Virtus Duff & Phelps Select MLP and Energy Fund
Virtus Duff & Phelps Select MLP and Energy Fund
Investment Overview
The Fund seeks attractive risk-adjusted total returns by investing in North American energy infrastructure. The highly experienced portfolio team applies a disciplined, bottom-up investment process, focusing on energy Midstream Master Limited Partnerships (MLPs), General Partners (GPs), and C-Corporations that own midstream oil and natural gas assets backed by long-term, fee-based contracts.
Virtus Duff & Phelps Select MLP and Energy Fund (Class I)
Best Fund over 5 years among Energy MLP Funds
Fund classification awards
The currency for the calculation corresponds to the currency of the country for which the awards are calculated and relies on monthly data. Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60 and 120 months. The highest Lipper Leader® for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five or 10 years. For a detailed explanation, please review the Lipper Leader methodology document.
US local classifications are used in the United States, rather than Lipper Global Classifications. Institutional funds are included in the universe of eligible funds. Since Lipper Leader scores are not calculated for money market funds, these categories are excluded from all fund award calculations. Additionally, S&P 500 Index funds, S&P Midcap 400 Index funds, equity leverage funds, specialty diversified equity funds, specialty fixed income funds, specialty/miscellaneous funds, other states’ single state municipal debt funds, other states’ intermediate municipal debt funds, and other states’ short/ intermediate municipal debt funds are not eligible to receive classification awards. Only one share class (the one with the best Lipper Leader score) is used for each portfolio in determining asset class and overall awards. Some funds may be excluded from award contention if, in the opinion of Refinitiv Lipper’s Research staff, the portfolio has undergone too many classification changes or changed classifications recently. The calculation periods are through the end of November of the respective evaluation year.
Refinitiv Lipper Fund Awards, ©2023 Refinitiv. All rights reserved. Used under license.
Investment Partner
Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management pursues specialized investment strategies with exceptional depth of resources and expertise. Since its earliest beginnings, providing research and analysis of income producing securities to Depression-era investors, the firm's attention has been set on identifying attractive opportunities through active management and fundamental research, while managing the associated risks. Today, building on a distinguished legacy, Duff & Phelps has earned a reputation as a leader in investing in Global Listed Infrastructure, Global Listed Real Estate, Clean Energy, and Diversified Real Assets.
Quality. Reliability. Specialization. Since 1932.
Learn more about Duff & Phelps Investment Management Co.
Investment Professionals

David D. Grumhaus, Jr.
President and Chief Investment Officer
Industry start date: 1989
Start date as fund Portfolio Manager: 2015

Rodney C. Clayton, CFA
Managing Director, Portfolio Manager, and Senior Research Analyst
Industry start date: 2004
Start date as fund Portfolio Manager: 2020
Key Features
Extensive Fundamental Research
Pursues attractive risk-adjusted total returns and growth opportunities across the U.S. energy value chain by analyzing supply/demand trends and individual company management strength
Strong Cash Flows
Long-term contracts and exposure to rising U.S. production and exports drive strong cash flow
Quality Focus
High-conviction portfolio of 25-35 securities emphasizes geographic footprints in high-quality basins of the U.S.
Top Holdings (% Invested Assets)
Security | |
---|---|
Cheniere Energy Inc | |
Targa Resources Corp | |
Energy Transfer LP | |
Enterprise Products Partners LP | |
Plains GP Holdings LP | |
Mplx LP | |
Hess Midstream LP | |
Williams Cos Inc/The | |
ONEOK Inc | |
EnLink Midstream LLC |
Holdings are subject to change.
Characteristics4
(as of 09/29/2023)Average Weighted Market Cap (billions) | $29.02 |
Median Market Cap (billions) | $19.21 |
Trailing P/E Ex-Negative Earnings | 10.96 |
Price-to-Cash Flow | 5.89 |
Price-to-Book Value | 4.81 |
3-Year Earnings Growth Rate | 19.52 |
Ownership Structure (% Fund)
(as of 09/29/2023)Major Midstream Companies | 41.57% |
Midstream MLP | 18.63% |
MLP Affiliate & Other | 16.87% |
Embedded General Partner | 14.45% |
Pure Play General Partner | 5.44% |
Cash | 3.04% |
Sector Allocation (% Equity)
Diversified | |
Gathering/Processing | |
Liquefied Natural Gas | |
Petroleum Transportation & Storage | |
Downstream/Other | |
Electric LDC & Power | |
Natural Gas Pipelines |
Growth of $10,000 Investment
From toPerformance
Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.
Sales Charge and Expenses
Risk Statistics3
(as of )Fund | Index | |
---|---|---|
R2 | ||
Beta | ||
Alpha | ||
Std Dev |
Risk Considerations
Financial Materials
Holdings
SEC 19(a) Notices
News Releases/Communication
June 28, 2021 - Merger of Duff & Phelps Select MLP and Midstream Energy Fund Inc. Into Virtus Duff & Phelps Select MLP and Energy Fund Completed; Share Conversion Price Announced | |
June 2, 2021 - Trading in Shares of Duff & Phelps Select MLP and Midstream Energy Fund Inc. to Cease June 21 Prior to Merger |
Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus and summary prospectus contains this and other information about the fund. Please contact your financial representative, call 1-800-243-4361 to obtain a current prospectus and/or summary prospectus. You should read the prospectus and/or summary prospectus carefully before you invest or send money.
Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.
Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. NAV returns do not include the effect of any applicable sales charges. POP and w/CDSC returns include the effect of maximum applicable sales charges.
Returns for periods of less than one year are cumulative total returns.
1 Yields/Distributions: 30-day SEC Yield is a standardized yield calculated according to a formula set by the SEC, and is subject to change. 30-day SEC Yield (unsubsidized) is the 30-day SEC Yield without the effect of applicable expense waivers. Distribution Rate is calculated by (a) annualizing the latest income distribution for fixed income funds or funds less than 1 year old, or (b) summing all income distributions over the preceding 12 months for all other funds, and dividing the NAV on the last business date of the period, unless otherwise indicated. The Distribution Rate may be comprised of ordinary income, net realized capital gains and returns of capital.
2 Distribution History: Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain
3 Risk Statistics: R2 is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. Beta is a quantitative measure of the volatility of a given portfolio to the overall market. Alpha is a risk adjusted measure of an investment's excess return relative to a benchmark. A positive Alpha indicates that the investment produced a return greater than expected for the risk (as measured by Beta) taken. Standard Deviation measures variability of returns around the average return for an investment fund. Higher standard deviation suggests greater risk. Risk Statistics are calculated using 36 monthly returns.
4 Characteristics: For Equity Funds: Avg. Weighted Market Cap (bn): The sum of each security's weight within the fund (or index) multiplied by the security's market capitalization; Trailing P/E Ex-Negative Earnings: Per-share stock price divided by the latest 12-months Earnings per Share; Price/Cash Flow: Per-share stock price divided by the per-share operating cash flow; Price/Book: Per-share stock price divided by the latest 12-month per-share Book Value; 3-Year EPS Growth Rate: Average of earnings per share growth for latest 3-year period. The 3-Year EPS Growth Rate is not a forecast of the fund's performance.
4 Characteristics: For Fixed Income Funds: Effective Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's effective duration is five years, a 1% increase in interest rates would result in a 5% decline in the fund's price. Similarly, a 1% decline in interest rates would result in a 5% gain in the fund's price.
Morningstar Disclosures:
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.
© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.