BP Capital TwinLine MLP Fund
The BP Capital TwinLine MLP Fund (the “BP MLP Fund” or the “Fund”) seeks capital appreciation through distribution growth along with current income, and trades under the following symbols:
- BP Capital TwinLine MLP Fund – Class A: BPMAX
- BP Capital TwinLine MLP Fund – Class I: BPMIX
The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in energy infrastructure master limited partnership investments.
- MLP exposure in form 1099 (No K-1s)
- Daily liquidity at NAV
- IRA/401(k) eligible (No UBTI)*
- Asset class with low correlation to broader markets
- Tax efficient as distributions largely return of capital
* MLPs and MLP investments have unique tax characteristics. In general, an investment in the Fund will not generate unrelated business taxable income (UBTI) for tax-exempt U.S. investors. Neither the Fund nor the investment adviser provide tax advice. Please consult your tax advisor before making an investment. The Fund does not receive the same tax benefits of a direct investment in an MLP.
Top Ten Holdings (as of 09/30/2018)
|wdt_ID||Company||% Of Net Assets|
|1||Energy Transfer Partners LP||6.61|
|2||Targa Resources Corp.||5.59|
|3||Williams Cos Inc.||10.10|
|4||EQT Midstream Partners LP||5.55|
|5||Enterprise Products Partners||8.63|
|6||Shell Midstream Partners LP||5.46|
|8||Kinder Morgan Inc.||5.47|
|9||Magellan Midstream Partners||5.07|
|10||Plains All Amer Pipeline LP||5.07|
Sector Weightings (as of 09/30/2018)
Returns (as of 09/30/2018)
|wdt_ID||Fund||QTD||YTD||1 Year||3 Year||Since Inception|
|1||TwinLine MLP Fund (BPMIX)||3.63||-3.37||-4.09||3.39||-2.12|
|2||Alerian MLP Index (AMZ)||6.57||5.90||4.89||4.43||-3.91|
|3||Lipper Energy MLP Funds||3.90||2.60||1.51||4.04||-1.85|
Calendar Year Performance (as of 09/30/2018)
|1||TwinLine MLP Fund (BPMIX)||11.83||-27.97||21.87||-4.75|
|2||Alerian MLP Index (AMZX)||4.80||-32.59||18.31||-6.52|
|4||Lipper Energy MLP Funds||8.50||-31.03||27.12||-6.24|
Please review the fund Prospectus, Fact Sheet, Summary Prospectus, SAI and Risks for more information. The Funds disclose their Top 10 holdings on their website within 30 days of the calendar quarter end.
As with any mutual fund, it is possible to lose money by investing in the Fund. The Fund is new, with a limited operating history upon which to rely in determining whether to invest. The Fund may invest a large percentage of its assets in a small number of issuers, potentially exposing it to greater loss than a more diversified portfolio.
The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. Accordingly, unlike traditional open-end mutual funds, the Fund is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 21%) as well as state and local income taxes. The Fund will not benefit from current favorable federal income tax rates on long-term capital gains, and Fund income and losses will not be passed on to shareholders.
Energy-related companies are subject to specific risks, including, among others, fluctuations in commodity prices and consumer demand, substantial government regulation, and depletion of reserves. Small-cap stocks and initial public offerings may be more volatile and less liquid than securities issued by large companies and seasoned issuers. High-yield bonds involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Derivatives can increase the Fund’s volatility because they can be highly illiquid, difficult to unwind or value, and subject to risk of counter-party default.
Master Limited Partnerships (“MLPs”) are publicly traded partnerships listed on a national securities exchange. The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for the Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. The Fund also may invest in MLPs that are taxed as “C” corporations.
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