TPYP
Tortoise North American Pipeline Fund
The Tortoise North American Pipeline ETF tracks an index of listed equities related to North American pipeline entities organized as MLP affiliates, MLPs, LLCs and corporations.
Fund Basics
| Fund sponsor | Montage Managers |
| Category | Global Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Jun 29, 2015 |
| Assets (mns) | $497 |
| Expense ratio | 40 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-End Investment Company |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ENBRIDGE INC | 7.6 % |
| TRANSCANADA CORP | 7.6 % |
| WILLIAMS COS INC | 7.3 % |
| KINDER MORGAN INC | 7.0 % |
| CHENIERE ENERGY INC | 6.9 % |
| ONEOK INC | 6.4 % |
| NISOURCE INC | 4.0 % |
| ATMOS ENERGY CORP | 3.9 % |
| ENTERPRISE PRODUCTS PARTNERS | 3.9 % |
| PEMBINA PIPELINE CORP | 3.9 % |
Constituent Breakdown
| Number of holdings | 46 |
| Herfindahl-Hirschman Index | 459 |
| Wgt avg mkt cap (mns) | $20,446 |
| Large cap (>$10bn) | 61.9% |
| Mid cap ($2-10bn) | 20.7% |
| Small cap (<$2bn) | 4.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 74.1 % |
 |
CANADA | 24.4 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 4.9% | 2.0% | 13.6% | 20.4% | 6.4% | -- | 4.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.84 | 53% |
| MSCI EAFE | 0.81 | 51% |
| MSCI Emg Mkts | 0.56 | 23% |
Liquidity Measures
| Avg. volume (000) | 39 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.18% |
| ADV of underlying (mns) | $1,524 |
Technical Indicators
| Recent close | $25.14 |
| 30d moving avg. | $25.20 |
| Annualized volatility | 20.6% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. TPYP |
Expenses vs. TPYP |
ALTAR Score™ vs. TPYP |
|---|---|---|---|---|
| USAI | Pacer American Energy Independence ETF | 65.1% | +35 bp | -1.3% |
| MLPX | Global X MLP & Energy Infrastructure ETF | 61.8% | +5 bp | -0.3% |
| EINC | VanEck Energy Income ETF | 60.7% | +8 bp | -0.7% |
| UMI | USCF Midstream Energy Income Fund ETF | 60.4% | +45 bp | -2.5% |
| ENFR | Alerian Energy Infrastructure ETF | 60.4% | -5 bp | -0.7% |
| EMLP | First Trust North American Energy Infrastructure Fund | 35.5% | +55 bp | +0.1% |
| TOLZ | ProShares DJ Brookfield Global Infrastructure ETF | 31.9% | +7 bp | +0.5% |
| IVRA | Invesco Real Assets ESG ETF | 23.8% | +19 bp | +2.0% |
| AMZA | InfraCap MLP ETF | 23.3% | +124 bp | -2.5% |
| GLIF | AGFiQ Global Infrastructure ETF | 22.5% | +5 bp | +0.1% |
Risk and Returns: TPYP vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/20/2023
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
TPYP
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
TPYP
5.4%
Cat. Avg
4.1%
Fund Category: Global Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.4% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
Category Overview
There are 345 funds in the Global Equities category, with an average ALTAR Score™
of 4.1% and a standard deviation of
5.0%. TPYP's ALTAR Score™ is approximately
0.3 standard deviations
above
the category average. This places TPYP in the 61st percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
TPYP
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| TPYP | 40.0 | 17.5 | 57.5 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .