Fund Evaluator:
Invesco SteelPath MLP Income Y (MLPZX)
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Best Performing in Energy Limited Partnership Over the Last Year
| 23.9% | GS Energy Infrastructure Fd Inv Shares (GLEIX) |
| 22.0% | Invesco SteelPath MLP Income Y (MLPZX) |
| 22.0% | PGIM Jennison Energy Infrastructure Z (PRPZX) |
| 21.8% | EIP Growth and Income Investor (EIPFX) |
| 19.1% | Invesco SteelPath MLP Alpha Y (MLPOX) |
Fund Details
Invesco SteelPath MLP Income Y Overview
Invesco SteelPath MLP Income Y (MLPZX) is an actively managed Sector Equity Energy Limited Partnership fund. Invesco launched the fund in 2010.
The investment seeks total return. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in master limited partnership ("MLP") investments of issuers that are engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources and in derivatives and other instruments that have economic characteristics similar to such securities. The fund is non-diversified.
About Invesco SteelPath MLP Income Y (MLPZX)
There are 2 members of the management team with an average tenure of 16.26 years: Brian Watson (2010), Stuart Cartner (2010). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Alerian MLP TR USD index with a weighting of 100%. Invesco SteelPath MLP Income Y has 29 securities in its portfolio. The top 10 holdings constitute 84.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Invesco SteelPath MLP Income Y is part of the Equity global asset class and is within the Sector Equity fund group. Invesco SteelPath MLP Income Y has 0.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.7%. There is 0.3% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco SteelPath MLP Income Y has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $278 million average for the Energy Limited Partnership category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MLPZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco SteelPath MLP Income Y expense ratio is high compared to funds in the Energy Limited Partnership category. Invesco SteelPath MLP Income Y has an expense ratio of 1.64%, which is 4% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco SteelPath MLP Income Y has a portfolio turnover rate of 7%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 39% for the Energy Limited Partnership category.
Recently, in the month of June 2026, Invesco SteelPath MLP Income Y returned 0.9%, which earned it a grade of F, as the Energy Limited Partnership category had an average return of 1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Invesco SteelPath MLP Income Y has a trailing yield of 6.14%, which is above the 5.42% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco SteelPath MLP Income Y Grades
Year to date, the fund has returned 18.9%, 2.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 22.0% over the past year (grade of C), 21.8% over the past three years (grade of D) and 18.9% per year over the past five years (grade of D) and 10.8% per year over the past 10 years (grade of A).
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MLPZX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MLPZX Return (NAV) | 0.9% | 2.6% | 22.0% | 21.8% | 18.9% | 10.8% |
| MLPZX Grade | F | A | C | D | D | A |
| +/- Category | -0.9% | 1.6% | -0.1% | -2.4% | -1.3% | 1.5% |
| Energy Limited Partnership Avg | 1.9% | 0.9% | 22.1% | 24.2% | 20.2% | 9.3% |
| MLPZX Tax Cost Ratio | na | na | 2.7% | 2.8% | 3.0% | 4.0% |
MLPZX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MLPZX Return (NAV) | 18.9% | 7.9% | 25.2% | 20.7% | 25.1% | 44.9% | -21.7% | 15.4% | -12.9% | -9.7% | 32.8% |
| MLPZX Grade | D | A | F | B | C | A | B | B | A | F | B |
| +/- Category | -2.9% | 3.4% | -11.1% | 3.8% | 0.3% | 5.5% | 4.5% | 3.6% | 3.0% | -3.1% | 4.2% |
| Energy Limited Partnership Avg | 21.8% | 4.5% | 36.3% | 16.9% | 24.8% | 39.4% | -26.3% | 11.9% | -15.9% | -6.6% | 28.5% |
| Risk Measures | |
| Standard Deviation: | 12.9% |
| Total Risk Index: | 1.06 - Above Average |
| Category Risk Index: | 0.89 - Low |
| Category Risk Grade: | A (14% Rank) |
| Beta: | 0.30 |
| R-Squared: | 9% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 6.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $4456 Mil |
| Fund Total Assets: | $1,621 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 7% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 16.3 years | |||
| Average Tenure: 16.3 years | |||
| Managers (Year): Watson Brian (2010), Cartner Stuart (2010) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 84.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.3% |
Portfolio Allocation |
|
| Domestic Stock: | 98.7% |
| Foreign Stock: | 0.3% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com |
| Status: | Open |
| Inception Date: | March 31, 2010 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.64% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.72% |
| Share Class: | Invesco SteelPath MLP Income Y |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
