• Salient MLP & Energy Infrastructure Fund

Salient Funds
US, MLPs

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Salient MLP & Energy Infrastructure Fund

SMRPX

Summary

The fund seeks to maximize total return by investing in companies across any size in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The strategy looks to invest in securities of midstream master limited partnerships and midstream energy infrastructure companies.

Next, the investment team considers MLPs that principally own and operate assets used in energy logistics such as transporting, storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products as midstream MLPs.

According to the team, midstream energy infrastructure companies are companies, other than Midstream MLPs, that own and operate assets used in energy logistics such as transporting, storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products.

Then the research process is driven by fundamental analysis of one stock at a time. The research team focuses on MLPs and energy infrastructure companies that generate superior returns.

The team employs proprietary business valuation models to evaluate a company’s cash flow consistency, growth profile, commodity price sensitivity, balance sheet strength, hedging profile, management strength, and competitive landscape.

Then the manager constructs a portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in investment grade debt securities issued by MLPs and energy infrastructure companies of any maturity.

The fund is non-diversified, which means that it may invest in a limited number of issuers.

 

Strategy Process Research Risk Philosophy

Price

Last Close

$6.51 ( +0.12 )

52 Week HL

$7.16 - $4.27

Net Assets

$720.17 M

Expense Ratio

Sector Allocation

May 31, 2021

Top 10 Holdings

May 31, 2021

Company Name

  • Energy Transfer,
  • Cheniere Energy,
  • Pembina Pipeline
  • The Williams
  • Kinder Morgan,

Holding

  • 6.86
  • 6.70
  • 6.63
  • 6.16
  • 5.60

Company Name

  • MPLX, L.P.
  • TC Energy
  • Enbridge, Inc.
  • ONEOK, Inc.
  • Plains GP
  • Total

Holding

  • 5.33
  • 5.01
  • 4.91
  • 4.81
  • 4.37
  • 56.38%

Manager

Name

Gregory A. Reid

Leadership

Single Manager

Tenure

2003

Advisor

Documents

Prospectus

Fact Sheet

Annual Reports

Website

Link

Performance

YTD

18.5 %

3 Year

3.97%

5 Year

-12.39%

Best

18.55%
2021

Worst

-21.99%
2020

Returns +
Quarterly

2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Q1 11.3% -43% 19.6% -14.5% 0.3% - - - - - -
Q2 12.4% 27.1% -3.6% 15% -7.6% 25.7% - - - - -
Q3 -5.2% -12.1% -5.3% 3.5% 1.2% 13.5% - - - - -
Q4 - 22.5% 1.4% -19.3% -0.5% 4.4% - - - - -

Returns +
Monthly

J F M A M J J A S O N D
2021 6.9% 0.7% 3.4% 3.8% 3.5% 4.7% -5.2% -2.8% 2.8% - - -
2020 -4.1% -10.1% -33.9% 24.4% 6.4% -4% -1.6% 0.6% -11.3% -0.5% 17.5% 4.8%

Returns +
Annual

    2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
    0%16%29%-6%19%8%-1%14%29%13%0%

Alpha

2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
SMRPX 19%-22%12%-18%-7%------
S&P 500 -16%29%-6%19%8%-1%14%29%13%-
Alpha 19%-38%-16%-12%-26%------

SMRPX S&P 500

Chart +