RECURRENT MLP & INFRASTRUCTURE FUND (RMLPX)
0.90% management fee; 1.38% total expense (before fee waiver), 1.25% total expense (after fee waiver)².
Objective: Total return and current income from MLP and pipeline infrastructure investments.
Structure: Registered investment company (RIC); RMLPX is a 1099 issuer; does not issue K-1s.
Dividends: Quarterly, $0.325 last paid September 2021. Typically taxable as qualified dividends (taxable at capital gain rates) or returns of capital (not taxable when received).
PORTFOLIO MANAGEMENT TEAM
- Lead Portfolio Manager: Brad Olsen
Relevant Experience: Olsen offers 15 years of MLP & infrastructure investment experience, overseeing midstream investments at BPCFA, plus experience at Eagle Global and Millennium.
As head of midstream research at TPH, Olsen received several awards for stock picking excellence from the Financial Times, WSJ and Starmine in 2013 and 2014.
- Co-Portfolio Manager: Mark Laskin
Relevant Experience: Laskin offers 25 years of investing and portfolio management experience, including overseeing energy investments at BP Capital Fund Advisors, Invesco, and Van Kampen.
As CIO of BPCFA, Laskin grew AUM from $45mm to nearly $400mm during 2013-16, as a result of strong risk-adjusted performance in BPCFA's Energy and MLP strategies.
1. © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Morningstar Percentile Rankings are based on the average annual total returns of the funds in the category for the periods stated and do not include any sales charges or redemption fees. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. Rankings for each share class will vary due to different expenses.
2. Dividends are subject to change and there is no assurance that they will continue to be paid.
3. The Fund's advisor has contractually agreed to reduce its fees to 1.25% until March 1, 2022. Without the waiver, total annual operating expenses would be 1.38% for RMLPX per the current prospectus.
- Investors should carefully consider the investment objectives, risks, charges and expenses of the Recurrent Funds. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 833-RECURRENT. The prospectus should be read carefully before investing. The Recurrent Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.
- Recurrent Investment Advisors is not affiliated with Northern Lights Distributors, LLC.
- Risk Disclosure (RMLPX)
- Mutual Funds involve risk including the potential loss of principal. Higher turnover and frequent trading may result in higher costs. Cash available for distribution by MLPs may vary and could be affected by the entity’s operations, including capital expenditures, operating, acquisition, construction, exploration and borrowing costs, reducing the amount of cash and MLP has available for distribution. The Fund may focus on one or more industries, sectors or geographic regions of the economy and the value of an investment may fluctuate more widely than if it were diversified. Tax risks associated with the Fund include fund structure risk, MLP tax risk, and tax estimation/NAV risk. Cyber-attacks or failures affecting the Fund or service providers may adversely impact the Fund or its shareholders.
- The Fund invests primarily in the energy sector and infrastructure industry and is susceptible to adverse economic, environmental, and regulatory concerns. Additional risks include acquisition, catastrophic event, commodity price, depletion, natural resource, supply/demand and weather risk. The purchase of IPO shares may involve high transaction cost, market and liquidity risks. The investment strategies employed by the Advisor may not result in an increase in value or performance. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Holders of MLPs have limited control and voting rights, additionally, there are certain tax risks and conflicts of interest between holders of MLPs and the general partner. The Fund is newly-formed and may not grow to or maintain economically viable size, not be successful implementing its investment strategy, which could result in the Fund being liquidated. (3683-NLD-6/22/2020)