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Registered Investment Advisor
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Domestic Equity

SteelPath Panoramic Fund

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.

Investment Style
Small-Mid Cap Growth & Income
Fund Inception
November 18, 2015
Total Assets (all classes) (as of 7/31/2017)
$18.5 million
Fund Index
S&P 500 Energy (Sector) Index
NAV (as of 8/18/17)
  • A
$8.75

Equity

Fixed Income

Municipal Bond
performance
analytics
holdings
as of 7/31/2017
  • B,E
as of 6/30/2017
  • B,E

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
1 mo 3 mo ytd as of 8/18/17
  • C
1 yr since inception
SteelPath Panoramic Fund (NAV)
-2.90% -14.01% -22.91% -3.30% -3.79%
Cumulative
Annualized
1 mo 3 mo ytd as of 8/18/17
  • C
1 yr since inception
SteelPath Panoramic Fund (NAV)
2.66% -6.32% -22.91% -0.52% -2.10%
Gross Expense Ratio: 2.19% | Net Expense Ratio: 1.31%

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


Year SteelPath Panoramic Fund S&P 500 Energy (Sector) Index
2015 0.00% -
2016 27.38% 27.36%

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


Date SteelPath Panoramic Fund S&P 500 Energy (Sector) Index
8/1/2016 -3.10 -3.33
8/2/2016 -2.59 -2.47
8/3/2016 0.83 -0.75
8/4/2016 1.65 -0.88
8/5/2016 3.41 -0.04
8/8/2016 4.96 1.18
8/9/2016 4.24 0.70
8/10/2016 3.10 -0.47
8/11/2016 5.17 0.84
8/12/2016 5.69 1.50
8/15/2016 7.14 2.11
8/16/2016 6.62 2.35
8/17/2016 6.83 2.72
8/18/2016 9.41 4.55
8/19/2016 9.10 3.69
8/22/2016 7.45 2.78
8/23/2016 8.48 3.23
8/24/2016 7.45 2.95
8/25/2016 7.55 2.65
8/26/2016 7.55 2.30
8/29/2016 8.38 2.99
8/30/2016 8.07 2.56
8/31/2016 6.52 1.15
9/1/2016 6.41 0.89
9/2/2016 8.17 1.80
9/6/2016 9.62 3.34
9/7/2016 10.24 3.74
9/8/2016 11.89 5.47
9/9/2016 8.38 2.52
9/12/2016 9.00 3.42
9/13/2016 5.17 0.47
9/14/2016 3.83 -0.69
9/15/2016 4.96 0.41
9/16/2016 4.65 -0.45
9/19/2016 4.96 -0.57
9/20/2016 3.83 -1.39
9/21/2016 6.83 0.70
9/22/2016 7.24 0.92
9/23/2016 5.07 -0.36
9/26/2016 4.86 -0.81
9/27/2016 3.62 -1.27
9/28/2016 8.48 3.02
9/29/2016 9.00 2.93
9/30/2016 10.55 4.27
10/3/2016 10.55 4.11
10/4/2016 9.51 3.11
10/5/2016 11.89 4.56
10/6/2016 11.89 4.73
10/7/2016 10.96 4.25
10/10/2016 12.72 5.82
10/11/2016 11.58 4.59
10/12/2016 10.86 4.16
10/13/2016 10.34 3.51
10/14/2016 9.72 3.08
10/17/2016 9.31 2.63
10/18/2016 9.51 3.01
10/19/2016 11.38 4.41
10/20/2016 11.38 4.32
10/21/2016 10.86 3.60
10/24/2016 9.82 3.44
10/25/2016 8.27 2.89
10/26/2016 8.27 3.18
10/27/2016 8.27 2.85
10/28/2016 7.24 2.41
10/31/2016 5.17 1.24
11/1/2016 4.86 1.33
11/2/2016 3.41 0.31
11/3/2016 4.14 0.69
11/4/2016 3.31 0.20
11/7/2016 5.17 2.39
11/8/2016 5.17 2.64
11/9/2016 8.27 4.19
11/10/2016 8.89 4.52
11/11/2016 7.65 2.78
11/14/2016 8.07 3.16
11/15/2016 11.07 5.95
11/16/2016 10.65 5.18
11/17/2016 9.82 4.47
11/18/2016 10.34 4.97
11/21/2016 13.55 7.28
11/22/2016 13.34 7.27
11/23/2016 13.96 7.75
11/25/2016 12.72 7.32
11/28/2016 9.93 5.92
11/29/2016 8.17 4.70
11/30/2016 17.58 9.74
12/1/2016 16.96 10.04
12/2/2016 17.58 10.16
12/5/2016 18.30 11.02
12/6/2016 18.92 10.91
12/7/2016 19.13 11.70
12/8/2016 19.96 12.23
12/9/2016 19.65 12.69
12/12/2016 19.13 13.51
12/13/2016 20.58 14.95
12/14/2016 17.27 12.50
12/15/2016 17.37 12.97
12/16/2016 18.10 13.61
12/19/2016 18.41 13.05
12/20/2016 18.20 12.81
12/21/2016 18.30 12.99
12/22/2016 18.61 13.51
12/23/2016 18.51 13.28
12/27/2016 18.82 13.55
12/28/2016 17.68 12.44
12/29/2016 17.06 12.16
12/30/2016 17.06 11.85
1/3/2017 18.82 13.15
1/4/2017 19.44 12.82
1/5/2017 19.75 12.46
1/6/2017 19.75 12.47
1/9/2017 17.48 10.81
1/10/2017 16.65 9.76
1/11/2017 17.89 11.08
1/12/2017 17.17 10.55
1/13/2017 16.75 10.34
1/17/2017 16.86 11.03
1/18/2017 16.65 10.67
1/19/2017 16.55 9.86
1/20/2017 17.27 10.44
1/23/2017 16.13 9.20
1/24/2017 18.30 10.28
1/25/2017 19.44 10.90
1/26/2017 20.27 10.89
1/27/2017 19.34 9.85
1/30/2017 16.34 7.94
1/31/2017 16.65 7.83
2/1/2017 16.65 7.02
2/2/2017 16.75 7.66
2/3/2017 18.30 8.59
2/6/2017 17.06 7.62
2/7/2017 14.58 6.15
2/8/2017 14.89 6.31
2/9/2017 16.75 7.30
2/10/2017 17.99 8.13
2/13/2017 18.10 8.27
2/14/2017 19.65 8.57
2/15/2017 18.82 8.19
2/16/2017 16.96 6.73
2/17/2017 16.24 6.17
2/21/2017 17.58 6.90
2/22/2017 15.10 5.21
2/23/2017 14.58 5.74
2/24/2017 12.82 4.80
2/27/2017 13.65 5.72
2/28/2017 12.93 5.47
3/1/2017 15.62 7.63
3/2/2017 13.55 6.72
3/3/2017 13.75 6.33
3/6/2017 14.37 6.64
3/7/2017 13.44 5.68
3/8/2017 9.41 3.06
3/9/2017 9.72 3.67
3/10/2017 9.51 3.59
3/13/2017 10.03 3.64
3/14/2017 8.27 2.50
3/15/2017 11.07 4.63
3/16/2017 10.65 4.02
3/17/2017 10.75 3.94
3/20/2017 10.55 3.81
3/21/2017 8.38 3.08
3/22/2017 7.55 2.97
3/23/2017 7.96 2.60
3/24/2017 7.96 2.13
3/27/2017 7.76 1.71
3/28/2017 10.03 3.02
3/29/2017 11.89 4.28
3/30/2017 11.58 4.77
3/31/2017 12.51 4.38
4/3/2017 12.00 4.20
4/4/2017 12.93 4.94
4/5/2017 11.27 4.59
4/6/2017 12.62 5.42
4/7/2017 12.20 5.01
4/10/2017 13.44 5.83
4/11/2017 13.34 5.74
4/12/2017 11.79 5.38
4/13/2017 9.31 3.45
4/17/2017 9.82 3.65
4/18/2017 8.89 2.75
4/19/2017 6.52 1.29
4/20/2017 6.72 1.69
4/21/2017 6.20 1.25
4/24/2017 6.93 1.80
4/25/2017 8.69 2.76
4/26/2017 8.07 2.34
4/27/2017 6.62 1.24
4/28/2017 6.00 1.37
5/1/2017 5.58 1.14
5/2/2017 4.96 0.64
5/3/2017 4.86 0.97
5/4/2017 1.86 -0.94
5/5/2017 4.65 0.67
5/8/2017 5.27 1.38
5/9/2017 4.14 0.51
5/10/2017 6.62 1.83
5/11/2017 6.00 1.65
5/12/2017 5.69 1.33
5/15/2017 6.72 2.01
5/16/2017 6.20 1.58
5/17/2017 4.34 0.61
5/18/2017 4.24 0.49
5/19/2017 6.52 1.74
5/22/2017 5.89 1.56
5/23/2017 5.89 1.73
5/24/2017 5.07 1.29
5/25/2017 2.69 -0.52
5/26/2017 2.90 -0.44
5/30/2017 0.31 -1.69
5/31/2017 -0.41 -2.08
6/1/2017 0.41 -1.43
6/2/2017 -1.03 -2.60
6/5/2017 -1.24 -2.42
6/6/2017 0.21 -1.25
6/7/2017 -3.31 -2.65
6/8/2017 -3.83 -2.92
6/9/2017 -1.34 -0.51
6/12/2017 -1.14 0.16
6/13/2017 0.62 0.83
6/14/2017 -2.90 -1.01
6/15/2017 -5.27 -1.68
6/16/2017 -4.24 0.00
6/19/2017 -5.17 -0.68
6/20/2017 -6.31 -1.92
6/21/2017 -8.48 -3.49
6/22/2017 -7.96 -3.61
6/23/2017 -6.31 -2.88
6/26/2017 -5.89 -3.12
6/27/2017 -5.89 -3.28
6/28/2017 -4.76 -2.73
6/29/2017 -3.72 -2.61
6/30/2017 -3.31 -2.26
7/3/2017 -0.62 -0.29
7/5/2017 -3.41 -2.30
7/6/2017 -4.96 -3.38
7/7/2017 -5.38 -3.47
7/10/2017 -4.65 -3.22
7/11/2017 -3.93 -2.71
7/12/2017 -3.62 -2.42
7/13/2017 -2.90 -1.99
7/14/2017 -1.96 -1.46
7/17/2017 -1.96 -1.59
7/18/2017 -2.90 -2.07
7/19/2017 -0.31 -0.69
7/20/2017 -1.65 -1.02
7/21/2017 -2.69 -1.90
7/24/2017 -2.79 -2.19
7/25/2017 -0.93 -0.95
7/26/2017 -0.83 -0.85
7/27/2017 0.00 0.15
7/28/2017 -0.21 -0.04
7/31/2017 -0.83 0.19

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

$ per share as of 8/18/2017

Date 2012 2013 2014 2015 2016
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.

Analytics

(As of 7/31/2017)

Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/21/2015
Per Share ($)
$0.00
Net Income
67.80%
Net Profit from Sale
0.00%
Other Capital Sources
32.20%
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$15.40 B
$147.00 B
Median Market Cap (weighted)
$6.70 B
$95.00 B
Trailing P/E
164.10
55.16
Forward P/E
31.71
27.87
Price/Book
1.67
1.87
Return on Equity
-8.13%
-4.41%
Turnover Ratio
35.00%
-

Top Holdings

(34.1% of assets as of 07/31/17)


Portfolio Holdings Breakdown

Equity Sector
Asset Allocation
Market Cap 3
Equity Sector SteelPath Panoramic Fund S&P 500 Energy (Sector) Index Overweight / Underweight
Exploration & Production 48.0% 27.4% 20.6%
Midstream 17.3% 6.8% 10.4%
Equipment & Services 11.9% 14.1% -2.2%
Transportation & Industrial 9.0% - -
Chemicals 8.3% - -
Refining 5.2% 8.8% -3.6%
Asset Allocation SteelPath Panoramic Fund S&P 500 Energy (Sector) Index Overweight / Underweight
Equity 99.6% 100.0% -0.4%
Market Cap SteelPath Panoramic Fund S&P 500 Energy (Sector) Index Overweight / Underweight
Small 33.9% - -
Mid 33.9% 17.3% 16.6%
Large 28.0% 82.7% -54.7%
  1. 1. Special Risks: 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. Access index definitions.
  3. 3. 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.
  4. A. 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. ↩
  5. B. 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. ↩
  6. 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. ↩
  7. D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
  8. E. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
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