Invesco SteelPath MLP Alpha A
MLPAX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Dallas, TX 75201 Dallas TX United States of America 75201
- IPO Date
- Apr 5, 2010
- CIK
- 0000826644
- Website
- invesco.com
- Similar Companies
- Business
- Invesco SteelPath MLP Alpha Fund Class A (MLPAX) is an open-end mutual fund that seeks total return primarily through investments in U.S. energy infrastructure, with a focus on midstream master limited partnerships (MLPs) and related entities; it normally invests at least 80% of its net assets in MLP equity securities, MLP affiliates, and other energy infrastructure companies, including common units, general partner interests, and I-Shares, across sectors such as oil and gas storage & transportation (93%), refining & marketing, and equipment & services. Top holdings typically include MPLX LP (approximately 13%), Energy Transfer LP (13%), Western Midstream Partners LP (11%), Targa Resources Corp (10-11%), and Enterprise Products Partners LP (9%), representing over 56% of the portfolio, with the fund maintaining 19-25 securities and total net assets of about $1.01 billion for the fund and $519 million for the Class A shares. The fund, classified in the Morningstar Energy Limited Partnership category, is non-diversified, U.S.-domiciled, and available primarily to U.S. investors, with geographic exposure predominantly in the United States (95%) and minor positions in Canada (4%). Launched on March 31, 2010, as part of the SteelPath MLP Funds Trust—originally developed by SteelPath, a Dallas, Texas-based specialist founded in 2004 and acquired by OppenheimerFunds (now Invesco) in July 2012—the fund is managed by Brian Watson and Stuart Cartner since inception from Invesco's U.S. operations. The fund features a net expense ratio of 6.63% (including acquired fund fees), a 5.50% front-end load, and a distribution policy aiming to approximate MLP yields through monthly dividends that may include returns of capital, supported by tactical cash deployment and active management to offset expenses and generate alpha (3-year alpha of 2.94% vs. Alerian MLP Index). Recent performance reflects resilience in the midstream sector amid energy market volatility, with annualized returns of approximately 11-18% over one to three years and assets under management stable through 2025, bolstered by ongoing MLP capital investments in asset acquisitions and organic growth estimated at $2-3 billion quarterly; no major acquisitions, partnerships, funding rounds, or strategic shifts specific to the fund have been announced in the last 1-2 years, though Invesco continues to issue monthly MLP market commentaries highlighting midstream fundamentals versus tariffs, natural gas demand, AI-driven power needs, and LNG exports as of mid-2025.