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Top MLP Funds Have Generated Negative Returns in 2018

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Nov. 20 2020, Updated 11:11 a.m. ET

MLP closed-end funds

The Kayne Anderson MLP Investment Company (KYN), Tortoise Energy Infrastructure (TYG), and ClearBridge Energy MLP Fund (CEM) have all generated negative total returns YTD (year-to-date). They’re the top MLP closed-end funds by assets under management. The Tortoise MLP Fund (NTG) and the First Trust MLP and Energy Income Fund (FEI) have also generated negative total returns YTD.

The above graph shows the top MLP closed-end funds’ total returns YTD.

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Kayne Anderson MLP Investment Company

KYN is the largest closed-end MLP fund with assets under management of more than $3 billion. The fund invests in MLPs and midstream companies. Enterprise Products Partners (EPD), Energy Transfer Partners (ETP), and ONEOK (OKE) are the fund’s top three holdings. They form 14.8%, 10.0%, and 9.2%, respectively, of the fund.

Tortoise MLP Fund

TYG mainly invests in MLPs and their affiliates. The fund has ~$1.2 billion of assets under management. The fund focuses on natural gas infrastructure MLPs. Energy Transfer Partners (ETP), Enterprise Products Partners (EPD), and MPLX (MPLX) are the fund’s top three holdings. They form 10.4%, 8.1%, and 6.3%, respectively, of the fund.

TYG also invests primarily in MLPs. The fund’s top three holdings as of June 30 are Energy Transfer Partners, Magellan Midstream Partners (MMP), and Enterprise Products Partners.

ClearBridge Energy MLP Fund

With ~$1.5 billion of assets under management, CEM mainly invests in energy-related MLPs. The fund’s top holdings are Enterprise Products Partners, ONEOK (OKE), and Energy Transfer Partners. They form ~11%, 7.5%, and 7.2%, respectively, of the fund’s portfolio.

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