ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) announces its portfolio composition as of September 30, 2018.
Investment Objective: The Fund seeks to provide a high level of total return with an emphasis on cash distributions.
Investment Strategy: Under normal market conditions the Fund invests at least 80% of its managed assets in energy master limited partnerships (“MLPs”) and energy midstream entities. The Fund considers an entity to be within the energy sector if it derives at least 50% of its revenues from the business of exploring, developing, producing, gathering, fractionating, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal. The Fund may also invest up to 20% of its managed assets in other securities that are not MLPs or midstream entities.
Portfolio Composition:* | |||
| Diversified Energy Infrastructure | 42.3% | ||
| Gathering/Processing | 24.8% | ||
| Liquids Transportation & Storage | 24.7% | ||
| Natural Gas Transportation & Storage | 3.4% | ||
| Refining | 2.8% | ||
| Propane | 1.2% | ||
| Shipping | 0.2% | ||
| Cash | 0.7% | ||
Top 10 Holdings | |||
| Enterprise Products Partners LP | 10.3% | ||
| Energy Transfer Partners LP | 8.4% | ||
| Oneok Partners LP MLP NPV | 7.2% | ||
| Williams Partners LP | 5.5% | ||
| Magellan Midstream Partners LP | 5.2% | ||
| EnLink Midstream Partners LP | 5.0% | ||
| Genesis Energy LP | 4.8% | ||
| Targa Resources Corp. | 4.5% | ||
| Plains All American Pipeline LP | 3.6% | ||
| Enbridge Energy Partners LP | 3.4% | ||
Portfolio Statistics: | |||
| Inception Date | June 25, 2010 | ||
| Inception Price | $20.00 | ||
| Total Assets | $1,574,058,192 | ||
| Net Assets** | $1,076,058,192 | ||
| Loans*** | 4.64% | ||
| Fixed Rate Notes*** | 23.51% | ||
| Reverse Repos*** | 0.0% | ||
| Preferred Shares*** | 3.66% | ||
| Market Price: | $14.53 | ||
| NAV | $15.28 | ||
| (Daily NAV is available on market quotation systems using the symbol XCEMX.) | |||
| Distribution Rate | $ 0.355 per share | ||
Frequency | Quarterly (declared quarterly, paid quarterly) | ||
Note: Prior to October 22, 2018, the fund was known as ClearBridge Energy MLP Fund Inc.
| * | Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time. | ||
| ** | The difference between total assets and net assets, if any, is due primarily to the Fund’s use of borrowings and other liabilities; net assets do not include borrowings. The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded. | ||
| *** | Percentages are based on total assets. | ||
ClearBridge MLP and Midstream Fund Inc. is a non-diversified, closed-end management investment company which is advised by Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and subadvised by ClearBridge Investments, LLC (“ClearBridge”). LMPFA and ClearBridge are wholly owned subsidiaries of Legg Mason, Inc.
An investment in the Fund involves risk, including loss of principal. The Fund's concentration of investments in energy related MLPs and midstream entities subject it to the risks of investing in MLPs, midstream entities and the energy sector. Investment return and the value of shares will fluctuate.
Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.
For more information, please call Fund Investor Services at 1-888-777-0102, or consult the Fund’s web site at http://www.lmcef.com. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005164/en/
Contacts:
Fund Investor Services,
1-888-777-0102
