Invesco SteelPath MLP Select 40 Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Invesco SteelPath MLP Select 40 Fund held 48 positions with $2.33B in net assets. Its ten largest holdings made up 60.7% of the fund. The MLPEX share class costs 2.19% a year. Over the 12 months to May 2026, MLPEX returned 25.0%, with dividends reinvested. In 2026 Q2 it added no new positions and exited 2.
The Funds investment objective is to seek total return.
The fund invests at least 80% of assets in master limited partnerships and similar instruments engaged in energy infrastructure—gathering, processing, transporting, storing, and marketing natural gas, crude oil, and refined products—selecting from a minimum of 40 MLPs based on fundamental analysis of cash flow growth, distribution sustainability, management quality, and insulation from commodity price swings. The fund concentrates its portfolio in energy sector securities and will exit positions when the adviser determines that key characteristics have materially deteriorated or returns no longer justify the risk.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Western Midstream Partners, L.P. | 7.56% | $176.27M | 4.1M | $42.87 |
Energy Transfer L.P. | 7.40% | $172.65M | 9.0M | $19.17 |
MPLX L.P. | 6.84% | $159.60M | 2.9M | $54.65 |
Plains All American Pipeline, L.P. | 5.90% | $137.60M | 6.1M | $22.43 |
5.75% | $134.12M | 525.8K | $255.07 | |
5.69% | $132.83M | 2.0M | $66.85 | |
OKEONEOK, Inc. | 5.51% | $128.45M | 1.5M | $83.94 |
Enterprise Products Partners L.P. | 5.43% | $126.72M | 3.4M | $36.79 |
5.38% | $125.54M | 1.8M | $71.39 | |
NGL Energy Partners L.P. | 5.24% | $122.27M | 7.2M | $17.10 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 48 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 114.30% |
| Cash & short-term | 1.60% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Energy
- 48.8%
- Other
- 19.7%
- Utilities
- 18.9%
- International
- 5.8%
- 4 other sectors
- 6.8%
- Energy
- 48.8%
- Other
- 19.7%
- Utilities
- 18.9%
- International
- 5.8%
- Consumer Staples
- 3.5%
- Materials
- 1.4%
- Cash
- 1.4%
- Consumer Discretionary
- 0.5%
How it has done
MLPEX share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.19%. Past returns are a record, not a forecast.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 2.19% | +25.03% | +100.23% | +157.24% | -6.85% | |
| 1.69% | +25.70% | +103.57% | +163.85% | -6.72% | |
| 1.19% | +26.25% | +106.42% | +170.40% | -6.71% | |
| 1.10% | +26.40% | +106.94% | +170.87% | -6.76% | |
| 1.09% | +26.41% | +106.99% | +171.31% | -6.71% | |
| 1.44% | +25.92% | +104.95% | +166.88% | -6.72% |
These classes hold the same portfolio, so the 14.07pp spread over 5 years is the cost difference between them — roughly 2.81pp a year — not a difference in what they own.
Fees & fund details
Invesco SteelPath MLP Select 40 Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 1.09% – 2.19%· MLPEX 2.19%
- Portfolio turnover
- 14.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
0 new
2 exited
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