EMO: An Alternative Way To Play This Fund With Capital Gains Potential

seekingalpha07-16

NiseriN The ClearBridge Energy Midstream Opportunity Fund (NYSE:EMO) is a closed-end fund, or CEF, that focuses on investing in midstream master limited partnerships, or MLPs, and corporations. This ...

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This ...</p>\n\n<a href=\"https://seekingalpha.com/article/4704163-emo-an-alternative-way-to-play-this-fund-with-capital-gains-potential\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"KMI","symbol_name":"金德尔摩根","start_time":0,"source_url":"https://seekingalpha.com/article/4704163-emo-an-alternative-way-to-play-this-fund-with-capital-gains-potential","article_id":"2451603929","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1275086161/image_1275086161.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2451603929","pubTimestamp":1721074147,"sourceInfo":{"source_id":"seekingalpha_fund","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"NiseriN The ClearBridge Energy Midstream Opportunity Fund (NYSE:EMO) is a closed-end fund, or CEF, that focuses on investing in midstream master limited partnerships, or MLPs, and corporations. 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This is a sector in which very few broad-market funds invest. There are a few funds, such as the LMP Capital and Income Fund (SCD), that invest 20% or so of their assets in these companies, but most funds largely exclude them. One reason for this is taxation, as funds taxed as registered investment companies are highly limited in their ability to include master limited partnerships. This is a shame, as many of these companies have substantially higher yields than other things in the market. They also enjoy relatively stable cash flows backing their distributions, which tends to make them pretty good as income vehicles. There might be some readers who dispute this, as we did see a few master limited partnerships cut their distributions when oil prices crashed a few years ago. However, as I pointed out in various articles, these distribution cuts were not implemented because of cash flow declines at these companies. Thus, the overall point about most midstream companies enjoying remarkably stable cash flows over time remains valid. As most funds do not invest in these companies, investors are basically forced to either buy their common equity individually (which is difficult to do in a retirement account) or invest in a sector-specific fund, such as the ClearBridge Energy Midstream Opportunity Fund. The high yields possessed by midstream corporations and master limited partnerships allow the ClearBridge Energy Midstream Opportunity Fund to boast a very high yield itself. As of the time of writing, the fund yields 6.50%, which is substantially above the 1.30% yield of the S&P 500 Index (SP500) as well as most other domestic equity indices:   Wall Street Journal As we can see, only the Dow Jones Utility Average Index currently yields more than 3%, and even that is far below the yield of the ClearBridge Energy Midstream Opportunity Fund. However, this fund’s yield is quite a bit lower than that of its peers:   Fund Name Morningstar Classification Current Yield   ClearBridge Energy Midstream Opportunity Fund Equity-MLP 6.50%   Kayne Anderson Energy Infrastructure Fund (KYN) Equity-MLP 8.29%   Neuberger Berman Energy Infrastructure and Income Fund (NML) Equity-MLP 8.71%   NXG Cushing Midstream Energy Fund (SRV) Equity-MLP 12.77%   Tortoise Midstream Energy Fund (NTG) Equity-MLP 7.17%   Click to enlarge As we can clearly see, all the fund’s peers have higher yields than this one does. This is probably at least partly due to this fund’s strong price performance relative to its peers. As we can see here, over the past three years, shares of the ClearBridge Energy Midstream Opportunity Fund have risen by 79.64%. This vastly exceeded the gain provided by any other fund in the peer group:   Seeking Alpha When a fund’s share price increases, its yield declines. Thus, this outperformance has almost certainly been a driving factor behind the fund’s lower-than-average yield. However, many investors might still appreciate it because it did still deliver a very solid level of price appreciation. As regular readers might remember, we previously discussed the ClearBridge Energy Midstream Opportunity Fund in late April 2024. The equity market since that time has generally been pretty strong, but some midstream companies have struggled. After all, the Alerian MLP Index (AMLP) is only up 2.65% since the publication date of the previous article on this fund. As such, we might expect that the ClearBridge Energy Midstream Opportunity Fund has delivered some gains, but nothing particularly extraordinary. This is, in fact, the case. Shares of the fund have appreciated by 1.25% since the date of the previous article’s publication:   Seeking Alpha As we can clearly see, this fund underperformed both the Alerian MLP Index and the S&P 500 Index over the period in question. This is, unfortunately, unlikely to win too many fans despite its previous history of strong performance. The underperformance relative to the S&P 500 Index is likely to be particularly discouraging, as it underperformed by more than ten percentage points. However, investors in this fund did do a bit better than the chart shows. As I explained in a recent article: Closed-end funds typically pay out most or all of their investment profits to their investors in the form of distributions. The basic objective is to keep the portfolio relatively stable in size while giving the investors all of the profits. This differs somewhat from an exchange-traded fund that rarely has any realized capital gains and depends primarily on share price appreciation to reward its investors. The fact that these funds pay out all of their investment profits is the reason why they tend to have higher yields than just about anything else in the market. It also results in shareholders doing much better than the price performance alone would suggest. Therefore, we need to include the distributions that the fund pays out in any discussion of its performance. When we include the fund’s distributions over the past three months in the performance chart shown above, we get this alternative chart:   Seeking Alpha Unfortunately, this still does not speak particularly well for this fund. As clearly shown, investors in the ClearBridge Energy Midstream Opportunity Fund have only realized 2.83% since late April. This is much worse than what investors in the Alerian MLP Index or the S&P 500 Index earned over the same period. Thus, despite the fund’s previous stellar history of outperformance, investors seem likely to be disappointed with it right now. In a recent article on the ClearBridge MLP and Midstream Total Return Fund (CTR) that was linked earlier, I discussed an upcoming merger between the two funds. The ClearBridge Energy Midstream Opportunity Fund will be the sole survivor of this merger. It is likely that at least some of the fund’s poor recent performance relative to the Alerian MLP Index is due to this upcoming merger. We will be sure to discuss that over the remainder of this article. About The Fund According to the fund’s website, the ClearBridge Energy Midstream Opportunity Fund has the primary objective of providing its investors with a very high level of total return. This objective makes sense, as it is the same one possessed by most energy infrastructure funds. However, the website does not provide any real information about how the fund will go about achieving its objectives. Rather, all we get is three bullet points:   Franklin Templeton The only thing that these three bullet points say is that both midstream corporations and partnerships will be included in the portfolio. The fund overview provided on the website does not provide any insight into how the fund’s assets will be divided between midstream corporations and midstream partnerships. It also does not state whether the fund will invest solely in common equities, or if it can include preferred stock and bonds issued by midstream companies. These are all things that we want to know, as they can have a significant impact on the fund’s return profile. For example, take a look at this price chart showing the Alerian MLP Index against three of the largest midstream corporations in the United States over the past three years:   Seeking Alpha The Alerian MLP Index only tracks midstream companies that are structured as partnerships. It does not include those companies engaging in the same business activities that are structured as corporations. The chart above suggests that this may have proven to be a bad thing over the past three years. After all, Targa Resources (TRGP), The Williams Companies (WMB), and ONEOK (OKE) all outperformed the master limited partnership index. We see the same thing if we look back over the past five years:   Seeking Alpha One reason for this is almost certainly that the demand for corporate stocks is greater than the demand for partnership units. A midstream corporation can be held by any fund, these securities can also be included in retirement accounts without tax issues, and some of these companies are even included in broad-market indices like the S&P 500 Index. These last two points are critical since they create buying pressure for the stocks of these companies from individuals trying to save for retirement or those individuals who simply park money in broad-market index funds every month. At least once or twice a day, I see people posting on X (formerly known as Twitter) about passively buying a few hundred dollars worth of an S&P 500 Index fund whenever they get their paychecks. So, there appears to be a significant number of people in this group. The result of this is that there is a lot more buying pressure on the corporations, which can cause their stock price to outperform comparable master limited partnership units. At the same time, midstream corporations tend to have lower yields than midstream partnerships. As of the time of writing, the Alerian MLP Index yields 7.29%. Here is how that compares to the four midstream corporations shown above:   Company Name Current Yield   Kinder Morgan (KMI) 5.70%   Targa Resources 2.22%   The Williams Companies 4.42%   ONEOK 4.68%   Click to enlarge Thus, it is pretty clear that midstream corporations have substantially lower yields than midstream partnerships. This is important for the ClearBridge Energy Midstream Opportunity Fund. If the fund favors investing in corporations versus partnerships, then it will likely benefit from greater capital appreciation but lower income. If the fund favors master limited partnerships over corporations, the reverse is likely to be true. In addition to this, master limited partnerships make their distributions as a return of capital rather than dividend income. The fund can pass this through to its shareholders. Thus, investors who are holding the shares of the fund in a taxable account might prefer a higher percentage of master limited partnerships in the portfolio because it will provide them with more after-tax income. The fund’s first-quarter 2024 holdings report states that it was holding the following assets on February 29, 2024:   Asset Type % of Net Assets   Master Limited Partnerships 84.2%   Common Stocks 55.2%   Money Market Fund 1.6%   Click to enlarge As we can clearly see, the fund is more heavily invested in those midstream companies that are organized as partnerships than ones that are structured as corporations. The fund is specifically investing in the common units issued by these companies. Here is the entire list of the fund’s master limited partnership holdings as of February 29, 2024:   Fund Q1 2024 Holdings Report All of these are the common units of the companies in question. There are no preferred units or bonds in the fund’s master limited partnership allocation. We see the same thing in its allocation to corporate midstream companies:   Fund Q1 2024 Holdings Report These are all common stocks, there are no preferred shares or bonds. In addition to the above common equity units, the fund also had a small position in Aris Water Solutions (ARIS), which operates a network of water pipelines that support the hydraulic fracturing and oil production operations in the Permian Basin. Thus, everything in this fund is common equity issued by a company that supports the oil and gas industry. The only exception is the fund’s position in the JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (JTSXX), which is simply a place for the fund to earn a bit of interest on its free cash. That is not a long-term position by any means. The fact that this fund appears to be entirely investing in common equities works well with its total return objective. That should allow the fund to earn both current income paid by the equities in the fund’s portfolio along with some capital gains. Upcoming Acquisition As I noted in the late June article on the ClearBridge MLP and Midstream Total Return Fund, that fund amassed a large cash position to buy out its shareholders who do not wish to participate in an upcoming merger. The ClearBridge MLP and Midstream Fund (CEM) has done the same, as its website states that the fund was holding 8.74% of its assets in a money market fund as of June 30, 2024:   Franklin Templeton The ClearBridge Energy Midstream Opportunity Fund, however, has seemingly not done this. The website’s list of this fund’s largest positions does not include any money market holdings:   Franklin Templeton This was not because this fund bucked the trend of conducting a tender offer. Indeed, a press release from late June stated:  ClearBridge Energy Midstream Opportunity Fund Inc. announced today the final results for its issuer tender offer for up to 50% of the outstanding shares of common stock of the Fund. The Tender Offer expired on Thursday, June 20, 2024 at 5:00 p.m., New York City time. A total of 7,259,865 Shares were duly tendered and not withdrawn. Because the number of Shares tendered exceeds 6,393,645 Shares, the tender offer has been oversubscribed. Therefore, in accordance with the terms and conditions specified in the tender offer, the Fund will purchase Shares from all tendering stockholders on a pro rata basis, approximately 88.08% of Shares for each stockholder who properly tendered shares have been accepted for payment. The Shares accepted for tender were repurchased at a price of $44.45 equal to 100% of the per Share net asset value, as of the close of the regular trading session of the New York Stock Exchange on June 20, 2024. Payment for such shares will be made on or about June 25, 2024. Shares that were not tendered will remain outstanding.  The list of the top ten holdings presented on the website of the ClearBridge Energy Midstream Opportunity Fund was as of June 30, 2024. It therefore seems likely that what we see there reflects the fund’s holdings after the June 25, 2024, payment for the tendered shares. It is uncertain why the other funds still have the large cash position listed as of the same date, though, since they should have made payment for their own respective tender offers at the same time. The purpose of the tender offers was to provide an easy way for shareholders to get out of the three ClearBridge energy infrastructure funds if they would rather not participate in an upcoming merger. This merger was explained in a January 26, 2024, press release: The approval of each individual merger is not contingent upon the approval of the other merger. If approved, the mergers are expected to occur during the third quarter of 2024. If the proposed mergers are approved by the stockholders of each Fund, (i) common stockholders of CEM and CTR would receive shares of common stock of EMO, based on each Fund’s respective net asset value per share and (ii) holders of CEM’s and CTR’s mandatory redeemable preferred stock would receive shares of MRPS of EMO with the same aggregate liquidation preference and terms to their respective MRPS. In lieu of issuing fractional shares of common stock, EMO will pay cash to each former common stockholder of CEM and CTR in an amount equal to the value of the fractional shares of EMO common stock that the investor would have otherwise received in the merger. Of the three funds, the ClearBridge Energy Midstream Opportunity Fund will be the sole survivor. It does not appear that the fund’s strategy will change upon the completion of this merger (which is expected to occur in mid-August). Indeed, all three of the ClearBridge energy infrastructure funds have nearly identical strategies and portfolios, so there is nothing to change in any case. However, the transactions are being done at net asset value and all three of the funds are currently trading discounted:   Fund Name Current Discount   ClearBridge Energy Midstream Opportunity Fund 10.61%   ClearBridge MLP and Midstream Total Return Fund 11.72%   ClearBridge MLP and Midstream Fund 11.68%   Click to enlarge This basically means that investors who want to own the ClearBridge Energy Midstream Opportunity Fund should purchase one of the other two funds, and not this one. This is because if the share-for-share exchange is done at net asset value, there will be an inbuilt capital gain for anyone who purchases one of the acquired funds discounted. However, the shareholders of the ClearBridge Energy Midstream Opportunity Fund will not benefit from this capital gain. Thus, the best play appears to be purchasing shares of the other funds and then obtaining the shares of ClearBridge Energy Midstream Opportunity Fund when the merger is performed. Conclusion In conclusion, the ClearBridge Energy Midstream Opportunity Fund is a solid energy infrastructure closed-end fund that has been delivering a very high performance in the market over the past few years.  The fund is currently in the process of merging with the other two ClearBridge energy infrastructure closed-end funds, which has created an opportunity for investors. This is to purchase one of the target funds at their current enormous discounts. As the merger will be conducted at net asset value, the value of the ClearBridge Energy Midstream Opportunity Fund shares that are received in the merger should be more than your initial investment. Thus, there is a nice opportunity here.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2451603929"}