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Trending ETFs

Westwood Salient MLP & Energy Infrastructure Fund

mutual fund
SMLPX
Payout Change
Pending
Price as of:
$10.68 +0.02 +0.19%
primary theme
MLP Industry Equity
SMLPX (Mutual Fund)

Westwood Salient MLP & Energy Infrastructure Fund

Payout Change
Pending
Price as of:
$10.68 +0.02 +0.19%
primary theme
MLP Industry Equity
SMLPX (Mutual Fund)

Westwood Salient MLP & Energy Infrastructure Fund

Payout Change
Pending
Price as of:
$10.68 +0.02 +0.19%
primary theme
MLP Industry Equity

Name

As of 12/03/2024

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

$10.68

$1.15 B

4.32%

$0.46

1.15%

Vitals

YTD Return

43.3%

1 yr return

43.0%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$1.15 B

Holdings in Top 10

59.4%

52 WEEK LOW AND HIGH

$10.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.15%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

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 12/03/2024

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

$10.68

$1.15 B

4.32%

$0.46

1.15%

SMLPX - Profile

Distributions

  • YTD Total Return 43.3%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.27%
DIVIDENDS
  • Dividend Yield 4.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Westwood Salient MLP & Energy Infrastructure Fund
  • Fund Family Name
    Salient Funds
  • Inception Date
    Sep 19, 2012
  • Shares Outstanding
    101521846
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Frank (Ted) Gardner

Fund Description

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of Master Limited Partnerships (“MLPs”) (as defined below) and Energy Infrastructure Companies. The Fund invests in equity securities such as common units, preferred units, subordinated units, general partner interests, common shares and preferred shares in MLPs and Energy Infrastructure Companies. The Fund also may invest in investment grade debt securities issued by MLPs and Energy Infrastructure Companies of any maturity. The Fund may invest in MLPs and Energy Infrastructure Companies of any market capitalization ranges. Energy Infrastructure Companies include clean energy companies engaged in renewable energy electricity generation (wind, solar, hydrogen, geothermal, biomass, etc.), renewable storage and transmission, renewable energy equipment development manufacturing, electrified transport, biofuel production or energy efficiency solutions (including smart grid). The Fund is non-diversified, which means that it may invest in a limited number of issuers.

MLPs are entities structured as master limited partnerships. Master limited partnerships are limited partnerships and limited liability companies that are publicly traded and are treated as partnerships for federal income tax purposes. The Fund’s MLP investments are generally focused on energy infrastructure investments in pipelines and processes involving the gathering, processing, distributing and marketing of natural gas, natural gas liquids, crude oil, or other refined products.

Energy Infrastructure Companies are companies, including affiliates of MLPs, that 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, electricity, or renewable energy or that provide energy-related services. For purposes of this definition, such companies (i) derive at least 50% of their revenues or operating income from operating such assets or providing services for the operation of such assets or (ii) have such assets that represent the majority of their assets.

The Fund will invest at least 50% of its total assets in Midstream MLPs and Midstream Energy Infrastructure companies.

Midstream MLPs are MLPs that principally own and operate assets used in energy logistics, including, but not limited to, assets used in transporting (including marine), storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products.

Midstream Energy Infrastructure Companies are companies, other than Midstream MLPs, that own and operate assets used in energy logistics, including, but not limited to, assets used in transporting (including marine), storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products.

The Fund may directly invest up to but not more than 25% (or such higher amount as permitted by any applicable tax diversification rules) of total assets, at the time of investment, in equity or debt securities of master limited partnerships. This limit does not apply to securities issued by MLP affiliates, which are not treated as publicly traded partnerships for federal income tax purposes.

The Fund may invest up to but not more than 15% of total assets in debt securities of Energy Infrastructure Companies.

The Fund may invest up to but not more than 12.5% of total assets in any single issuer.

The Fund may invest up to 15% of net assets in unregistered and other illiquid securities.

The Fund may engage in covered call writing. The Fund currently expects to write call options for the purpose of generating realized gains or reducing the Fund’s ownership of certain securities. The Fund will only write call options on securities that are held in the portfolio (i.e., covered calls). The Fund may borrow to purchase securities, which would add leverage to the portfolio.

The investment process of the Fund’s investment advisor, Westwood Management Corp. (the “Advisor”) is designed to generate returns by investing in a portfolio of publicly traded MLPs and Energy Infrastructure Companies. Returns are typically driven by the distribution yield plus expected annual growth in the cash distributions. The Advisor maintains proprietary business valuation models and analyzes key variables such as cash flow stability, growth profile, commodity price sensitivity, balance sheet strength, hedging profile, management strength, competitive landscape and other factors. The Advisor employs a “bottom up” research-driven stock selection process with an emphasis on the opportunity set and growth prospects for each target investment. Changes in the laws of the United States, including tax laws and regulations, could result in the inability of the Fund to operate as described in this prospectus and the SAI and could adversely affect the Fund (see “Tax Law Change Risk” below).

The percentage limitations applicable to the portfolio described above apply at the time of investment, and the Fund will not be required to sell securities due to subsequent changes in the value of securities owned. However, although the Fund may not be required to sell securities due to subsequent changes in value, if such changes cause the Fund to have invested less than 80% of total assets in securities of MLPs and Energy Infrastructure Companies, the Fund will be required to make future purchases of securities in a manner so as to come into compliance with this investment policy. The Fund will invest primarily in companies located in North America, but the Fund may invest in companies located anywhere in the world.

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SMLPX - Performance

Return Ranking - Trailing

Period SMLPX Return Category Return Low Category Return High Rank in Category (%)
YTD 43.3% 17.2% 57.9% 47.00%
1 Yr 43.0% 17.4% 53.3% 48.00%
3 Yr N/A* 11.4% 42.3% 74.02%
5 Yr N/A* 1.5% 40.3% 52.21%
10 Yr N/A* -4.8% 12.9% 41.94%

* Annualized

Return Ranking - Calendar

Period SMLPX Return Category Return Low Category Return High Rank in Category (%)
2023 7.4% -14.9% 18.2% 61.76%
2022 N/A -7.0% 29.9% 84.25%
2021 N/A 4.2% 42.7% 38.89%
2020 N/A -57.4% 155.1% 22.22%
2019 N/A -8.9% 18.9% 64.81%

Total Return Ranking - Trailing

Period SMLPX Return Category Return Low Category Return High Rank in Category (%)
YTD 43.3% 17.2% 57.9% 47.00%
1 Yr 43.0% 17.4% 53.3% 48.00%
3 Yr N/A* 11.4% 42.3% 69.29%
5 Yr N/A* 1.5% 40.3% 53.57%
10 Yr N/A* -4.8% 12.9% 78.33%

* Annualized

Total Return Ranking - Calendar

Period SMLPX Return Category Return Low Category Return High Rank in Category (%)
2023 14.1% -9.3% 25.5% 63.73%
2022 N/A -1.2% 38.8% 84.25%
2021 N/A 14.5% 56.2% 38.89%
2020 N/A -53.9% 155.1% 23.08%
2019 N/A -3.4% 22.4% 80.56%

NAV & Total Return History


SMLPX - Holdings

Concentration Analysis

SMLPX Category Low Category High SMLPX % Rank
Net Assets 1.15 B 22 M 53.1 B 29.63%
Number of Holdings 42 17 89 26.47%
Net Assets in Top 10 659 M 23.7 M 3.63 B 41.18%
Weighting of Top 10 59.40% 39.1% 116.1% 83.33%

Top 10 Holdings

  1. Western Midstream Partners, LP 8.83%
  2. Williams Companies, Inc. (The) 7.39%
  3. Plains GP Holdings, L.P. Class A 6.64%
  4. Cheniere Energy, Inc. 6.37%
  5. TC Energy Corporation 6.24%
  6. Energy Transfer, L.P. 5.60%
  7. Enbridge, Inc. 4.92%
  8. ONEOK, Inc. 4.56%
  9. Targa Resources Corp. 4.44%
  10. MPLX LP 4.41%

Asset Allocation

Weighting Return Low Return High SMLPX % Rank
Stocks
99.58% 53.33% 136.34% 50.00%
Cash
0.91% 0.00% 13.09% 56.86%
Preferred Stocks
0.00% 0.00% 2.23% 88.24%
Convertible Bonds
0.00% 0.00% 5.29% 86.27%
Bonds
0.00% 0.00% 40.73% 87.25%
Other
-0.01% -36.30% 5.12% 94.12%

Stock Sector Breakdown

Weighting Return Low Return High SMLPX % Rank
Energy
92.58% 53.73% 100.00% 70.59%
Utilities
5.49% 0.00% 41.78% 31.37%
Technology
1.30% 0.00% 2.43% 7.84%
Industrials
0.63% 0.00% 4.54% 13.73%
Real Estate
0.00% 0.00% 0.00% 86.27%
Healthcare
0.00% 0.00% 0.00% 86.27%
Financial Services
0.00% 0.00% 0.66% 86.27%
Communication Services
0.00% 0.00% 0.00% 86.27%
Consumer Defense
0.00% 0.00% 0.82% 86.27%
Consumer Cyclical
0.00% 0.00% 1.07% 86.27%
Basic Materials
0.00% 0.00% 6.40% 93.14%

Stock Geographic Breakdown

Weighting Return Low Return High SMLPX % Rank
US
93.73% 48.92% 136.34% 58.82%
Non US
5.85% 0.00% 39.30% 33.33%

SMLPX - Expenses

Operational Fees

SMLPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.15% 0.35% 8.81% 88.12%
Management Fee 0.90% 0.35% 1.38% 28.70%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

SMLPX 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

SMLPX 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.

SMLPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 6.00% 166.00% 100.00%

SMLPX - Distributions

Dividend Yield Analysis

SMLPX Category Low Category High SMLPX % Rank
Dividend Yield 4.32% 0.00% 15.34% 53.70%

Dividend Distribution Analysis

SMLPX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

SMLPX Category Low Category High SMLPX % Rank
Net Income Ratio -0.27% -2.83% 5.84% 62.38%

Capital Gain Distribution Analysis

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

Distributions History

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SMLPX - Fund Manager Analysis

Managers

Frank (Ted) Gardner


Start Date

Tenure

Tenure Rank

Sep 19, 2012

9.7

9.7%

Frank T. Gardner III, CFA (Ted Gardner) serves as Portfolio Manager. Prior to joining Salient in early 2011, Mr. Gardner was a Portfolio Manager and Director of Research for RDG Capital from 2010 to 2011. Prior to RDG, Mr. Gardner was a Portfolio Manager for Telemus Capital Partners from 2007 to 2010. Prior to joining Telemus, he was an MLP research analyst for Raymond James Equity Research from 2004 to 2007. During his tenure at Raymond James, he followed 35 public MLPs and initiated coverage on 22 MLPs in the midstream, maritime, coal and refining industries. He was also actively involved in due diligence related to Raymond James’ investment banking transactions. Prior to joining Raymond James, Mr. Gardner was a financial advisor at UBS Financial Services. Mr. Gardner earned a Bachelor of Business Administration degree from The University of Texas at Austin and an MBA from the University of St. Thomas. He is also a CFA Charterholder.

Gregory Reid


Start Date

Tenure

Tenure Rank

Sep 19, 2012

9.7

9.7%

President, Salient MLP Complex Houston Gregory A. Reid is a partner and president of Salient’s MLP Complex. Prior to joining Salient, Greg was a founder and CEO of RDG Capital, LLC, a Houston-based asset management firm specializing in MLP investments. RDG was acquired by Salient in 2011. Prior to that, he served as senior vice president of Merrill Lynch. Greg began his career in the financial services industry with Goldman Sachs. Greg earned an undergraduate degree from Texas A&M University and later graduated from Northwestern University’s J.L. Kellogg Graduate School of Management with an MBA. Greg is a member of the Austin Chapter of Young Presidents’ Organization (YPO) and is very active in his community through his involvement in various charitable organizations.

Parag Sanghani


Start Date

Tenure

Tenure Rank

May 01, 2022

0.08

0.1%

Director of Research, MLP Complex Houston Parag Sanghani is the director of research at Salient in the firm’s MLP complex. Parag has over a decade of experience in the financial services industry. Prior to joining Salient in 2011, he served as the senior MLP analyst at Telemus from 2008 to 2009. Parag previously held a senior research associate position at Raymond James where he published detailed research reports on the energy industry and followed 17 companies within the oil service and coal sectors. Parag graduated from the University of Texas at Austin with a Bachelor of Business Administration in finance and earned a master’s in finance from London Business School. He is a CFA® charterholder and a member of CFA Society of Houston. Parag Sanghani has earned the right to use the Chartered Financial Analyst designation. CFA Institute marks are trademarks owned by CFA Institute.

Tenure Analysis

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