Fund Evaluator:

Recurrent MLP & Infrastructure Class I Overview

Recurrent MLP & Infrastructure Class I (RMLPX) is an actively managed Sector Equity Energy Limited Partnership fund. Recurrent Advisors launched the fund in 2017.

The investment seeks total return including substantial current income from a portfolio of MLP and energy infrastructure investments. The fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in energy infrastructure and master limited partnership ("MLP") investments. It may invest 20% of its net assets in sectors outside of energy infrastructure investments, including, without limitation, securities of corporations that operate in the energy sector or that hold energy assets. The fund is non-diversified.

About Recurrent MLP & Infrastructure Class I (RMLPX)

There are 2 members of the management team with an average tenure of 8.77 years: Brad Olsen (2017), Mark Laskin (2017). 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%. Recurrent MLP & Infrastructure Class I has 30 securities in its portfolio. The top 10 holdings constitute 58.3% 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.

Recurrent MLP & Infrastructure Class I is part of the Equity global asset class and is within the Sector Equity fund group. Recurrent MLP & Infrastructure Class I has 27.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 71.7%. There is 27.3% allocated to foreign stock, and 0.0% 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). Recurrent MLP & Infrastructure Class I has 1.0% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $288 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.

RMLPX 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 Recurrent MLP & Infrastructure Class I expense ratio is high compared to funds in the Energy Limited Partnership category. Recurrent MLP & Infrastructure Class I has an expense ratio of 1.13%, which is 34% lower than its category average, making the fund expense ratio grade a A. 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. Recurrent MLP & Infrastructure Class I has a portfolio turnover rate of 12%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 40% for the Energy Limited Partnership category.

Recently, in the month of July 2026, Recurrent MLP & Infrastructure Class I returned 8.5%, which earned it a grade of A, as the Energy Limited Partnership category had an average return of 3.5%. 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.

Recurrent MLP & Infrastructure Class I has a trailing yield of 3.82%, which is below the 5.20% category average. The fund normally distributes its income quarterly and its capital gains annually.

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.

Recurrent MLP & Infrastructure Class I Grades

Year to date, the fund has returned 39.5%, 13.5 percentage points better than the category, which translates into a grade of A. The fund has returned 44.5% over the past year (grade of A), 28.1% over the past three years (grade of A) and 27.6% per year over the past five years (grade of A).

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