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EESAX

SteelPath Panoramic Fund
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Overview

The strategy typically invests across the upstream, midstream, and downstream sectors of the energy industry as well as other beneficiaries of North America’s energy renaissance.

Inception Date
November 18, 2015
Investment Style
Small-Mid Cap Growth & Income
Fund Index
S&P 500 Energy (Sector) Index
CUSIP
68385Q104
NAV
  • B
(as of 02/20/2019)
$8.44
Total Assets
(as of 01/31/2019)
$18.54 MM
Gross Expense Ratio
(as of 01/31/2019)
2.29%
Net Expense Ratio
(as of 01/31/2019)
1.55%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 01/31/2019
  • C
as of 12/31/2018
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-12-31
  • D
1 yr 3 yr since inception
SteelPath Panoramic Fund (NAV)
-14.63% -32.92% -30.45% -30.45% -6.92% -10.06%
S&P 500 Energy (Sector) Index
-12.67% -23.78% -18.10% -18.10% 1.07% -2.45%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-12-31
  • D
1 yr 3 yr since inception
SteelPath Panoramic Fund (with sales charge)
-19.53% -36.78% -34.45% -34.45% -8.74% -11.75%
S&P 500 Energy (Sector) Index
-12.67% -23.78% -18.10% -18.10% 1.07% -2.45%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-01-31
  • D
1 yr 3 yr since inception
SteelPath Panoramic Fund (NAV)
13.93% -10.21% 13.93% -21.22% -0.58% -6.06%
S&P 500 Energy (Sector) Index
11.11% -4.56% 11.11% -12.34% 5.76% 0.88%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-01-31
  • D
1 yr 3 yr since inception
SteelPath Panoramic Fund (with sales charge)
7.38% -15.37% 7.38% -25.75% -2.53% -7.78%
S&P 500 Energy (Sector) Index
11.11% -4.56% 11.11% -12.34% 5.76% 0.88%
Gross Expense Ratio: 2.29% | Net Expense Ratio: 1.55%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated.  Returns do not consider capital gains or income taxes on an individual's investment.


Year SteelPath Panoramic Fund S&P 500 Energy (Sector) Index
2016 27.05% 27.36%
2017 -8.75% -1.01%
2018 -30.45% -18.10%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated.  Returns do not consider capital gains or income taxes on an individual's investment.


Date SteelPath Panoramic Fund S&P 500 Energy (Sector) Index
1/31/2016 0.00 0.00
2/29/2016 -5.16 -1.88
3/31/2016 4.32 7.26
4/30/2016 13.81 16.59
5/31/2016 15.13 15.91
6/30/2016 16.33 19.72
7/31/2016 16.09 17.41
8/31/2016 23.65 18.76
9/30/2016 28.33 22.42
10/31/2016 22.09 18.86
11/30/2016 36.49 28.85
12/31/2016 35.89 31.33
1/31/2017 35.41 26.60
2/28/2017 31.09 23.82
3/31/2017 30.61 22.55
4/30/2017 23.05 19.01
5/31/2017 15.61 14.96
6/30/2017 12.24 14.76
7/31/2017 15.13 17.63
8/31/2017 7.56 11.53
9/30/2017 17.89 22.61
10/31/2017 16.09 21.80
11/30/2017 17.05 23.95
12/31/2017 24.01 30.00
1/31/2018 24.73 34.96
2/28/2018 14.17 20.36
3/31/2018 15.37 22.36
4/30/2018 27.49 33.80
5/31/2018 28.21 37.87
6/30/2018 27.49 38.85
7/31/2018 29.53 40.82
8/31/2018 26.41 36.18
9/30/2018 28.57 39.70
10/31/2018 9.43 23.96
11/30/2018 1.02 21.92
12/31/2018 -13.75 6.48
1/31/2019 -1.74 18.31
Date Dividends
10/25/2018 0.0057

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

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 02/20/2019

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

(26.9% of assets as of 01/31/2019)


Portfolio Holdings Breakdown

Equity Sector
Asset Allocation
Market Cap 4
Equity Sector SteelPath Panoramic Fund S&P 500 Energy (Sector) Index Overweight / Underweight
Exploration & Production 43.0% 28.8% 14.2%
Midstream 16.4% 7.5% 8.9%
Equipment & Services 15.5% 10.3% 5.1%
Refining 12.6% 10.7% 2.0%
Chemicals 4.7% - -
Transportation & Industrial 4.6% - -
Asset Allocation SteelPath Panoramic Fund S&P 500 Energy (Sector) Index Overweight / Underweight
Equity 96.8% 100.0% -3.2%
Market Cap SteelPath Panoramic Fund S&P 500 Energy (Sector) Index Overweight / Underweight
Large 50.8% 90.4% -39.7%
Small 24.3% - -
Mid 21.7% 9.6% 12.1%
Analytics
(As of 01/31/2019)

Morningstar 01/31/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
91
Category
Equity Energy
Performance Statistics
3Y
Alpha
-6.19
Beta
1.12
Information Ratio
-0.78
R-Squared
88.87
Sharpe Ratio
0.04
Standard Deviation
23.30
Upside Capture
100.75
Downside Capture
127.18
Sortino Ratio
0.06
Tracking Error
8.14
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$22.41 B
$138.36 B
Median Market Cap (weighted)
$16.00 B
$61.14 B
P/E Ratio (LTM)
20.83
16.98
P/E Ratio (NTM)
15.34
16.40
Price/Book
2.00
1.71
Return on Equity
8.16%
11.72%
Turnover Ratio
48%
-
Active Share
71.81%
-
Dividends
  • E
Est. Frequency
Annual
Last Pay Date
10/25/2018
Per Share ($)
$0.0057
12-Month Distribution ($)
$0.0057
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Documents
  1. 1. Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. Investments in securities of growth companies may be volatile. 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 may invest no more than 25% of total assets in MLPs. 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. Below-investment-grade (“high yield” or “junk”) bonds are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. 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.
  2. 2. The S&P 500® Energy (Sector) Index comprises those companies included in the S&P 500 that are classified as members of the GICS® energy sector. The index is unmanaged and cannot be purchased directly by investors.   Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  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. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  7. C. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated.  Returns do not consider capital gains or income taxes on an individual's investment.
  8. D. "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.
  9. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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