Tortoise North American Pipeline
ALTAR
Score™
4.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.5x P/Sales
ratio
1.1x
P/BV
ratio
1.6x Div.
yield
5.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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
Category Global Equities
Fund Sponsor Montage Managers
Website etp.tortoiseindexsolutions.com
Inception date Jun 30, 2015
Assets (mns) $496
Currency USD
Expense ratio 40 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 61
Wgt avg mkt cap (mns) $21,868
Large cap (>$10bn) 60.1%
Mid cap ($2-10bn) 33.7%
Small cap (<$2bn) 6.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
KINDER MORGAN INC 7.5 %
TRANSCANADA CORP 7.4 %
ENBRIDGE INC 7.4 %
ONEOK INC 7.0 %
WILLIAMS COS INC 6.4 %
ENTERPRISE PRODUCTS PARTNERS 5.8 %
ENERGY TRANSFER EQUITY LP 4.2 %
CHENIERE ENERGY INC 4.2 %
PEMBINA PIPELINE CORP 4.1 %
NISOURCE INC 4.1 %
Total 57.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 72.2 %
CANADA 27.4 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
23.3% 23.3% -- -- 2.4%

Market Correlations
versus... Beta R-squared
S&P500 0.84 47%
MSCI EAFE 0.85 39%
MSCI Emg. Mkts. 0.56 29%

Technical Indicators
Recent close $23.60
30d moving avg. $23.43
Annualized volatility 14.9%
Short interest (ETF) 0.4%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 240
Turnover 1.1%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $2,943

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 18 potential alternatives to the Tortoise North American Pipeline ETF based on the alternatives' overlap in portfolio holdings with TPYP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TPYP Expense: 40 bp ALTAR Score™: 4.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TPYP
Ticker Fund
Name
Overlap1
vs TPYP
(%)
Expense
ratio
(bp)
Savings
vs TPYP
(bp)
ALTAR
Score™
(%)
ALTAR
vs TPYP
(%)
USAI American Energy Independence 73.1 75 -35 1.9 -2.5
YMLP Yorkville High Income MLP 72.0 84 -44 3.7 -0.7
ENFR Alerian Energy Infrastructure 69.6 55 -15 3.9 -0.6
MLPX Global X MLP & Energy Infrastructure 68.8 45 -5 3.7 -0.7
EMLP First Trust N. American Energy Infrastructure 40.3 95 -55 4.6 +0.1
TOLZ ProShares Global Infrastructure 35.8 46 -6 4.9 +0.4
GHII Invesco S&P High Income Infrastructure 25.4 45 -5 5.2 +0.8
GLIF AGFiQ Global Infrastructure 25.0 45 -5 4.9 +0.4
AMZA InfraCap MLP 21.6 240 -200 5.0 +0.6
FTXN First Trust Nasdaq Oil & Gas 20.1 60 -20 4.2 -0.2
AMLP Alerian MLP ETF 19.2 85 -45 4.4 -0.0
IGF iShares S&P Global Infrastructure 19.1 46 -6 4.5 +0.1
GII SPDR FTSE/Macquarie Global Infrastructure 18.9 40 0 4.6 +0.2
INFR Legg Mason Global Infrastructure 18.9 40 0 5.4 +1.0
MLPA Global X MLP 18.3 45 -5 4.1 -0.4
JHME John Hancock Multifactor Energy 16.3 40 0 3.2 -1.3
PXI Invesco Dynamic Energy Sector 15.3 60 -20 0.4 -4.0
UTES Reaves Utilities 13.1 49 -9 4.0 -0.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Tortoise North American Pipeline
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 7.7 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 4.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.48 CATEGORY
AVERAGE
1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.