ClearBridge MLP and Midstream Fund Inc
CEM
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Kenneth Donald Fuller
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 60 State Street, Suite 1300 Boston MA United States of America 2109
- IPO Date
- Jun 25, 2010
- CIK
- 0001488775
- Website
- leggmason.com
- Similar Companies
- Business
- ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) is a non-diversified, closed-end management investment company that provides investors with efficient access to a portfolio of energy-related master limited partnerships (MLPs) and midstream entities; it seeks a high level of total return, with an emphasis on current cash distributions, by targeting MLPs and midstream companies with long-lived assets, predictable cash flows, and low direct commodity exposure. The fund primarily invests in equity securities of MLPs, growth stocks of energy sector companies across diversified market capitalizations, and related derivatives, employing a fundamental, bottom-up stock selection approach focused on the U.S. public equity markets. It utilizes leverage through senior notes, loans, and mandatory redeemable preferred shares to enhance returns. In a major strategic reorganization completed in September 2024, the fund merged with and into ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), alongside ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR), with CEM stockholders receiving EMO shares at a conversion ratio of 1.112539 EMO shares per CEM share based on net asset values as of September 6, 2024; the mergers, approved by boards in January 2024 and stockholders in May 2024, became effective before markets opened on September 9, 2024. Prior to the merger, CEM conducted a tender offer in June 2024, repurchasing approximately 44% of its outstanding shares (5,807,371 shares) at $49.60 per share, and completed a 1-for-5 reverse stock split on July 28, 2020. The fund also maintained regular monthly or quarterly distributions, such as $0.7700 per share declared for August 2024. ClearBridge MLP and Midstream Fund Inc. operates in the asset management industry, focusing on the energy infrastructure segment and targeting institutional and retail investors seeking income-oriented exposure to midstream energy assets. Its investments are concentrated in U.S.-based energy companies, including top holdings like Energy Transfer LP and ONEOK Inc., with the top ten holdings typically comprising over 70% of equity investments as of mid-2024. Founded on March 31, 2010, and originally named ClearBridge Energy MLP Fund Inc., the fund is managed by Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Adviser, LLC), with sub-advisory services from ClearBridge Investments, LLC, both indirect subsidiaries of Franklin Resources, Inc.; it is domiciled in Maryland, with principal operations aligned to its New York-based managers.