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 infrastructure 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 70 years of collective investment experience. The dedicated team consists of portfolio managers, research analysts and traders who are solely focused on the energy space.
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.
Led by senior portfolio managers, Brian Watson and Stuart Cartner, SteelPath employs four portfolio managers with over 70 years combined energy-focused investment experience and six analysts dedicated solely to understanding the energy value chain and broader energy sector.
SteelPath Suite of Mutual Funds
|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% strategic 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 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
|Oppenheimer SteelPath MLP & Energy Infrastructure Fund||The Oppenheimer SteelPath MLP & Energy Infrastructure Fund seeks total return by investing primarily in North American midstream energy infrastructure companies with a maximum allocation of 25% to MLPs.|
Tickers: OMLPX, OMLCX, OMLYX, OMLIX
1IHS Global, April 2014
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 depends 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 may 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.