A leader in energy investments since 2004, OFI SteelPath employs a long-term, risk-adjusted, research-based, bottom-up investment philosophy, seeking to perform well in a broad range of market environments by utilizing in-depth research to uncover MLP and energy companies with the most attractive risk/reward potential. This long-term perspective and focus on company fundamentals helps to uncover opportunities in all market conditions.

Based in Dallas, Texas, the SteelPath team consists of seasoned investment professionals and a portfolio management team with over 50 years of collective investment experience. The dedicated team consists of an investment committee, portfolio managers, research analysts and traders who are solely focused on the energy space.

Investment Process

The OFI SteelPath team employs a fundamental approach to investing with an emphasis on business risk assessment and bottom-up analysis. On a macro level, our commodity price scenario analysis across medium and long-term horizons provides a framework for sub-sector allocation and investment selection. We then seek to perform fundamental, asset-level analysis to find companies with superior risk/reward potential across a range of commodity price scenarios. Furthermore, we intend to focus on capital preservation through intentional portfolio construction, remaining cognizant of cross-sector exposures while attempting to mitigate unintentional commodity or factor bets when appropriate.

Investment Team

Brian Watson and Stuart Cartner have over 50 years combined energy focused investment experience with a successful track records as Senior Portfolio Managers for the SteelPath suite of MLP mutual funds.

SteelPath employs seven analysts dedicated solely to understanding the energy value chain and broader energy sector.

Fun Facts

The market’s repeated underestimation of Exploration & Production efficiency improvement capabilities will likely result in attractive long-term performance from current levels

We believe that midstream companies will continue to be well positioned. Despite a low crude price environment, production trends are expected to remain robust while producer focus on price realization has likely increased.

An additional $890 billion investment in midstream projects will be needed by 2025.1


SteelPath Suite of Investments
Oppenheimer SteelPath Alpha Fund The Oppenheimer SteelPath MLP Alpha Fund seeks total return through exposure to midstream Master Limited Partnerships (MLPs) with the strongest projected distribution growth or the greatest potential for significant upward revaluation.

Tickers: MLPAX, MLPGX, MLPOX, OSPAX
Oppenheimer SteelPath Income Fund The Oppenheimer SteelPath MLP Income Fund seeks to provide investors with a high level of inflation protected income in a variety of market environments by investing in approximately 30 midstream MLPs with differentiating risk metrics to maximize the stability and safety of the cash distributions of the underlying portfolio.

Tickers: MLPDX, MLPRX, MLPZX, OSPPX
Oppenheimer SteelPath Select 40 Fund The Oppenheimer SteelPath MLP Select 40 Fund seeks to provide investors with long-term capital appreciation and attractive levels of current income through a diversified MLP portfolio of no less than 40 holdings.

Tickers: MLPFX, MLPEX, MLPYX, OSPSX
Oppenheimer SteelPath Alpha Plus Fund Utilizing up to 25% tactical leverage, the Oppenheimer SteelPath MLP Alpha Plus Fund seeks to invest in MLPs that have the potential to provide long-term capital appreciation, distribution growth and attractive levels of current income.

Tickers: MLPLX, MLPMX, MLPNX, OSPPX
Oppenheimer SteelPath Panoramic Fund The Oppenheimer SteelPath Panoramic Fund focuses on identifying approximately 30 energy and energy-related companies with attractive total return potential well positioned to benefit, directly or indirectly, from the long-term benefits of the U.S. energy renaissance.

Tickers: EESAX, EESCX, EESIX, EERX, EESYX

1 IHS Global, April 2014