Duff & Phelps Select MLP and Midstream Energy Fund
DSE
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- Duff & Phelps Select MLP and Midstream Energy Fund Inc. (NYSE: DSE) is a non-diversified, closed-end management investment company that seeks a high level of total return with a focus on current income and capital appreciation by investing primarily in equity securities of North American energy infrastructure companies. The Fund invests at least 80% of its total assets in midstream Master Limited Partnerships (MLPs), General Partners (GPs), and C-Corporations engaged in the transportation, storage, processing, and transmission of oil and natural gas, including gathering and processing, natural gas pipelines, liquefied natural gas facilities, petroleum transportation and storage, and diversified energy infrastructure assets backed by long-term, fee-based contracts; it employs a bottom-up investment process emphasizing 25-35 high-conviction holdings in companies across all market capitalizations, with current top allocations to sectors such as diversified energy (36.84%), natural gas pipelines (22.54%), and electric local distribution companies and power (14.77%). Co-managed by Duff & Phelps Investment Management Co., founded in 1932, and Virtus Alternative Investment Advisers, Inc., the Fund targets the U.S. public equity markets, with portfolio managers David D. Grumhaus, Jr. (since 2015) and Rodney C. Clayton, CFA (since 2020), applying fundamental and quantitative analysis to factors like management track record, competitive advantages, regulatory landscape, and fee-based contract structures. The Fund, headquartered in Chicago, Illinois, and operating principally in the United States with exposure to high-quality U.S. energy basins, was formerly known as Duff & Phelps Select Energy MLP Fund Inc. prior to its name change. In June 2021, shareholders approved and completed a reorganization merger with the open-end Virtus Duff & Phelps Select MLP and Energy Fund (ticker: VLPAX), under which DSE shareholders received equivalent shares of the open-end fund, though the closed-end DSE structure was reorganized to continue operations with enhanced liquidity and cost efficiencies while maintaining its investment strategy; this tax-free transaction addressed prior challenges including NYSE listing compliance issues and MLP sector volatility that led to a failed 2020 liquidation proposal. No major acquisitions, funding rounds, or new product launches have been announced for DSE in the last 1-2 years, with recent Virtus-related developments focusing on other funds such as a December 2025 minority interest acquisition in Crescent Cove Advisors for private markets lending, which does not directly impact DSE.