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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$13.42

$2.57 B

3.73%

$0.50

0.94%

Vitals

YTD Return

3.0%

1 yr return

7.4%

3 Yr Avg Return

3.8%

5 Yr Avg Return

1.0%

Net Assets

$2.57 B

Holdings in Top 10

70.9%

52 WEEK LOW AND HIGH

$13.5
$11.66
$14.53

Expenses

OPERATING FEES

Expense Ratio 0.94%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 32.00%

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

$13.42

$2.57 B

3.73%

$0.50

0.94%

TORIX - Profile

Distributions

  • YTD Total Return 3.0%
  • 3 Yr Annualized Total Return 3.8%
  • 5 Yr Annualized Total Return 1.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.92%
DIVIDENDS
  • Dividend Yield 3.7%
  • 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
    170134074
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Brian Kessens

Fund Description

Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of master limited partnerships (“MLPs”) and pipeline companies. MLPs, also known as publicly traded partnerships, predominately operate, or directly or indirectly own, energy-related assets. Pipeline companies are defined as either entities in which the largest component of their assets, cash flow or revenue is associated with the operation or ownership of energy pipelines and complementary assets or other entities operating in the energy infrastructure industry as defined by standard industrial classification (“SIC”). For purposes of this strategy, MLP and pipeline companies include investment companies that invest primarily in MLP and/or pipeline companies.
The Fund 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 (“NGLs”). The Fund is non-diversified.
The Fund seeks to achieve its investment objective by investing primarily in equity securities of any capitalization that are publicly traded on an exchange or in the over-the-counter market, consisting of common stock, but also including, among others, MLP and limited liability company (“LLC”) common units; the equity securities issued by MLP affiliates, such as common shares of corporations that own, directly or indirectly, MLP general partner interests; and other investment companies that invest in MLP and pipeline companies.
MLP common units represent an equity ownership interest in an MLP. Some energy infrastructure companies in which the Fund may invest are organized as LLCs which are treated in the same manner as MLPs for federal income tax purposes. The Fund may invest in LLC common units which represent an ownership interest in the LLC. Interests in MLP and LLC common units entitle the holder to a share of the company’s success through distributions and/or capital appreciation.
Pursuant to tax regulations, the Fund may invest no more than 25% of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships.
In addition, the Fund may invest in preferred equity, and convertible securities. The Fund may also write call options on securities, but will only do so on securities it holds in its portfolio (i.e., covered calls).
Under normal circumstances, the Fund may invest up to: (i) 30% of its total assets in securities denominated in the currency of a non-North American country, which may include securities issued by energy companies organized and/or having securities traded on an exchange outside North America and/or securities of other non-North American companies that are denominated in the currency of a non-North American country; (ii) 20% of its total assets in debt securities of any issuers, including securities which may be rated below investment grade (“junk bonds”) by a nationally recognized statistical rating organization (“NRSRO”) or judged by Tortoise Capital Advisors, L.L.C., also doing business as TCA Advisors ("TCA Advisors" or the "Adviser"), to be of comparable credit quality; (iii) 15% of its net assets in illiquid investments; and (iv) 10% of its total assets in securities of any issuer. The Fund may invest in other investment companies to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may invest in permissible securities without regard to the market capitalization of the issuer of such security. The Fund will not have any duration or weighted average maturity restrictions.
Except for investments in illiquid investments, the above investment restrictions apply at the time of purchase, and the Fund will not be required to reduce a position due solely to market value fluctuations in order to comply with these restrictions. To the extent that market value fluctuations cause illiquid investments held by the Fund to exceed 15% of its net assets, the Fund will determine how to remediate the excess illiquid investments in accordance with the 1940 Act and the Fund's policies and procedures.
The Adviser seeks to invest the Fund in securities that offer a combination of yield, growth and quality, intended to result in attractive long-term total returns. The Adviser’s securities selection process includes a comparison of quantitative, qualitative, and relative value factors. Primary emphasis will be placed on proprietary models constructed and maintained by the Adviser’s in-house investment team, although the Adviser may use research provided by broker-dealers and investment firms. To determine whether a company meets its criteria, the Adviser will generally look for long-lived energy infrastructure companies with essential assets with long economic lives (generally 20 years or more), high barriers to entry, total return potential, predictable revenue and stable operating structures, and experienced, operations-focused management teams.
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TORIX - Performance

Return Ranking - Trailing

Period TORIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -3.2% 51.8% 62.12%
1 Yr 7.4% -16.2% 76.4% 63.70%
3 Yr 3.8%* -43.5% 76.7% 48.46%
5 Yr 1.0%* -32.1% 33.1% 36.94%
10 Yr -0.1%* -11.6% 5.9% 23.40%

* Annualized

Return Ranking - Calendar

Period TORIX Return Category Return Low Category Return High Rank in Category (%)
2022 16.0% -64.4% 67.5% 49.25%
2021 16.2% -16.6% 24.6% 28.24%
2020 -12.6% -24.8% 46.7% 59.23%
2019 3.2% -28.4% 5.2% 10.92%
2018 -4.0% -14.5% 19.8% 28.18%

Total Return Ranking - Trailing

Period TORIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -1.1% 51.8% 62.12%
1 Yr 7.4% -21.0% 76.4% 64.49%
3 Yr 3.8%* -43.5% 76.7% 47.37%
5 Yr 1.0%* -32.1% 34.9% 40.35%
10 Yr -0.1%* -11.6% 5.9% 23.40%

* Annualized

Total Return Ranking - Calendar

Period TORIX Return Category Return Low Category Return High Rank in Category (%)
2022 16.0% -64.4% 67.5% 49.25%
2021 16.2% -16.6% 24.6% 28.24%
2020 -12.6% -24.8% 46.7% 59.23%
2019 3.2% -28.4% 5.2% 10.92%
2018 -4.0% -14.5% 19.8% 52.73%

NAV & Total Return History


TORIX - Holdings

Concentration Analysis

TORIX Category Low Category High TORIX % Rank
Net Assets 2.57 B 13.6 M 6.88 B 7.30%
Number of Holdings 32 1 175 57.03%
Net Assets in Top 10 1.78 B 0 5.88 B 6.25%
Weighting of Top 10 70.89% 39.8% 89.4% 26.67%

Top 10 Holdings

  1. Cheniere Energy Inc 9.84%
  2. Targa Resources Corp 9.83%
  3. ONEOK Inc 8.14%
  4. Enbridge Inc 7.92%
  5. Kinder Morgan Inc Class P 7.58%
  6. Williams Companies Inc 7.55%
  7. Energy Transfer LP 5.51%
  8. Enterprise Products Partners LP 5.27%
  9. Plains GP Holdings LP Class A 5.10%
  10. Pembina Pipeline Corp 4.71%

Asset Allocation

Weighting Return Low Return High TORIX % Rank
Stocks
99.45% 53.33% 133.88% 48.82%
Cash
0.55% -58.21% 13.09% 47.24%
Preferred Stocks
0.00% 0.00% 4.73% 28.35%
Other
0.00% -36.30% 8.13% 18.11%
Convertible Bonds
0.00% 0.00% 5.29% 20.47%
Bonds
0.00% 0.00% 44.12% 25.98%

Stock Sector Breakdown

Weighting Return Low Return High TORIX % Rank
Energy
97.37% 29.76% 100.00% 33.86%
Utilities
2.39% 0.00% 48.96% 62.20%
Basic Materials
0.14% 0.00% 8.62% 44.88%
Industrials
0.10% 0.00% 10.08% 36.22%
Technology
0.00% 0.00% 19.24% 42.52%
Real Estate
0.00% 0.00% 14.30% 18.11%
Healthcare
0.00% 0.00% 0.00% 16.54%
Financial Services
0.00% 0.00% 0.99% 22.05%
Communication Services
0.00% 0.00% 5.06% 17.32%
Consumer Defense
0.00% 0.00% 0.82% 22.83%
Consumer Cyclical
0.00% 0.00% 13.46% 23.62%

Stock Geographic Breakdown

Weighting Return Low Return High TORIX % Rank
US
79.42% 48.92% 130.59% 65.35%
Non US
20.03% 0.00% 39.45% 27.56%

TORIX - Expenses

Operational Fees

TORIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.94% 0.35% 13.30% 84.17%
Management Fee 0.85% 0.00% 1.43% 21.58%
12b-1 Fee 0.00% 0.00% 1.00% 1.59%
Administrative Fee N/A 0.04% 0.15% 66.67%

Sales Fees

TORIX 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

TORIX 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.

TORIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 32.00% 6.00% 248.00% 36.13%

TORIX - Distributions

Dividend Yield Analysis

TORIX Category Low Category High TORIX % Rank
Dividend Yield 3.73% 0.00% 21.52% 52.82%

Dividend Distribution Analysis

TORIX Category Low Category High Category Mod
Dividend Distribution Frequency Semi-Annually Annually Monthly Monthly

Net Income Ratio Analysis

TORIX Category Low Category High TORIX % Rank
Net Income Ratio 0.92% -6.38% 6.88% 30.40%

Capital Gain Distribution Analysis

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

Distributions History

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TORIX - Fund Manager Analysis

Managers

Brian Kessens


Start Date

Tenure

Tenure Rank

Jul 31, 2013

8.84

8.8%

Mr. Brian Kessens joined the firm 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. He served as Board President and nearly a decade as a board member and Treasurer for the Children’s Center for the Visually Impaired (CCVI), a Kansas City nonprofit preparing children with visual impairments to reach their highest potential in the sighted world. 032521

Robert Thummel


Start Date

Tenure

Tenure Rank

Jul 31, 2013

8.84

8.8%

Mr. Thummel joined the firm 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 the firm, 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. 032521

James Mick


Start Date

Tenure

Tenure Rank

Jul 31, 2013

8.84

8.8%

Mr. Mick joined the firm in 2006 and is a member of the Investment Committee. He frequently engages with the firm's largest institutional clients. Mr. Mick has more than 21 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. 032521

Matthew Sallee


Start Date

Tenure

Tenure Rank

Jul 31, 2013

8.84

8.8%

Mr. Sallee joined the firm in 2005 and is an Executive Committee member and a member of the Tortoise Development Committee and serves as President of the Tortoise platform. He oversees Tortoise’s energy investment team and Tortoise/Ecofin co-managed energy products. Mr. Sallee 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. He has more than 21 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 serves on the National Board of Directors of the Gabby Krause Foundation, an organization dedicated to bringing joy, laughter and relief to children fighting life threatening disease. 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

4.41

4.4%

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 President and Chief Financial Officer and as a Director of TortoiseEcofin Acquisition Corp. III. Mr. Pang has served as a director of Tortoise Acquisition II since the completion of its initial public offering in September 2020 and has served as the Chief Financial Officer of Tortoise Acquisition II since July 2020. Mr. Pang served as a director of Tortoise Acquisition I from the completion of its initial public offering in March 2019, and as Chief Financial Officer of Tortoise Acquisition I since January 2020, to the completion of its initial business combination on October 1, 2020, and he continues to serve on the board of directors of Hyliion Holdings Corp. 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. 032521

Nicholas Holmes


Start Date

Tenure

Tenure Rank

Jan 01, 2019

3.41

3.4%

Mr. Nick Holmes joined Ecofin Advisors, LLC 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.

Tenure Analysis

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