Tortoise North American Pipeline Fund
ALTAR
Score™
6.0% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
19.1x P/Sales
ratio
1.2x
P/BV
ratio
1.5x Div.
yield
7.2%


  • 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 29, 2015
Assets (mns) $300
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 58
Wgt avg mkt cap (mns) $19,067
Large cap (>$10bn) 58.6%
Mid cap ($2-10bn) 36.2%
Small cap (<$2bn) 5.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENBRIDGE INC 7.7 %
TRANSCANADA CORP 7.7 %
KINDER MORGAN INC 7.3 %
WILLIAMS COS INC 7.2 %
ENTERPRISE PRODUCTS PARTNERS 6.0 %
CHENIERE ENERGY INC 4.3 %
ONEOK INC 4.3 %
ATMOS ENERGY CORP 4.2 %
PEMBINA PIPELINE CORP 4.1 %
NISOURCE INC 4.1 %
Total 56.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 71.5 %
CANADA 28.0 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-27.0% -26.7% -- -- -4.2%

Market Correlations
versus... Beta R-squared
S&P500 1.40 70%
MSCI EAFE 1.47 68%
MSCI Emg. Mkts. 1.08 58%

Technical Indicators
Recent close $16.36
30d moving avg. $17.36
Annualized volatility 28.2%
Short interest (ETF) 0.8%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 157
Turnover 0.9%
Bid/Ask (% of price) 0.28%
ADV underlying (mns) $3,687

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Tortoise North American Pipeline Fund 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™: 6.0%


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
(%)
ENFR Alerian Energy Infrastructure ETF 70.3 65 -25 5.2 -0.9
MLPX Global X MLP & Energy Infrastructure ETF 64.7 45 -5 3.8 -2.2
USAI Pacer American Energy Independence ETF 64.0 75 -35 2.7 -3.3
YMLP VanEck Vectors High Income MLP ETF 49.1 45 -5 5.4 -0.7
EMLP First Trust North American Energy Infrastructure Fund 36.8 96 -56 5.7 -0.3
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 29.1 46 -6 5.4 -0.7
GLIF AGFiQ Global Infrastructure ETF 20.1 45 -5 5.3 -0.8
AMZA InfraCap MLP ETF 17.6 241 -201 8.5 +2.4
AMLP The Alerian MLP ETF 17.6 87 -47 8.4 +2.4
MLPA Global X MLP ETF 17.3 46 -6 8.3 +2.2
IGF iShares Global Infrastructure ETF 17.1 46 -6 5.4 -0.7
GII SPDR S&P Global Infrastructure ETF 16.9 40 0 5.4 -0.6
PXI Invesco DWA Energy Momentum ETF 15.4 60 -20 4.2 -1.9
ZMLP Direxion Zacks MLP High Income Shares 14.8 81 -41 4.3 -1.8
JHME John Hancock Multifactor Energy ETF 13.9 40 0 3.8 -2.3
FTXN First Trust Nasdaq Oil & Gas ETF 13.8 60 -20 2.2 -3.8
IXC iShares Global Energy ETF 13.2 46 -6 5.9 -0.1
PUI Invesco DWA Utilities Momentum ETF 12.9 60 -20 4.8 -1.3
RYE Invesco S&P 500 Equal Weight Energy ETF 12.1 40 0 3.7 -2.4
IFRA iShares U.S. Infrastructure ETF 11.5 40 0 6.1 +0.1
FENY Fidelity MSCI Energy Index ETF 11.4 8 32 4.3 -1.7
VDE Vanguard Energy Index Fund 11.1 10 30 3.9 -2.1
IYE iShares U.S. Energy ETF 11.0 42 -2 4.0 -2.0
UTES Virtus Reaves Utilities ETF 10.9 49 -9 4.8 -1.3
XLE Energy Select Sector SPDR Fund 10.4 13 27 4.5 -1.5
ECLN First Trust EIP Carbon Impact ETF 10.1 96 -56 3.9 -2.2
FLCA Franklin FTSE Canada ETF 9.9 9 31 7.4 +1.4
QCAN SPDR MSCI Canada Quality Mix ETF 9.2 14 26 7.2 +1.1
BBCA JPMorgan BetaBuilders Canada ETF 9.1 19 21 7.2 +1.1
EWC iShares MSCI Canada ETF 8.9 49 -9 6.9 +0.9
INFR Legg Mason Global Infrastructure ETF 8.1 40 0 6.2 +0.1
FXN First Trust Energy AlphaDEX Fund 7.9 65 -25 -0.8 -6.8
DIV Global X SuperDividend US ETF 7.7 46 -6 7.1 +1.1
PID Invesco International Dividend Achievers ETF 7.4 54 -14 9.8 +3.8
RYU Invesco S&P 500 Equal Weight Utilities ETF 7.2 40 0 6.3 +0.3
IGE iShares North American Natural Resources ETF 7.1 46 -6 4.2 -1.9
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 7.1 47 -7 6.5 +0.5
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 6.8 40 0 6.3 +0.3
SMDV ProShares Russell 2000 Dividend Growers ETF 6.6 40 0 7.6 +1.5
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 6.6 30 10 9.8 +3.8
IEO iShares U.S. Oil & Gas Exploration & Production ETF 6.4 42 -2 3.6 -2.5
PEY Invesco High Yield Equity Dividend Achievers ETF 6.2 53 -13 9.2 +3.2
JHMU John Hancock Multifactor Utilities ETF 5.8 40 0 6.1 +0.1
VRAI Virtus Real Asset Income ETF 5.8 55 -15 11.3 +5.3
FXU First Trust Utilities AlphaDEX Fund 5.4 63 -23 6.4 +0.3
ABEQ Absolute Core Strategy ETF 5.3 85 -45 4.7 -1.3
VPU Vanguard Utilities Index Fund 4.9 10 30 5.9 -0.2
FUTY Fidelity MSCI Utilities Index ETF 4.9 8 32 5.9 -0.2
IDU iShares U.S. Utilities ETF 4.8 43 -3 5.6 -0.4
DES WisdomTree U.S. SmallCap Dividend Fund 4.6 38 2 8.9 +2.9
SDY SPDR S&P Dividend ETF 4.4 35 5 7.1 +1.0
DTN WisdomTree U.S. Dividend ex-Financials Fund 4.4 38 2 8.0 +2.0
FVD First Trust Value Line Dividend Index Fund 4.3 70 -30 6.5 +0.4
SPYD SPDR S&P 500 High Dividend ETF 4.1 7 33 10.5 +4.4
GURU Global X Guru Index ETF 4.1 75 -35 3.9 -2.2
SDOG ALPS Sector Dividend Dogs ETF 4.0 40 0 10.4 +4.4
DON WisdomTree U.S. MidCap Dividend Fund 4.0 38 2 7.8 +1.8
FID First Trust S&P International Dividend Aristocrats ETF 4.0 60 -20 10.0 +4.0
JKL iShares Morningstar Small Cap Value ETF 3.8 30 10 10.6 +4.5
FIDI Fidelity International High Dividend ETF 3.8 39 1 11.2 +5.1
YLDE ClearBridge Dividend Strategy ESG ETF 3.7 60 -20 5.0 -1.0
SFYF SoFi 50 ETF 3.7 29 11 5.4 -0.6
JDIV JPMorgan U.S. Dividend ETF 3.6 12 28 8.0 +1.9
CVY Invesco Zacks Multi-Asset Income ETF 3.6 97 -57 11.7 +5.7
KSCD KFA Small Cap Quality Dividend Index ETF 3.4 51 -11 6.5 +0.5
TPHD Timothy Plan High Dividend Stock ETF 3.4 52 -12 7.8 +1.7
FDVV Fidelity Core Dividend ETF 3.3 29 11 7.2 +1.2
WDIV SPDR Global Dividend ETF 3.1 40 0 10.0 +3.9
DVY iShares Select Dividend ETF 3.1 39 1 9.8 +3.7
JMIN JPMorgan U.S. Minimum Volatility ETF 3.1 12 28 5.9 -0.1
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 3.1 30 10 10.9 +4.9
MDYV SPDR S&P 400 Mid Cap Value ETF 3.0 15 25 8.8 +2.8
IJJ iShares S&P Mid-Cap 400 Value ETF 3.0 25 15 8.7 +2.7
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 2.9 60 -20 5.4 -0.6
DURA VanEck Vectors Morningstar Durable Dividend ETF 2.9 29 11 7.3 +1.3
TMDV ProShares Russell US Dividend Growers ETF 2.8 35 5 5.4 -0.7
FOVL iShares Focused Value Factor ETF 2.8 25 15 10.6 +4.6
IVOV Vanguard S&P Mid-Cap 400 Value ETF 2.7 15 25 8.7 +2.7
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 2.7 35 5 8.7 +2.7
MOAT VanEck Vectors Morningstar Wide Moat ETF 2.7 49 -9 6.4 +0.4
FCAN First Trust Canada AlphaDex Fund 2.7 80 -40 4.9 -1.2
MAGA Point Bridge GOP Stock Tracker ETF 2.7 72 -32 6.6 +0.6
XLU Utilities Select Sector SPDR Fund 2.7 13 27 5.9 -0.1
EQAL Invesco Russell 1000 Equal Weight ETF 2.6 20 20 5.8 -0.3
PSCU Invesco S&P SmallCap Utilities ETF 2.5 29 11 3.3 -2.7
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 2.4 45 -5 10.2 +4.2
XMLV Invesco S&P MidCap Low Volatility ETF 2.4 25 15 5.6 -0.4
JKI iShares Morningstar Mid-Cap Value ETF 2.4 30 10 9.3 +3.3
FRAK VanEck Vectors Unconventional Oil & Gas ETF 2.4 54 -14 1.5 -4.6
QUAL iShares MSCI Usa Quality Factor ETF 2.4 15 25 5.5 -0.6
PKB Invesco Dynamic Building & Construction ETF 2.4 60 -20 6.9 +0.8
IWN iShares Russell 2000 Value ETF 2.3 24 16 7.4 +1.3
VTWV Vanguard Russell 2000 Value Index Fund 2.3 15 25 7.5 +1.5
DEW WisdomTree Global High Dividend Fund 2.3 58 -18 9.4 +3.4
VBR Vanguard Small Cap Value Index Fund 2.2 7 33 8.5 +2.5
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 2.2 24 16 6.3 +0.3
GRES IQ Global Resources ETF 2.1 77 -37 7.7 +1.6
CSD Invesco S&P Spin-Off ETF 2.1 62 -22 6.5 +0.4
EQRR ProShares Equities for Rising Rates ETF 2.1 35 5 6.3 +0.2
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 2.1 35 5 8.7 +2.7

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

  2015 2016 2017 2018 2019 2020E 2021E
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

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VALUATION METRICS
  2019 2020E 2021E
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 Fund
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.9 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 CATEGORY
AVERAGE
1.50
 
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.