SPMHX

SteelPath MLP Alpha Fund

Overview

The strategy typically invests in U.S. energy infrastructure with a focus on midstream MLPs.

Inception Date
May 28, 2019
Investment Style
MLP - Concentrated
Fund Index
Alerian MLP Total Return Index
CUSIP
00143K491
NAV
(as of 06/26/2019)
$6.81
Total Assets
(as of 05/31/2019)
$1.77 BN
Gross Expense Ratio
(as of 05/25/2019)
1.88%
Net Expense Ratio
(as of 05/25/2019)
1.87%
Performance
Average Annual Total Returns
Dividends
Capital Gains Distributions
as of 05/31/2019
  • B
as of 03/31/2019
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-03-31
  • C
1 yr 3 yr 5 yr
SteelPath MLP Alpha Fund (NAV)
6.01% 15.98% 15.98% 14.01% 4.85% -3.95%
Alerian MLP Total Return Index
3.43% 16.82% 16.82% 15.11% 5.69% -4.73%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-03-31
  • C
1 yr 3 yr 5 yr
SteelPath MLP Alpha Fund (with sales charge)
6.01% 15.98% 15.98% 14.01% 4.85% -3.95%
Alerian MLP Total Return Index
3.43% 16.82% 16.82% 15.11% 5.69% -4.73%
Cumulative
Annualized
3 mo ytd as of 2019-05-31
  • C
1 yr since inception 3 yr 5 yr
SteelPath MLP Alpha Fund (NAV)
2.81% 12.48% -0.99% -3.00% -1.59% -5.54%
Alerian MLP Total Return Index
0.89% 13.95% -1.12% 48.99% 0.38% -6.62%
Cumulative
Annualized
3 mo ytd as of 2019-05-31
  • C
1 yr since inception 3 yr 5 yr
SteelPath MLP Alpha Fund (with sales charge)
2.81% 12.48% -0.99% -3.00% -1.59% -5.54%
Alerian MLP Total Return Index
0.89% 13.95% -1.12% 48.99% 0.38% -6.62%
Gross Expense Ratio: 1.88% | Net Expense Ratio: 1.87%

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.


Year SteelPath MLP Alpha Fund

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.


Date Dividends
6/7/2019 0.0545

There is no guarantee of the payment of any dividend or other distributions at any level.

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.

$ per share as of 06/25/2019

Date 2014 2015 2016 2017 2018
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Holdings

(49.0% of assets as of 05/31/2019)


Portfolio Holdings Breakdown

Equity Sector
Asset Allocation
Market Cap 4
Equity Sector SteelPath MLP Alpha Fund Alerian MLP Total Return Index Overweight / Underweight
Gathering & Processing 24.7% 25.3% -0.6%
Natural Gas Pipeline Transportation 23.8% 14.9% 8.9%
Diversified 20.5% 10.2% 10.3%
Petroleum Pipeline Transportation 20.4% 47.4% -27.1%
Other Energy 5.7% 1.8% 3.9%
Asset Allocation SteelPath MLP Alpha Fund Alerian MLP Total Return Index Overweight / Underweight
Equity 95.2% 100.0% -4.8%
Market Cap SteelPath MLP Alpha Fund Alerian MLP Total Return Index Overweight / Underweight
Large 40.7% 30.0% 10.7%
Mid 35.3% 54.0% -18.8%
Small 19.2% 15.9% 3.3%
Analytics
(As of 05/31/2019)

Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
15.03
12.70
P/E Ratio (NTM)
13.54
12.43
Price/Book
2.12
2.05
Return on Equity
13.49%
18.50%
Turnover Ratio
36%
-
Active Share
47.18%
-
Dividends
  • D,E
Est. Frequency
Monthly
Last Pay Date
6/7/2019
Per Share ($)
$0.0545
Documents
  1. 1. As a result of the Tax Cuts and Jobs Act of 2017, which was signed into law on December 22, 2017, the Oppenheimer SteelPath MLP Alpha Fund (the “Fund”) incurred a one-time decrease in the Fund’s net asset value (NAV) of 2.0%, due to a reduction in the value of the net deferred tax asset of the Fund.
  2. 2. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund’s investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLP funds.The Fund is subject to certain MLP tax risks. An investment in the Fund does not offer the same tax benefits of a direct investment in an MLP. The Fund is organized as a Subchapter “C” Corporation and is subject to U.S. federal income tax on taxable income at the currently effective statutory tax rate as well as state and local income taxes. The potential tax benefit of investing in MLPs depend on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation, its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution which could result in a reduction of the fund’s value. MLP funds accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV and as a result a MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer.
  3. 3. Holdings are subject to change, and are dollar weighted based on total new assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.
  4. 4. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.
  5. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  6. B. Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.
  7. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund).  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  8. D. Under U.S. tax accounting rules, the exact amount of taxable and nontaxable distributions paid during the fiscal year can only be determined following the close of the calendar year when applicable IRS tax rules are taken into account.  Because the Fund is actively managed, the relative amount of the Fund's total distributions derived from various sources over the calendar year may change.  Investors will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid during the tax year.  Please refer to the most recent Section 19 Sources of Distribution notice for additional information regarding the composition of distributions. The Section 19 Sources of Distribution information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution.
  9. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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