TOPCX — Tortoise Select Opportunity Fund

Data updated: 2021-02-10

TOPCX — Tortoise Select Opportunity Fund. Commodity · $9.46M AUM · 2.10% expense ratio · -7.1% 1-yr return. Holdings, fees, performance and SEC filings.

TOPCX Fund Overview

TOPCX — Tortoise Select Opportunity Fund is a US mutual fund managed by Managed Portfolio Series, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Managed Portfolio Series
Category: Commodity
Assets under management: $9.46M
1-year return: -7.1%
Ticker: TOPCX
SEC CIK: 0001511699
SEC series ID: S000042204
Share class ID: C000131001

TOPCX Investment Objective and Strategy

Tortoise Select Opportunity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Managed Portfolio Series.

Investment objective

The investment objective of Tortoise Select Opportunity Fund (the Fund) is total return.

Principal investment strategy

Under normal circumstances, the Fund invests primarily in the securities of North American energy companies or other companies that benefit from the operations of such North American energy companies (Beneficiaries). North American energy companies and Beneficiaries are defined to include the following: Upstream Companies that explore, develop, complete, drill or produce crude oil, condensate, natural gas and natural gas liquids (NGLs); Midstream Companies that transport, process, gather and store such commodities and their derivative products such as diesel, gasoline and jet fuel; Downstream Companies that are providers of electric power generation (including renewable energy), transmission and distribution, as well as distributors, marketers and downstream users of energy such as refiners, industrial and petrochemical companies; and North American Energy Beneficiaries that are expected to directly or indirectly benefit from North American energy development, such as companies engaged in oilfield servicing, steel production, manufacturing, engineering, and non-pipeline transportation and logistics companies, such as railroads and shipping companies.

The Adviser attempts to make investments in companies across the North American energy value chain that it believes are, or will be, in a unique position to benefit from changing dynamics, themes, catalysts and opportunities. Examples include changing market trends, infrastructure constraints, supply/demand imbalances, price differentials, valuation and structural disparities, mergers and acquisitions, restructuring, paradigm shifts and company specific events impacting North American energy companies or their Beneficiaries. The Adviser intends to utilize a flexible strategy to seek exposure to such dynamics, themes, catalysts and opportunities in different proportions at different times. The Funds mix of portfolio holdings may change over time based upon the Advisers assessment of market and economic conditions.

The Fund seeks to achieve its investment objective by investing typically in common stocks issued by 15 to 40 companies of any capitalization that are publicly traded on an exchange or in the over-the-counter market. The Fund is non-diversified. In addition, the Fund may invest in master limited partnerships (MLPs). The Adviser does not anticipate that the Fund will significantly invest in MLPs in all circumstances and market conditions, and the Fund often may not be invested in MLPs at all. However, in certain circumstances, in anticipation of or response to specific changing dynamics, catalysts, and opportunities, the Fund may invest up to 25% of its total assets in MLPs that the Adviser believes will benefit from such conditions. MLPs are publicly traded companies organized as limited partnerships or limited liability companies (LLCs) and treated as qualified publicly traded partnerships for federal income tax purposes.

Pursuant to tax regulations, the Fund may invest no more than 25% of its total assets in the securities of entities treated as qualified publicly traded partnerships. The Fund may invest in equity securities issued by MLP affiliates, such as MLP I-Shares and common shares of corporations that own, directly or indirectly MLP general partner interests. I-Shares represent an indirect ownership interest in MLP common units issued by an MLP affiliate, which is typically a publicly traded LLC. Pursuant to tax regulations, the Fund may invest no more than 25% of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships. Issuers of MLP I-Shares are corporations and not partnerships for tax purposes. As a result, MLP I-Shares are not subject to this limitation.

Under normal circumstances, the Fund may invest up to: (i) 30% of its total assets in securities denominated in the currency of a non-North American country, which may include securities issued by companies organized and/or having securities traded on an exchange outside North America and/or securities of other non-North American companies that are denominated in the currency of a non-North American country; (ii) 20% of its total assets in debt securities of any maturity or issuer, including securities which may be rated below investment grade (junk bonds) by a nationally recognized statistical rating organization (NRSRO) or judged by the Adviser to be of comparable credit quality; (iii) 15% of its net assets in illiquid securities; and (iv) 15% of its total assets in securities of any issuer.

The Fund may in certain market conditions seek to hedge investments or realize additional return through the use of short sales. Short sales are transactions in which the Fund sells a security it does not own, in anticipation of a decline in the market value of the security. The Fund may invest in derivatives which are financial contracts whose values depend on, or are derived from, the values of underlying assets, reference rates, or indices. To manage risk, seek particular portfolio exposure as a substitute for a comparable market position in the underlying exposure, and/or to enhance return (including through the use of leverage), the Fund may invest in derivatives including options, futures, swap contracts and combinations of these instruments. The Fund may invest in futures, options and swap contracts on equity and debt securities, equity and debt indices and commodities (Commodity Interests) (i) with aggregate net notional value of up to 100% of the Funds net assets, or (ii) for which the initial margin and premiums do not exceed 5% of its net assets, in each case excluding bona fide hedging transactions.

Except for investments in illiquid securities, the above investment restrictions apply at the time of purchase, and the Fund will not be required to reduce a position due solely to market value fluctuations in order to comply with these restrictions. To the extent that market value fluctuations cause illiquid securities held by the Fund to exceed 15% of its net assets, the Fund will take steps to bring the aggregate amount of illiquid securities back within the prescribed limitations as soon as reasonably practical. Generally, this requirement does not obligate the Fund to liquidate a position where the Fund would incur a loss on the sale. The Adviser seeks to invest in securities that offer attractive total returns over the long-term. The Advisers investment process utilizes its unique position and expertise within the energy sector to identify dynamics, catalysts, and opportunities across the entire North American energy value chain and then allocate the Funds assets among those securities it believes have the most potential to be impacted by them.

The Adviser evaluates selected securities using fundamental analysis and a comparison of quantitative, qualitative, and relative value factors. In conducting this analysis, the Adviser relies primarily on proprietary models constructed and maintained by the Advisers in-house investment team, although it may use research provided by broker-dealers and investment firms. Borrowing Policy. The Fund may utilize borrowings for investment purposes and for redemption of Fund shares. Utilization of such borrowings would generally be short term in nature and within the constraints of the Investment Company Act of 1940, as amended, and will consist of a line of credit from a bank or group of banks.

TOPCX Performance

Total returns for TOPCX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	-7.1%

TOPCX Risk Information

Risk metrics for TOPCX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 33.8%

TOPCX Costs and Fees

TOPCX costs about $210 per $10,000 invested per year in fund expenses.

Net expense ratio: 2.10%
Gross expense ratio: 3.15%
Portfolio turnover: 124%
Brokerage commissions: 9.31 bps of average net assets (SEC N-CEN)

TOPCX Cashflows

Over the 12 months to 2020-11, Tortoise Select Opportunity Fund had net inflows of $24.58M, from monthly SEC N-PORT filings.

Month	Net flow
2020-11	$529.96K
2020-10	$617.99K
2020-09	$564.17K
2020-08	$498.43K
2020-07	$977.64K
2020-06	$1.44M

TOPCX Debt Constituents

No individual debt constituents are reported in Tortoise Select Opportunity Fund's latest SEC N-PORT filing.

TOPCX Prospectus and SEC Filings

Official Tortoise Select Opportunity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Commodity 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.