Tortoise MLP & Pipeline Instl
- TORIX
- Price as of: Mar 05, 2021
-
$9.84
N/A N/A
- Primary Theme
- MLP Industry Equity
- Fund Company
- Tortoise
- Share Class
TORIX - Snapshot
Vitals
- YTD Return 19.6%
- 3 Yr Annualized Return -5.3%
- 5 Yr Annualized Return 2.4%
- Net Assets $1.62 B
- Holdings in Top 10 66.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING RELATED FEES
- Expense Ratio 0.93%
SALES FEES
- Front Load N/A
- Deferred Load N/A
BROKERAGE FEES
- Turnover 19.00%
TRADING FEES
- Max Redemption Fee N/A
Min Investment
- Standard (Taxable) $1,000,000
- IRA N/A
Fund Classification
-
Primary Theme
MLP Industry Equity
- Fund Type Open End Mutual Fund
- Investment Style Energy Limited Partnership
TORIX - Profile
Distributions
- YTD Total Return 19.6%
- 3 Yr Annualized Total Return -5.3%
- 5 Yr Annualized Total Return 2.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.01%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Semi-Annually
Fund Details
-
Legal NameTortoise MLP & Pipeline Fund
-
Fund Family NameTortoise Capital Advisors
-
Inception DateMay 31, 2011
-
Shares Outstanding157342488
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerBrian 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 | 19.6% | -5.3% | 48.5% | 37.50% |
1 Yr | -9.3% | -72.5% | 43.4% | 70.71% |
3 Yr | -5.3%* | -44.4% | 9.3% | 38.41% |
5 Yr | 2.4%* | -24.0% | 10.0% | 29.60% |
10 Yr | N/A* | -24.4% | 4.3% | N/A |
* Annualized
Return Ranking - Calendar
Period | TORIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2020 | -33.3% | -64.4% | 319.9% | 58.27% |
2019 | 13.3% | -10.0% | 18.9% | 8.53% |
2018 | -18.3% | -41.7% | -10.9% | 22.50% |
2017 | -3.9% | -59.9% | -1.4% | 15.89% |
2016 | 39.2% | -10.3% | 459.2% | 7.00% |
Total Return Ranking - Trailing
Period | TORIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 19.6% | -5.3% | 48.5% | 37.50% |
1 Yr | -9.3% | -72.5% | 43.4% | 67.86% |
3 Yr | -5.3%* | -44.4% | 9.3% | 36.23% |
5 Yr | 2.4%* | -24.0% | 10.0% | 29.60% |
10 Yr | N/A* | -24.4% | 4.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | TORIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2020 | -33.3% | -64.4% | 215.7% | 56.12% |
2019 | 13.3% | -87.2% | 18.9% | 9.30% |
2018 | -18.3% | -83.3% | -9.4% | 45.83% |
2017 | -3.9% | -59.9% | 0.4% | 17.76% |
2016 | 39.2% | -10.3% | 65.5% | 8.00% |
NAV & Total Return History
TORIX - Holdings
Concentration Analysis
TORIX | Category Low | Category High | TORIX % Rank | |
---|---|---|---|---|
Net Assets | 1.62 B | 2.23 M | 4.57 B | 12.14% |
Number of Holdings | 29 | 16 | 147 | 71.20% |
Net Assets in Top 10 | 1.02 B | 2.59 M | 3.59 B | 7.20% |
Weighting of Top 10 | 66.66% | 37.5% | 89.6% | 34.75% |
Top 10 Holdings
- Williams Companies Inc 9.27%
- Cheniere Energy Inc 8.01%
- Enbridge Inc 7.99%
- Kinder Morgan Inc Class P 7.54%
- Targa Resources Corp 6.32%
- Plains Gp Holdings Lp Class A 6.15%
- Tc Energy Corp 5.94%
- Enterprise Products Partners Lp 5.54%
- Energy Transfer LP 5.28%
- Oneok Inc 5.03%
Asset Allocation
Weighting | Return Low | Return High | TORIX % Rank | |
---|---|---|---|---|
Stocks | 100.00% | 38.98% | 138.08% | 22.40% |
Preferred Stocks | 0.00% | 0.00% | 5.01% | 29.60% |
Other | 0.00% | -35.62% | 14.34% | 20.80% |
Convertible Bonds | 0.00% | 0.00% | 6.97% | 11.20% |
Cash | 0.00% | -42.11% | 10.66% | 69.60% |
Bonds | 0.00% | -0.01% | 50.90% | 14.40% |
Stock Sector Breakdown
Weighting | Return Low | Return High | TORIX % Rank | |
---|---|---|---|---|
Energy | 96.22% | 20.06% | 100.00% | 32.80% |
Utilities | 3.58% | 0.00% | 53.36% | 58.40% |
Basic Materials | 0.20% | 0.00% | 6.97% | 40.80% |
Technology | 0.00% | 0.00% | 11.48% | 17.60% |
Real Estate | 0.00% | 0.00% | 17.22% | 13.60% |
Industrials | 0.00% | 0.00% | 10.76% | 36.00% |
Healthcare | 0.00% | 0.00% | 0.00% | 8.80% |
Financial Services | 0.00% | 0.00% | 11.94% | 30.40% |
Communication Services | 0.00% | 0.00% | 2.82% | 11.20% |
Consumer Defense | 0.00% | 0.00% | 1.47% | 20.00% |
Consumer Cyclical | 0.00% | 0.00% | 4.26% | 20.80% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | TORIX % Rank | |
---|---|---|---|---|
US | 77.21% | 35.24% | 138.08% | 68.80% |
Non US | 22.79% | 0.00% | 42.48% | 25.60% |
TORIX - Expenses
Operational Fees
TORIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.93% | 0.40% | 26.27% | 92.86% |
Management Fee | 0.85% | 0.00% | 2.64% | 19.72% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 3.28% |
Administrative Fee | N/A | 0.04% | 0.25% | 66.67% |
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 |
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 | 19.00% | 8.00% | 314.43% | 4.72% |
TORIX - Distributions
Dividend Yield Analysis
TORIX | Category Low | Category High | TORIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 7.27% | 25.17% |
Dividend Distribution Analysis
TORIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Semi-Annually | Annually | Monthly | Quarterly |
Net Income Ratio Analysis
TORIX | Category Low | Category High | TORIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.01% | -25.67% | 6.88% | 25.98% |
Capital Gain Distribution Analysis
TORIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Dividend Payout History
Date | Amount |
---|---|
Dec 27, 2018 | $0.086 |
Nov 28, 2018 | $0.200 |
May 24, 2018 | $0.175 |
Dec 28, 2017 | $0.083 |
Nov 28, 2017 | $0.159 |
May 25, 2017 | $0.149 |
Dec 29, 2016 | $0.111 |
May 26, 2016 | $0.149 |
Dec 30, 2015 | $0.164 |
May 28, 2015 | $0.145 |
Dec 27, 2013 | $0.159 |
Dec 27, 2012 | $0.089 |
Dec 28, 2011 | $0.037 |
TORIX - Fund Manager Analysis
Managers
Brian Kessens
Start Date
Tenure
Tenure Rank
Jul 31, 2013
7.59
7.6%
Mr. Kessens joined Tortoise in 2008. He is a managing director and senior portfolio manager, a member of the investment committee and serves as president of the Tortoise Pipeline & Energy Fund, Inc. and Tortoise Power & Energy Infrastructure Fund, Inc. closed-end funds. Previously, Mr. Kessens 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 Bachelor of Science in economics degree from the U.S. Military Academy at West Point and a Master of Business Administration degree from Columbia Business School in New York. He is a CFA® charterholder.
Robert Thummel
Start Date
Tenure
Tenure Rank
Jul 31, 2013
7.59
7.6%
Mr. Thummel joined Tortoise in 2004. He is a managing director and senior portfolio manager, a member of the investment committee and serves as president of the Tortoise Energy Independence Fund, Inc. closed-end fund. Before joining Tortoise, 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 degree in accounting from Kansas State University and a Master of Business Administration degree from the University of Kansas. He is a frequent energy sector contributor to financial media outlets including Bloomberg CNBC, Fox Business and Wall Street Journal.
James Mick
Start Date
Tenure
Tenure Rank
Jul 31, 2013
7.59
7.6%
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, as well as a Master of Accounting and Information Systems from the University of Kansas. He is a CFA® charterholder.
Matthew Sallee
Start Date
Tenure
Tenure Rank
Jul 31, 2013
7.59
7.6%
Mr. Sallee joined Tortoise in 2005 and is an Executive Committee member. He serves as president of the Tortoise Energy Infrastructure Corp. and Tortoise Midstream Energy 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
Start Date
Tenure
Tenure Rank
Jan 01, 2018
3.16
3.2%
Mr. Pang is a Managing Director and Portfolio Manager at the firm, and is responsible for the firm’s public and private direct investments across energy strategies. Mr. Pang currently serves as the Chief Financial Officer and a board member of Tortoise Acquisition Corp. II. Mr. Pang also co-founded Tortoise Acquisition Corp. which went public in March 2019 and closed its initial business combination with Hyliion on October 2020, and where he also currently serves on the board of directors. Prior to joining Tortoise in 2014, Mr. Pang was a director in Credit Suisse Securities (USA) LLC’s Equity Capital Markets Group. Before joining Credit Suisse Securities (USA) LLC in 2012, he spent eight years in Citigroup Global Markets Inc.’s Investment Banking Division, where he focused on equity underwriting and corporate finance in the energy sector. Mr. Pang received a B.S. in Business Administration from the University of Richmond and is a CFA charterholder. 021921
Nicholas Holmes
Start Date
Tenure
Tenure Rank
Jan 01, 2019
2.16
2.2%
Mr. Nick Holmes joined the firm in 2010 and currently serves as co-portfolio manager of the Sustainable Global Water strategy. He has extensive investment experience across the capital structure, acting as president of the Tortoise Essential Assets Income Term Fund and vice president of the Tortoise Energy Infrastructure Corp. and Tortoise MLP Fund, Inc. closed-end funds. He was the lead analyst on the three water-specific private placement transactions in the energy sector. He also continues to evaluate private investment opportunities on water projects in support of Ecofin’s Private Sustainable & Infrastructure team. 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. 021921
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 17.02 | 6.66 | 10.92 |