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Trending ETFs

MainGate MLP Fund

mutual fund
IMLPX
Payout Change
Pending
Price as of:
$8.7 -0.08 -0.91%
primary theme
MLP Industry Equity
share class
A (AMLPX) I (IMLPX) C (MLCPX)
IMLPX (Mutual Fund)

MainGate MLP Fund

Payout Change
Pending
Price as of:
$8.7 -0.08 -0.91%
primary theme
MLP Industry Equity
share class
A (AMLPX) I (IMLPX) C (MLCPX)
IMLPX (Mutual Fund)

MainGate MLP Fund

Payout Change
Pending
Price as of:
$8.7 -0.08 -0.91%
primary theme
MLP Industry Equity
share class
A (AMLPX) I (IMLPX) C (MLCPX)

Name

As of 04/15/2024

Price

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

MainGate MLP Fund

IMLPX | Fund

$8.70

$788 M

4.56%

$0.40

2.90%

Vitals

YTD Return

11.1%

1 yr return

26.9%

3 Yr Avg Return

28.3%

5 Yr Avg Return

10.6%

Net Assets

$788 M

Holdings in Top 10

90.6%

52 WEEK LOW AND HIGH

$8.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.90%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 20.80%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/15/2024

Price

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

MainGate MLP Fund

IMLPX | Fund

$8.70

$788 M

4.56%

$0.40

2.90%

IMLPX - Profile

Distributions

  • YTD Total Return 11.1%
  • 3 Yr Annualized Total Return 28.3%
  • 5 Yr Annualized Total Return 10.6%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.19%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    MainGate MLP Fund
  • Fund Family Name
    MainGate Trust
  • Inception Date
    Mar 31, 2014
  • Shares Outstanding
    112768226
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matthew Mead

Fund Description

The Fund seeks to generate total return, comprised of capital appreciation and income, by investing in master limited partnership (“MLP”) interests.  The Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in MLP interests under normal circumstances. MLPs are publicly traded partnerships primarily engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources. By confining their operations to these specific activities, MLPs are able to trade on national securities exchanges like the shares of a corporation, without entity level taxation. MLPs typically distribute income quarterly and have potential for capital appreciation to the extent that they experience growth in cash flow or earnings or increases in valuations.
Unlike most mutual funds, the Fund does not have flow-through tax treatment but instead is taxed as a regular corporation for U.S. federal income tax purposes. Because the Fund invests primarily in MLPs, the Fund is not eligible to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Fund is subject to U.S. federal income tax on its taxable income at rates applicable to corporations (currently at a rate of 21%) as well as state income taxes.
Under normal circumstances, the Fund concentrates its investments in MLPs in the energy sector. The Fund typically invests in MLP interests that derive their revenues primarily from energy infrastructure assets or energy-related assets or activities, including: (i) energy-related logistical assets, including the gathering, transporting, processing, treating, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products or coal; (ii) businesses primarily engaged in the acquisition, exploitation and development of crude oil, natural gas and natural gas liquids; (iii) businesses that process, treat, and refine natural gas liquids and crude oil; and (iv) businesses engaged in owning, managing, and transporting alternative energy infrastructure assets including alternative fuels such as ethanol, hydrogen and biodiesel.
When selecting MLP investments for the Fund’s portfolio, the Fund’s Adviser (as defined below) focuses on those that it believes own attractive businesses, with securities that are priced reasonably and that offer a balance of income and growth opportunities. The Adviser looks for securities that exhibit potential for earnings and cash flow growth, book or replacement values, distribution yields, and potential returns
on invested capital relative to the current market prices that it deems attractive. In evaluating potential investments, the Adviser also considers a broad range of other factors, such as a company’s position in its industry or sector, internal growth prospects, its pricing flexibility, possible changes in its operating environment, and management’s own equity interest. The Adviser specifically focuses on MLP interests that it deems attractive in the current market based on the following considerations:
•MLPs with stable distributions and attractive growth profiles. The Adviser seeks MLPs that continue their record of achieving earnings growth through operational expansion, rate increases, and acquisitions.
•MLPs in certain industries that operate strategically important assets typically generate stable, predictable cash flows. For example, certain MLPs operate midstream energy assets that provide the core infrastructure for delivery of energy products to consumers, such as the pipeline delivery of petroleum products. The Adviser believes that these MLPs are positioned to generate stable cash flows throughout economic cycles due to the inelastic nature of demand for energy.
•High barriers to entry. The Adviser favors MLPs with substantial asset bases and significant operations, which may enjoy a competitive advantage over other entities seeking to enter the midstream energy sector, due to high start-up costs and other barriers to entry.
•Inefficient market. Because of a lack of broad institutional ownership and frequently thin retail trading, the liquidity in many MLP securities historically has been limited. The Adviser believes that due to this limited focus, the market for MLPs can experience inefficiencies which the Adviser will seek to exploit.
Although the Adviser favors MLPs with substantial asset bases and significant operations, the Fund may invest in MLPs of any market capitalization without limit.
MLP Interests.  MLP interests in which the Fund may invest consist of common units issued by MLPs (including MLPs structured as limited partnerships (LPs) or limited liability companies (LLCs)), MLP general partner or managing member interests, MLP I-Shares, shares of companies that own MLP general partner or managing member interests and other securities representing indirect beneficial ownership interests in MLPs, and shares of companies that operate and have the economic characteristics of MLPs but are organized and taxed as “C” corporations.
Other Investments. While the Fund will invest primarily in MLP interests, the Fund may invest up to 20% of its assets in other investments, including equity securities of U.S. and foreign companies primarily engaged in the energy sector. The Fund may invest up to 20% of its assets in foreign securities, such as foreign companies primarily engaged in the energy sector and Canadian income and royalty trusts. Income and royalty trusts are publicly traded vehicles that gather income on royalties and pay out most of the cash flows to shareholders as distributions. They are similar, in some respect, to MLPs and have similar risks. The Fund may invest in foreign securities represented by American Depositary Receipts, which are certificates evidencing ownership of shares of a non-U.S. issuer that are issued by U.S. depositary banks and that generally trade on an established market in the United States.
The Fund may purchase and sell exchange-listed put and call options on MLPs and on various MLP indices. These derivative transactions may be used in an attempt to protect against possible changes in the market value of securities held in, or to be purchased for, the Fund’s portfolio resulting from securities markets or currency exchange rate fluctuations, to protect the Fund’s unrealized gains in the value of its portfolio securities, to facilitate the sale of such securities for investment purposes, or to establish a position in the derivatives markets as a substitute for purchasing or selling particular securities. Derivative transactions may also be used to enhance potential gain. The use of derivative transactions is a function of numerous variables including market conditions. The ability of the Fund to utilize these techniques successfully will depend on the Adviser’s ability to predict market movements, which cannot be assured.
Sell Discipline. The Adviser believes in buying MLPs that will produce favorable results over the long-term and, therefore, the Fund does not intend to purchase or sell securities for short-term trading purposes. However, there is no limit on the Adviser’s ability to engage in short-term transactions and the Adviser may sell an MLP interest without regard to portfolio turnover if the Adviser identifies other investments it deems more attractive than current holdings, if the security achieves the Adviser’s target valuation, if the MLP investment experiences an adverse development or a change in management or management philosophy, when the Adviser determines that its expectations and those of the market are mismatched, or for temporary defensive purposes. Active trading by the Adviser could result in high portfolio turnover.
Non-Diversified Fund. The Fund is not diversified, which means that its investment results may be dependent upon the
results of fewer investments than other mutual funds that are diversified.
Read More

IMLPX - Performance

Return Ranking - Trailing

Period IMLPX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.1% 2.3% 16.4% 20.95%
1 Yr 26.9% 0.0% 36.0% 30.48%
3 Yr 28.3%* 4.8% 35.9% 10.89%
5 Yr 10.6%* -8.4% 33.1% 16.67%
10 Yr 2.8%* -6.3% 11.0% 31.03%

* Annualized

Return Ranking - Calendar

Period IMLPX Return Category Return Low Category Return High Rank in Category (%)
2023 13.9% -14.9% 18.2% 10.28%
2022 25.6% -7.0% 29.9% 13.46%
2021 33.5% 4.2% 55.3% 26.92%
2020 -35.3% -57.4% 155.1% 51.46%
2019 -1.8% -8.9% 20.8% 72.83%

Total Return Ranking - Trailing

Period IMLPX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.1% 2.3% 16.4% 20.95%
1 Yr 26.9% 0.0% 36.0% 30.48%
3 Yr 28.3%* 4.8% 35.9% 10.89%
5 Yr 10.6%* -8.4% 33.1% 16.67%
10 Yr 2.8%* -6.3% 11.0% 31.03%

* Annualized

Total Return Ranking - Calendar

Period IMLPX Return Category Return Low Category Return High Rank in Category (%)
2023 20.3% -9.3% 25.5% 21.50%
2022 33.6% -1.2% 38.8% 8.65%
2021 44.1% 11.1% 56.2% 18.27%
2020 -27.9% -53.9% 155.1% 55.34%
2019 7.2% -3.4% 34.1% 72.83%

NAV & Total Return History

IMLPX - Holdings

Concentration Analysis

IMLPX Category Low Category High IMLPX % Rank
Net Assets 788 M 22 M 53.1 B 39.13%
Number of Holdings 18 16 175 97.25%
Net Assets in Top 10 722 M 19.6 M 3.1 B 32.11%
Weighting of Top 10 90.58% 40.8% 111.7% 13.76%

Top 10 Holdings

  1. Western Midstream Partners LP 12.90%
  2. Targa Resources Corp 12.48%
  3. Energy Transfer LP 12.00%
  4. MPLX LP 11.77%
  5. EnLink Midstream LLC 11.14%
  6. Enterprise Products Partners LP 8.10%
  7. ONEOK Inc 7.77%
  8. Plains GP Holdings LP 5.87%
  9. Plains All American Pipeline LP 4.33%
  10. Cheniere Energy Inc 4.23%

Asset Allocation

Weighting Return Low Return High IMLPX % Rank
Stocks 		99.88% 53.33% 133.88% 42.20%
Cash 		0.12% -58.21% 13.58% 82.57%
Preferred Stocks 		0.00% 0.00% 2.34% 66.97%
Other 		0.00% -36.30% 4.52% 61.47%
Convertible Bonds 		0.00% 0.00% 5.29% 64.22%
Bonds 		0.00% -0.01% 44.12% 62.39%

Stock Sector Breakdown

Weighting Return Low Return High IMLPX % Rank
Energy 		100.00% 53.73% 100.00% 4.59%
Utilities 		0.00% 0.00% 41.78% 88.07%
Technology 		0.00% 0.00% 2.43% 71.56%
Real Estate 		0.00% 0.00% 3.96% 64.22%
Industrials 		0.00% 0.00% 4.54% 75.23%
Healthcare 		0.00% 0.00% 0.00% 64.22%
Financial Services 		0.00% 0.00% 0.66% 66.06%
Communication Services 		0.00% 0.00% 0.00% 64.22%
Consumer Defense 		0.00% 0.00% 0.82% 64.22%
Consumer Cyclical 		0.00% 0.00% 13.46% 68.81%
Basic Materials 		0.00% 0.00% 6.40% 83.49%

Stock Geographic Breakdown

Weighting Return Low Return High IMLPX % Rank
US 		99.88% 48.92% 132.40% 32.11%
Non US 		0.00% 0.00% 26.09% 87.16%

IMLPX - Expenses

Operational Fees

IMLPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.90% 0.35% 8.81% 30.56%
Management Fee 1.25% 0.35% 1.38% 87.83%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

IMLPX 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

IMLPX 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.

IMLPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 20.80% 6.00% 166.00% 16.50%

IMLPX - Distributions

Dividend Yield Analysis

IMLPX Category Low Category High IMLPX % Rank
Dividend Yield 4.56% 0.00% 17.07% 77.39%

Dividend Distribution Analysis

IMLPX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Quarterly Annual

Net Income Ratio Analysis

IMLPX Category Low Category High IMLPX % Rank
Net Income Ratio 1.19% -6.38% 9.57% 22.22%

Capital Gain Distribution Analysis

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

Distributions History

View More +

IMLPX - Fund Manager Analysis

Managers

Matthew Mead

Start Date

Tenure

Tenure Rank

Feb 17, 2011

11.29

11.3%

Matthew G. Mead is a Principal of Chickasaw Capital Management LLC . Prior to co-founding the adviser in 2003, Mr. Mead joined Goldman Sachs & Co. in 1992 and served as a Vice President in the Private Wealth Management Group until 2001. Mr. Mead has advised families with substantial wealth throughout his career and began managing portfolios including MLP assets on a discretionary basis during his tenure at Goldman Sachs. He has diverse investment experience across public and private equity, fixed income, and derivative markets. In September 2001, Mr. Mead co-founded Green Square Capital Management, LLC (“GSCM”), where he was a partner until October 2003. Mr. Mead is the President of Chickasaw Securities, LLC, a subsidiary of the Adviser that is registered as a broker-dealer and a member of FINRA/SIPC. He has been a member of the Board of Directors of Oakworth Capital Bank in Birmingham, AL since 2008. Mr. Mead earned an MBA from the Fuqua School of Business, Duke University in 1992 and a B.S. with a double major in Economics and Finance from Birmingham-Southern College in 1990.

Geoffrey Mavar

Start Date

Tenure

Tenure Rank

Feb 17, 2011

11.29

11.3%

Geoffrey P. Mavar is a Principal of the Chickasaw Capital Management LLC. Prior to co-founding the Chickasaw Capital Management LLC in 2003, Mr. Mavar joined Goldman Sachs & Co. in 1990 and served as a Vice President until 2001. Mr. Mavar began managing portfolios including MLP assets on a discretionary basis while at Goldman Sachs. In September, 2001, Mr. Mavar co-founded GSCM, where he was a partner until October 2003. Mr. Mavar is the Chief Financial Officer of Chickasaw Securities, LLC. Mr. Mavar received his MBA in Finance from The Owen Graduate School of Management, Vanderbilt University, in 1990 and earned his B.A. from the University of Mississippi in 1984. He is a past member of the Alumni Board of Directors of The Owen Graduate School of Management, Vanderbilt University, having served from 1998 to April 2007.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 15.78 7.75 12.18

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