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Mutual Fund Alternative Mid-Stream Energy

Duff & Phelps Select MLP and Energy

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$ (as of )
Total Assets by Class
$2,148,937.86 (as of 11/26/2021)
Total Assets by Fund
$24,253,284.14 (as of 11/26/2021)
Morningstar Category
Energy Limited Partnership

Portfolio Overview

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.

Management Team

Investment Partner

Duff & Phelps Investment Management Co.

Learn more about Duff & Phelps Investment Management Co.

Investment Professionals

David Grumhaus

David D. Grumhaus, Jr.

President and Chief Investment Officer

Industry start date: 1989
Start date as fund Portfolio Manager: 2015

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Image - Photo - Rodney Clayton

Rodney C. Clayton, CFA

Managing Director, Portfolio Manager, and Senior Research Analyst

Industry start date: 2004
Start date as fund Portfolio Manager: 2020

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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 30-40 securities emphasizes geographic footprints in high-quality basins of the U.S.

Portfolio Characteristics

Top Holdings (% Invested Assets)

(as of 09/30/2021)
Targa Resources Corp
Cheniere Energy Inc
Energy Transfer LP
Williams Cos Inc/The
Plains GP Holdings LP
Western Midstream Partners LP
Hess Midstream LP
Kinder Morgan Inc
Pembina Pipeline Corp

Holdings are subject to change.


(as of 09/30/2021)
Average Weighted Market Cap (billions) $21.03
Median Market Cap (billions) $14.58
Trailing P/E Ex-Negative Earnings 12.03
Price-to-Cash Flow 7.43
Price-to-Book Value 2.74
3-Year EPS Growth Rate -3.35

Ownership Structure (% Fund)

(as of 09/30/2021)
Major Midstream Companies 40.67%
MLP Affiliate & Other 21.53%
Midstream MLP 20.43%
Embedded General Partner 15.38%
MLP Other 1.62%
Cash 0.37%

Sector Allocation (% Equity)

(as of 09/30/2021)
Petroleum Transportation & Storage
Electric LDC & Power
Natural Gas Pipelines

Performance & Risk

Growth of $10,000 Investment

From to
This chart assumes an initial investment of $10,000 made on for Class ddd shares including any applicable sales charges. Performance assumes reinvestment of dividends and capital gain distributions.


As of
As of

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

Yields / Distributions1

(as of )
30-day SEC Yield
30-day SEC Yield (unsubsidized)
Distribution Rate (at NAV)
Income Distributions Current Month
Income Distributions YTD

Distribution History2

(as of )
Reinvest NAV

Risk Statistics3

(as of )
Fund Index
Std Dev

Risk Considerations

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
Energy Industry Concentration: The portfolio's investments are concentrated in the energy industry and presents greater risks than if the portfolio was broadly diversified over numerous sectors of the economy.
Master Limited Partnerships: Investments in MLPs may be adversely impacted by interest rates, tax law changes, regulation, or factors affecting underlying assets.
Foreign Investing: Investing in foreign securities subjects the portfolio to additional risks such as increased volatility, currency fluctuations, less liquidity, and political, regulatory, economic, and market risk.
Non-Diversified: The portfolio is non-diversified and may be more susceptible to factors negatively impacting its holdings to the extent that each security represents a larger portion of the portfolio's assets.
Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio's assets as intended.
Prospectus: For additional information on risks, please see the fund's prospectus.

Related Literature

Marketing Materials

Virtus Duff & Phelps Select MLP and Energy Fund Fact Sheet - I

Financial Materials

Virtus Alternative Solutions Trust Statutory Prospectus
Virtus Duff & Phelps Select MLP and Energy Fund Summary Prospectus
Virtus Alternative Solutions Trust Prospectus XBRL 485B 02 26 2021
Virtus Alternative Solutions Trust SAI
Virtus Alternative Solutions Trust Annual Report
Duff & Phelps Select MLP and Midstream Energy Fund Inc. Semiannual Report Dated 05 31 2021
Virtus Alternative Solutions Trust Semiannual Report


Virtus Duff & Phelps Select MLP and Energy Fund - Quarterly Report
Virtus Duff & Phelps Select MLP and Energy Fund Top Holdings
Virtus Duff & Phelps Select MLP And Energy Fund Holdings Fiscal Q1
Virtus Duff & Phelps Select MLP And Energy Fund Holdings Fiscal Q3

SEC 19(a) Notices

Virtus Duff & Phelps Select MLP and Energy SEC 19(a) Notice

News Releases/Communication

June 2, 2021 - Trading in Shares of Duff & Phelps Select MLP and Midstream Energy Fund Inc. to Cease June 21 Prior to Merger
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

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 total dollar market value of all of a company’s outstanding shares; 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.

© 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.