North American Pipeline Fund (NYSE Arca: TPYP)

The Tortoise North American Pipeline Fund uses a passive management approach and seeks to track the total return performance of the Tortoise North American Pipeline IndexSM.

TPYP key benefits

  • Access to the sizable pipeline network of one of the world’s largest consumers of energy
  • Attractive total return potential in a historically defensive sector
  • Flow-through structure allows for tax-efficient access to the pipeline sector
  • Exposure to Tortoise North American Pipeline IndexSM
    • Effectively represents the characteristics of the market
    • A leading benchmark for analysis of the pipeline sector
    • Proprietary, research-driven and rules-based methodology
    • Constituent caps to allow for broader representation of the market and investability

Potential advantages for investors

  • One 1099, no K-1s
  • No unrelated business taxable income (UBTI)
  • No leverage
  • Continuous liquidity

Fund Details

Total net assets $341.76M
Investment objective Total Return
Fiscal year end November 30
Structure Regulated Investment Company (RIC)

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The Morningstar RatingTM 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. 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. 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. As of 12/31/2018, TPYP was rated against 101 Energy Limited Partnership Funds over a three-year periods. TPYP received five stars for this period. Past performance is no guarantee of future results.

Fund Stats as of 03/19/2019
Symbol TPYP
Listing Exchange NYSE Arca
CUSIP 56167N720
Inception Date 6/29/2015
Market Price $24.08
NAV $24.07
NAV Change  $0.00
Premium/(Discount) 0.05%
Price Change  $0.04
Total Net Assets $341.76M
Total Market Value $341.94M
Shares Outstanding 14.2M
Management Fee 0.40%
Total Expenses 0.40%

Fund Resources
Quarterly Fact Sheet  
Section 19(a) Notifications
Tax Information
Fund documents