 Yr 4.2%* -13.1% 4.2% 1.69%
5 Yr -5.6%* -23.5% -5.6% 1.85%
10 Yr N/A* -1.8% -1.1% N/A

* Annualized


Return Ranking - Calendar

Period TORIX Return Category Return Low Category Return High Rank in Category (%)
2018 -18.3% -35.0% -10.2% 18.33%
2017 -3.9% -25.3% -3.3% 10.17%
2016 39.2% 1.0% 39.2% 1.69%
2015 -39.0% -57.7% -25.7% 57.63%
2014 5.4% -4.8% 9.5% 26.42%

Total Return Ranking - Trailing

Period TORIX Return Category Return Low Category Return High Rank in Category (%)
YTD 20.1% 7.8% 24.7% 6.67%
1 Yr -1.4% -16.9% 2.6% 48.33%
3 Yr 4.2%* -13.1% 6.9% 8.47%
5 Yr -5.6%* -17.2% -2.9% 44.44%
10 Yr N/A* -1.3% 0.1% N/A

* Annualized


Total Return Ranking - Calendar

Period TORIX Return Category Return Low Category Return High Rank in Category (%)
2018 -18.3% -30.1% -9.4% 60.00%
2017 -3.9% -19.6% 0.4% 15.25%
2016 39.2% 1.0% 39.2% 3.39%
2015 -39.0% -54.9% -20.9% 76.27%
2014 5.4% 0.5% 13.1% 71.70%

NAV & Total Return History

TORIX - Holdings

Concentration Analysis

TORIX Category Low Category High TORIX % Rank
Net Assets 4.14 B 337 K 4.14 B 3.33%
Number of Holdings 35 15 55 51.67%
Net Assets in Top 10 2.82 B 258 K 2.82 B 3.33%
Weighting of Top 10 64.99% 26.2% 100.8% 60.00%

Top 10 Holdings

  1. Williams Companies Inc 9.37%

  2. Kinder Morgan Inc Class P 9.02%

  3. ONEOK Inc 8.40%

  4. Cheniere Energy Inc 7.70%

  5. TransCanada Corp 6.41%

  6. Targa Resources Corp 5.26%

  7. Plains GP Holdings LP Class A 4.93%

  8. Energy Transfer LP 4.69%

  9. Pembina Pipeline Corp 4.67%

  10. Enbridge Inc 4.54%


Asset Allocation

Weighting Return Low Return High TORIX % Rank
Stocks
100.00% 38.10% 127.11% 21.67%
Preferred Stocks
0.00% 0.00% 2.34% 73.33%
Other
0.00% -25.67% 44.05% 56.67%
Convertible Bonds
0.00% 0.00% 0.07% 61.67%
Cash
0.00% -27.11% 20.61% 88.33%
Bonds
0.00% 0.00% 33.15% 65.00%

Stock Sector Breakdown

Weighting Return Low Return High TORIX % Rank
Energy
99.90% 3.02% 125.34% 25.00%
Basic Materials
0.10% 0.00% 3.67% 46.67%
Utilities
0.00% 0.00% 3.58% 88.33%
Technology
0.00% 0.00% 12.30% 61.67%
Real Estate
0.00% 0.00% 2.82% 61.67%
Industrials
0.00% 0.00% 7.73% 81.67%
Healthcare
0.00% 0.00% 9.38% 61.67%
Financial Services
0.00% 0.00% 10.87% 61.67%
Communication Services
0.00% 0.00% 0.93% 61.67%
Consumer Defense
0.00% 0.00% 3.23% 61.67%
Consumer Cyclical
0.00% 0.00% 6.99% 61.67%

Stock Geographic Breakdown

Weighting Return Low Return High TORIX % Rank
US
78.50% 34.05% 127.11% 75.00%
Non US
21.50% 0.00% 26.72% 8.33%

TORIX - Expenses

Operational Fees

TORIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.93% 0.81% 4.26% 98.33%
Management Fee 0.85% 0.70% 1.25% 20.00%
12b-1 Fee 0.00% 0.00% 1.00% 10.00%
Administrative Fee 0.08% 0.03% 0.25% 52.17%

Sales Fees

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

Trading Fees

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

TORIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 0.00% 75.00% 5.00%

TORIX - Distributions

Dividend Yield Analysis

TORIX Category Low Category High TORIX % Rank
Dividend Yield 0.03% 0.00% 0.16% 83.33%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

TORIX Category Low Category High TORIX % Rank
Net Income Ratio 1.06% -7.28% 2.72% 8.33%

Capital Gain Distribution Analysis

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

TORIX - Managers

Brian A. Kessens

Manager

Start Date

Tenure

Tenure Rank

Jul 31, 2013

5.75

5.8%

Mr. Brian Kessens joined Tortoise in 2008. He is a managing director and portfolio manager and serves as president of the Tortoise Pipeline & Energy Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc. closed-end funds. He was a vice president in Citigroup’s global energy investment banking practice. Prior to Citigroup, he served as a field artillery officer in the U.S. 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 is a CFA® charterholder.


Robert J. Thummel

Manager

Start Date

Tenure

Tenure Rank

Jul 31, 2013

5.75

5.8%

Mr. Robert Thummel joined Tortoise in 2004. He is a managing director and portfolio manager and serves as president of the Tortoise Energy Independence Fund, Inc. closed-end fund. He was previously the president of Tortoise North American Energy Corp. from 2008 until the fund was merged into Tortoise Energy Infrastructure Corp. in June 2014. He 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.


James R. Mick

Manager

Start Date

Tenure

Tenure Rank

Jul 31, 2013

5.75

5.8%

Mr. Mick joined Tortoise in 2006 and is a member of the investment committee. He frequently engages with Tortoise's largest institutional clients. Mr. Mick has more than 19 years of industry experience. Previously, 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

Tenure

Tenure Rank

Jul 31, 2013

5.75

5.8%

Mr. Sallee joined Tortoise in 2005 and is an executive committee member. He serves as president of the Tortoise Energy Infrastructure Corp. and Tortoise MLP Fund, Inc. closed-end funds and is a member of the investment committee. Mr. Sallee has more than 18 years of industry experience and regularly speaks on national media (CNBC). 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.


Stephen Pang

Manager

Start Date

Tenure

Tenure Rank

Jan 01, 2018

1.33

1.3%

Mr. Pang joined Tortoise in 2014. He is a managing director and portfolio manager responsible for sourcing, executing and managing Tortoise's direct and structured equity investments across its energy strategies. Mr. Pang serves on the Board of Directors of Tortoise Acquisition Corp (NYSE: SHLL.U), a special purpose acquisition company focused on the energy sector in North America. Before joining Tortoise, he was a director in Credit Suisse's Equity Capital Markets Group. Prior to joining Credit Suisse in 2012, he spent eight years in Citigroup's Investment Banking Division, where he focused on equity underwriting and corporate finance in the energy sector. Mr. Pang graduated magna cum laude from the University of Richmond with a degree in Business Administration. He is a CFA® charterholder.


Brett Jergens

Manager

Start Date

Tenure

Tenure Rank

Jan 01, 2018

1.33

1.3%

Mr. Brett Jergens joined Tortoise in 2007. He serves as vice president of the Tortoise Energy Independence Fund, Inc. closed-end fund. Previously, he was a vice president at Enterprise Bank & Trust from 2006 to 2007, a financial planner and head of investments at Searcy Financial Services from 2004 to 2006 and a tax accountant at KPMG LLP from 2002 to 2004. Mr. Jergens earned Bachelor of Science degrees in finance and accounting from Kansas State University. Mr. Jergens is a CFA® charterholder and a certified financial planner (CFP).


Nicholas S. Holmes

Manager

Start Date

Tenure

Tenure Rank

Jan 01, 2019

0.33

0.3%

Mr. Holmes joined Tortoise in 2010 after an internship with Tortoise. He is a director and investment analyst, and serves as vice president of the Tortoise Energy Infrastructure Corp. and Tortoise MLP Fund, Inc. closed-end funds. Mr. Holmes earned a Bachelor of Arts in political science from Yale University and a Master of Business Administration from the University of Kansas. He is a CFA® charterholder.


Tenure Analysis

Category Low

0.33

Category High

9.09

Category Average

6.47

Category Mode

9.09