PIPEX — Cushing Mutual Funds Trust
Data updated: 2024-02-13
PIPEX — Cushing Mutual Funds Trust. Total / Aggregate Bond · $4.37M AUM · 1.25% expense ratio. Holdings, fees, performance and SEC filings.
PIPEX Fund Overview
PIPEX — Cushing Mutual Funds Trust is a US mutual fund managed by Cushing Mutual Funds Trust, categorised as Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Cushing Mutual Funds Trust
- Category: Total / Aggregate Bond
- Assets under management: $4.37M
- 1-year return: -19.9%
- Ticker: PIPEX
- SEC CIK: 0001716909
- SEC series ID: S000059737
- Share class ID: C000195514
PIPEX Investment Objective and Strategy
Cushing Mutual Funds Trust describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Cushing Mutual Funds Trust.
Investment objective
The Fund seeks current income and capital appreciation. In seeking current income, the Fund intends to pay current cash distributions to shareholders, regardless of the character of such distributions for tax or accounting purposes.
Principal investment strategy
Under normal market conditions, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a portfolio of master limited partnerships (MLPs) and MLP-related investments (together, MLP Investments) operating in the energy and energy infrastructure sectors. The Funds MLP Investments may consist of investments that offer economic exposure to MLPs in the form of common or subordinated units issued by MLPs, securities of entities holding primarily general partner or managing member interests in MLPs, debt securities of MLPs, indirect ownership interests in an MLP issued by an MLP affiliate (I-Shares), and businesses that operate and have the economic characteristics of MLP Investments but are organized and taxed as C corporations or as limited liability companies.
The Fund is non-diversified and it may invest in companies of any market capitalization size. The Fund considers an MLP Investment to be an energy infrastructure MLP Investment if at least 50% of its assets, income, sales or profits are committed to or derived from the development, construction, management, ownership or operation of assets that are used for natural resources-based activities. The energy and energy infrastructure MLP Investments in which the Fund seeks to invest typically derive the vast majority of their revenues from and commit the vast majority of their assets to owning and operating assets utilized in connection with the exploration, development, mining, production, processing, refining, transportation and storage of crude oil, natural gas, natural gas liquids, refined products, coal, electricity or other energy commodities.
As a result, the Fund will concentrate its investments in the group of industries constituting the energy and energy infrastructure sectors. The Fund focuses primarily on midstream MLP Investments whose business models are often referred to as toll road businesses. Midstream MLPs collect, gather, transport and store natural resources and their byproducts (primarily crude oil, natural gas and refined petroleum products), generally without taking ownership of the physical commodity. Midstream MLPs may also operate ancillary businesses including the marketing of the products and logistical services. The Fund invests primarily in MLP Investments in North America, including the United States and, to a lesser extent, Canada. MLPs are generally treated as partnerships for U.S. federal income tax purposes and are generally organized under state law as limited partnerships or limited liability companies (although, as noted above, the Funds MLP Investments may include businesses that operate and have the economic characteristics of MLPs but are organized and taxed as C corporations or as limited liability companies).
To be treated as a partnership for U.S. federal income tax purposes, an MLP must derive at least 90% of its gross income for each taxable year from qualifying sources, including natural resources-based activities such as the exploration, development, mining, production, processing, refining, transportation, storage and certain marketing of mineral or natural resources. The Fund will not invest more than 25% of its total assets in MLPs that are treated as Qualified Publicly Traded Partnerships (as defined below) for U.S. federal income tax purposes. The Fund may invest in debt securities of MLPs. The Fund may invest in debt securities of any maturity or duration (a measure of the price sensitivity of a fixed-income investment to changes in interest rates, expressed as a number of years). Debt securities rated below investment grade (that is, rated Ba or lower by Moodys Investors Service, Inc.
(Moodys) , BB or lower by Standard & Poors (S&P) or Fitch Ratings (Fitch), comparably rated by another statistical rating organization, or, if unrated, as determined by the Investment Adviser to be of comparable credit quality) are commonly known as junk bonds and are regarded as predominantly speculative with respect to the issuers capacity to pay interest and repay principal in accordance with the terms of the obligations, and involve major risk exposure to adverse conditions. The Fund will not invest more than 5% of its total assets in debt securities that are rated, at the time of investment, below (i) B3 by Moodys, (ii) B- by S&P or Fitch, or (iii) a comparable rating by another rating agency. The Investment Adviser seeks energy and energy infrastructure MLP Investments with distributions that, in the Investment Advisers view, are attractive relative to comparable MLP Investments and available unit pricing.
The Investment Adviser seeks to build a strategically developed core portfolio take advantage of the changing dynamics across the various subsectors within the energy and energy infrastructure sectors. The Investment Advisers investment process is centered around a comprehensive research approach comprised of detailed, fundamental analysis, combined with a macro-driven thematic overlay, to identify the MLP Investments with, in the Investment Advisers opinion, the best total return prospects. The Investment Advisers bottom-up fundamental analysis process focuses on anticipated cash flows, growth opportunities, liquidity and various valuation metrics to create detailed financial models for each potential MLP Investment. The Investment Adviser then utilizes its financial and industry experience to identify macroeconomic investment themes affecting potential MLP Investments to determine position sizing and timing of purchase and sale decisions.
PIPEX Holdings
Top 10 holdings of Cushing Mutual Funds Trust by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Keppel DC REIT | 4.86% |
| American Tower Corp | 4.18% |
| Crown Castle International Cor | 4.00% |
| CyrusOne Inc | 3.98% |
| SBA Communications Corp | 3.79% |
| Transurban Group | 3.76% |
| QTS Realty Trust Inc | 3.44% |
| Infrastrutture Wireless Italia | 3.33% |
| Enel SpA | 3.31% |
| First American Treasury Obliga | 3.29% |
PIPEX Portfolio Allocation
Asset-class allocation of Cushing Mutual Funds Trust by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.4% |
| Cash & Equivalents | 6.6% |
PIPEX Performance
Total returns for PIPEX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -19.9% |
| 3 years (annualised) | -2.0% |
PIPEX Risk Information
Risk metrics for PIPEX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 31.1%
PIPEX Costs and Fees
PIPEX costs about $125 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.25%
- Gross expense ratio: 2.30%
- Portfolio turnover: 241%
- Brokerage commissions: 174.06 bps of average net assets (SEC N-CEN)
PIPEX Cashflows
Over the 12 months to 2023-08, Cushing Mutual Funds Trust had net inflows of $24.15M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-08 | $14.45M |
| 2023-07 | $4.00M |
| 2023-06 | $180.39K |
| 2023-05 | $355.25K |
| 2023-04 | $282.71K |
| 2023-03 | $176.75K |
PIPEX Debt Constituents
No individual debt constituents are reported in Cushing Mutual Funds Trust's latest SEC N-PORT filing.
PIPEX Prospectus and SEC Filings
Official Cushing Mutual Funds Trust filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-03-29
- Prospectus (485BPOS) — filed 2021-03-26
- Prospectus supplement (497) — filed 2022-03-31
- Portfolio holdings (N-PORT) — filed 2023-10-26
- Portfolio holdings (N-PORT) — filed 2023-07-26
- Portfolio holdings (N-PORT) — filed 2023-04-28
- Annual census (N-CEN) — filed 2024-02-13
- Annual census (N-CEN) — filed 2023-02-13
Related Funds
Other Total / Aggregate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.