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Recurrent MLP & Infrastructure Fund
mutual fund
RMLPX
Payout Change
Pending
Price as of:
$23.34
+0.03
+0.13%
primary theme
MLP Industry Equity
share class
RMLPX (Mutual Fund)
Recurrent MLP & Infrastructure Fund
Payout Change
Pending
Price as of:
$23.34
+0.03
+0.13%
primary theme
MLP Industry Equity
share class
RMLPX (Mutual Fund)
Recurrent MLP & Infrastructure Fund
Payout Change
Pending
Price as of:
$23.34
+0.03
+0.13%
primary theme
MLP Industry Equity
share class
Name
As of 12/19/2024Price
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
Vitals
YTD Return
25.9%
1 yr return
26.4%
3 Yr Avg Return
26.9%
5 Yr Avg Return
15.4%
Net Assets
$1.01 B
Holdings in Top 10
56.9%
52 WEEK LOW AND HIGH
$23.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.10%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 22.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/19/2024Price
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
RMLPX - Profile
Distributions
- YTD Total Return 25.9%
- 3 Yr Annualized Total Return 26.9%
- 5 Yr Annualized Total Return 15.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.59%
- Dividend Yield 5.6%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameRecurrent MLP & Infrastructure Fund
-
Fund Family NameRrecurrent Advisors
-
Inception DateNov 02, 2017
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBrad Olsen
Fund Description
The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in energy infrastructure and master limited partnership (“MLP”) investments. The Fund’s investments may include, but are not limited to:
| ● | MLPs structured as limited partnerships or limited liability companies; |
| ● | MLPs that are taxed as “C” corporations; |
| ● | institutional units (“I-Units”) issued by MLP affiliates; |
| ● | taxable “C” corporations that hold significant interests in MLPs; |
| ● | companies providing infrastructure to the energy industry; |
| ● | other equity securities, including pooled investment vehicles, exchange-traded notes, and exchange-traded funds, that provide exposure to MLPs. |
Recurrent Investment Advisors, LLC, the Fund’s investment advisor (“Recurrent” or the “Advisor”) focuses its investments on energy infrastructure, which own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or that provide energy related equipment or services. The Advisor’s investment process is strongly focused on company-level valuation analysis for determining security selection in the Fund. The Fund’s investments may be of any capitalization size including a company’s first offering of stock to the public in an initial public offering (IPO).
The Fund may invest 20% of its net assets in sectors outside of energy infrastructure investments, including, without limitation, securities of corporations that operate in the energy sector or that hold energy assets. The Fund may, when market signals warrant, take a defensive position, investing all or a substantial portion of Fund assets in cash and/or cash equivalents.
The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers than diversified mutual funds.
RMLPX - Performance
Return Ranking - Trailing
| Period | RMLPX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 25.9% | 7.4% | 43.2% | 71.00% |
| 1 Yr | 26.4% | 8.2% | 44.9% | 68.00% |
| 3 Yr | 26.9%* | 7.9% | 39.0% | 20.83% |
| 5 Yr | 15.4%* | -2.3% | 35.7% | 36.84% |
| 10 Yr | N/A* | -4.4% | 12.6% | N/A |
* Annualized
Return Ranking - Calendar
| Period | RMLPX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.0% | -14.9% | 18.2% | 46.08% |
| 2022 | 25.5% | -7.0% | 29.9% | 15.31% |
| 2021 | 30.2% | 4.2% | 42.7% | 50.00% |
| 2020 | -37.3% | -57.4% | 155.1% | 63.92% |
| 2019 | 7.6% | -8.9% | 18.9% | 28.74% |
Total Return Ranking - Trailing
| Period | RMLPX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 25.9% | 7.4% | 43.2% | 71.00% |
| 1 Yr | 26.4% | 8.2% | 44.9% | 68.00% |
| 3 Yr | 26.9%* | 7.9% | 39.0% | 20.83% |
| 5 Yr | 15.4%* | -2.3% | 35.7% | 36.84% |
| 10 Yr | N/A* | -4.4% | 12.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | RMLPX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.7% | -9.3% | 25.5% | 39.22% |
| 2022 | 35.1% | -1.2% | 38.8% | 7.14% |
| 2021 | 42.6% | 14.5% | 56.2% | 23.47% |
| 2020 | -28.5% | -53.9% | 155.1% | 62.89% |
| 2019 | 15.3% | -3.4% | 22.4% | 19.54% |
NAV & Total Return History
RMLPX - Holdings
Concentration Analysis
| RMLPX | Category Low | Category High | RMLPX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.01 B | 22 M | 53.1 B | 33.33% |
| Number of Holdings | 25 | 17 | 89 | 64.71% |
| Net Assets in Top 10 | 551 M | 23.7 M | 3.63 B | 46.08% |
| Weighting of Top 10 | 56.89% | 39.1% | 116.1% | 89.22% |
Top 10 Holdings
- ENERGY TRANSFER 6.80%
- CENOVUS ENERGY 6.77%
- CHENIERE ENERGY 6.40%
- PEMBINA PIPELINE 5.96%
- SUNCOR ENERGY 5.58%
- ONEOK INC 5.49%
- WESTERN MIDSTREA 5.42%
- PLAINS GP HOLD-A 5.18%
- TARGA RESOURCES 4.83%
- PHILLIPS 66 4.45%
Asset Allocation
| Weighting | Return Low | Return High | RMLPX % Rank | |
|---|---|---|---|---|
| Stocks | 97.96% | 53.33% | 136.34% | 74.51% |
| Cash | 2.04% | 0.00% | 13.09% | 28.43% |
| Preferred Stocks | 0.00% | 0.00% | 2.23% | 46.08% |
| Other | 0.00% | -36.30% | 5.12% | 46.08% |
| Convertible Bonds | 0.00% | 0.00% | 5.29% | 44.12% |
| Bonds | 0.00% | 0.00% | 40.73% | 45.10% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | RMLPX % Rank | |
|---|---|---|---|---|
| Energy | 96.33% | 53.73% | 100.00% | 49.02% |
| Utilities | 2.85% | 0.00% | 41.78% | 46.08% |
| Consumer Defense | 0.82% | 0.00% | 0.82% | 0.98% |
| Technology | 0.00% | 0.00% | 2.43% | 62.75% |
| Real Estate | 0.00% | 0.00% | 0.00% | 44.12% |
| Industrials | 0.00% | 0.00% | 4.54% | 57.84% |
| Healthcare | 0.00% | 0.00% | 0.00% | 44.12% |
| Financial Services | 0.00% | 0.00% | 0.66% | 46.08% |
| Communication Services | 0.00% | 0.00% | 0.00% | 44.12% |
| Consumer Cyclical | 0.00% | 0.00% | 1.07% | 49.02% |
| Basic Materials | 0.00% | 0.00% | 6.40% | 67.65% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | RMLPX % Rank | |
|---|---|---|---|---|
| US | 90.41% | 48.92% | 136.34% | 68.63% |
| Non US | 7.55% | 0.00% | 39.30% | 26.47% |
RMLPX - Expenses
Operational Fees
| RMLPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.10% | 0.35% | 8.81% | 90.10% |
| Management Fee | 0.90% | 0.35% | 1.38% | 25.93% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.04% | 0.15% | N/A |
Sales Fees
| RMLPX 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
| RMLPX 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.
| RMLPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 22.00% | 6.00% | 166.00% | 26.04% |
RMLPX - Distributions
Dividend Yield Analysis
| RMLPX | Category Low | Category High | RMLPX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.58% | 0.00% | 15.34% | 88.89% |
Dividend Distribution Analysis
| RMLPX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Quarterly | Quarterly | Quarterly |
Net Income Ratio Analysis
| RMLPX | Category Low | Category High | RMLPX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.59% | -2.83% | 5.84% | 9.90% |
Capital Gain Distribution Analysis
| RMLPX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 16, 2024 | $0.325 | OrdinaryDividend |
| Dec 16, 2024 | $0.005 | CapitalGainShortTerm |
| Dec 16, 2024 | $0.535 | CapitalGainLongTerm |
| Sep 27, 2024 | $0.325 | OrdinaryDividend |
| Mar 27, 2024 | $0.325 | OrdinaryDividend |
| Dec 18, 2023 | $0.325 | OrdinaryDividend |
| Sep 28, 2023 | $0.325 | OrdinaryDividend |
| Jun 29, 2023 | $0.325 | OrdinaryDividend |
| Mar 30, 2023 | $0.325 | OrdinaryDividend |
| Dec 19, 2022 | $0.325 | OrdinaryDividend |
| Sep 29, 2022 | $0.325 | ReturnOfCapital |
| Jun 29, 2022 | $0.325 | ReturnOfCapital |
| Mar 30, 2022 | $0.325 | ReturnOfCapital |
| Dec 20, 2021 | $0.325 | OrdinaryDividend |
| Sep 29, 2021 | $0.325 | OrdinaryDividend |
| Jun 29, 2021 | $0.325 | OrdinaryDividend |
| Mar 30, 2021 | $0.325 | OrdinaryDividend |
| Dec 21, 2020 | $0.325 | OrdinaryDividend |
| Sep 29, 2020 | $0.325 | OrdinaryDividend |
| Jun 29, 2020 | $0.215 | OrdinaryDividend |
| Apr 29, 2020 | $0.325 | OrdinaryDividend |
| Jan 30, 2020 | $0.325 | OrdinaryDividend |
| Oct 30, 2019 | $0.325 | OrdinaryDividend |
| Jul 30, 2019 | $0.325 | OrdinaryDividend |
| Apr 29, 2019 | $0.325 | OrdinaryDividend |
| Jan 30, 2019 | $0.325 | OrdinaryDividend |
| Oct 30, 2018 | $0.325 | OrdinaryDividend |
| Jul 30, 2018 | $0.325 | OrdinaryDividend |
| Apr 27, 2018 | $0.325 | OrdinaryDividend |
RMLPX - Fund Manager Analysis
Managers
Brad Olsen
Start Date
Tenure
Tenure Rank
Oct 24, 2017
4.6
4.6%
Brad was most recently the lead MLP portfolio manager for BP Capital Fund Advisors (BPCFA). Under Brad’s leadership, MLP AUM more than doubled (excluding the impact of appreciation). From 2011 to 2015, Brad led Midstream Research for Tudor, Pickering, Holt & Co. (TPH & Co.), where he was recognized as the top all-around stock picker in the US by the Financial Times in 2013, and the top energy stock picker in the US by Starmine in 2014. Under Olsen’s leadership, the TPH & Co. midstream team was recognized in the WSJ’s “Best on the Street” poll as well as by Institutional Investor Magazine. Brad also has experience as an investment analyst at Eagle Global Advisors in Houston, where he was part of a 3-person team that grew midstream/MLP AUM from $300mm to over $1bn from 2008 through 2011. He has also worked in investment roles at Millennium International, a large global hedge fund, and Strome Investment Management, an energy-focused hedge fund based in Santa Monica, CA. He began his career in the UBS Investment Banking Global Energy Group in Houston. Brad earned a BA in Philosophy, Political Science, and Slavic Studies from Rice University in Houston.
Mark Laskin
Start Date
Tenure
Tenure Rank
Oct 24, 2017
4.6
4.6%
Mark was most recently the lead energy portfolio manager and Chief Investment Officer at BP Capital Fund Advisors (BPCFA), an energy-focused long-only investment management firm. Under Mark’s leadership, BPCFA grew from $50mm to nearly $400mm in assets under management in less than 3 years. BPCFA's energy strategy was the #1 performing energy open-end mutual fund, as ranked by Morningstar, from 12/31/13 to 12/31/16, and its MLP strategy was in the top decile in its Morningstar category over that same time period. Mark has 13 years of additional portfolio manager experience at Van Kampen, Morgan Stanley and Invesco. As part of a diversified large cap value strategy, Mark managed more than $10 billion and has managed energy portfolios for more than 12 years. While at Morgan Stanley Investment Management, Mark served as the internal head of equity investment research. Mark earned an MBA/MA in Finance from the Wharton School of Business at the University of Pennsylvania and a BA in History from Swarthmore College where he also played men’s soccer.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 15.78 | 7.75 | 12.18 |
