CLEARBRIDGE MLP AND MIDSTREAM FUND INC ClearBridge MLP and Midstream Fund Inc. (CEM)
Real Assets | Fact Sheet as of December 31, 2022
Investment Overview
Provides an efficient, single investment for accessing a portfolio of energy-related master limited partnerships (MLPs) and midstream entities. Seeks a high level of total return with an emphasis on cash distributions. Targets energy-related midstream entities and MLPs with long-lived assets and predictable cash flows.
Total Returns (%)
Cumulative | Average Annual | Inception | |||||||||
3-Mth | 6-Mth | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Inception | Date | |||
Market Price Return | 13.89 | 20.28 | 32.61 | 32.61 | -8.44 | -7.03 | -3.84 | -0.65 | 6/25/2010 | ||
NAV Returns | 11.89 | 16.21 | 28.71 | 28.71 | -7.90 | -5.40 | -2.68 | 0.44 | 6/25/2010 | ||
Calendar Year Total Returns (%)
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Market Price Return | 32.61 | 72.53 | -66.46 | 20.03 | -24.61 | 7.60 | 12.77 | -40.55 | 7.49 | 25.50 |
NAV Returns | 28.71 | 64.04 | -62.99 | 17.65 | -17.55 | -0.75 | 17.35 | -39.68 | 11.53 | 28.34 |
Performance shown represents past performance and is no guarantee of future results. Current performance may be higheror lower than the performance shown. Investment return andprincipal value will fluctuate so shares, when sold, may be worth more orless than the original cost.Returns based onMarket Price orNAV, and assume the reinvestment of all distributions atthe Dividend ReinvestmentPlan Price or NAV,respectively. All returnsinclude the deduction of management fees, operatingexpenses and allother fund expenses, anddo not reflect the deduction of brokerage commissionsor taxesthat investorsmay pay ondistributions orthe sale of shares.When applicable, performance would have been lowerif fees hadnot beenwaivedin variousperiods. The index isunmanagedand includesreinvestment of any income or distributions. It does notreflect any fees, expenses or sales charges. One cannot invest directly inan index, and an index is not representative of the fund'sportfolio. Indexdata is providedfor comparisonpurposes only.The fund isnot managedagainst anindex. Returns for periodsof lessthan oneyear are not annualized.Please visitfranklintempleton.com forthe mostrecent month-endperformance.
Gross expenses are the fund's total annual operating expenses as of the fund's prospectus available at the time of publication. Actual expenses may be higher and may impact portfolio returns. Net expenses reflect voluntary fee waivers, expense caps and/or reimbursements. Voluntarywaiversmaybe modifiedor discontinuedatany timewithoutnotice. NAV istotal assets less totalliabilitiesdividedby thenumberof sharesoutstanding. Market Price, determinedbysupply anddemand,is thepricean investorpurchasesor sells thefund. TheMarketPrice maydifferfrom afund's NAV. Premium / Discount reflectsthedifferencebetweentheNAVand theMarketPriceof thefund, andrepresents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV. Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. Distribution Rate includes income and return of capital, if any, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder's investment. At year-end the Fund will issue a Form 1099 with the final composition of the distribution for tax purposes. A current estimate of the distribution's composition can be found on each fund's individual page or in the most recent distribution press release and/or Section 19 notice located in the press release section of each fund's individual page. The difference between total assets and net assets, if any, is due primarily to the fund's use of borrowings and other liabilities; netassets do not include borrowings. The fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreementsand/or other instruments. When the fund engages in transactions that have a leveraging effect on the fund's portfolio, the value of thefund will be more volatile and all other risks will tend to be compounded.
Growth of $10,000
Inception through December 31, 2022
Market Price Returns, assuming dividends reinvested
20K | $9,221 | ||||
15K | |||||
10K | |||||
5K | |||||
0K | Jan-13 | Oct-20 | Dec-22 | ||
Jun-10 | Aug-15 | Mar-18 |
The Growth of $10,000 chart reflects a hypothetical $10,000 investment on Market Price and assumes reinvestment of dividends and capital gains. Fund expense, including management fees and other expenses were deducted.
Fund Overview
NYSE - XNYS Ticker | CEM |
NAV Symbol | XCEMX |
Listed Exchange | NYSE - XNYS |
Fund Inception Date | 06/25/2010 |
NAV | $39.15 |
Market Price | $33.36 |
Premium/Discount | -14.79% |
Last Distribution Paid | $0.6200 |
Distribution Rate at Market | |
Price (%) | 7.43 |
Distribution Rate at NAV (%) | 0.06% |
Dividend Frequency, if any | Quarterly |
Fund Characteristics | Fund | |
Total Assets | $777.59 | Million |
Loans | 17.75% | |
Fixed Rate Notes | 6.98% | |
PreferredShares | 8.20% | |
Total Net Assets | $521.51 | Million |
Number of Holdings | 26 |
tel: (800) DIAL BEN/342-5236| franklintempleton.com
Not FDIC Insured | May Lose Value | No Bank Guarantee
ClearBridge MLP and Midstream Fund Inc. (CEM)
December 31, 2022
Asset Allocation (% of Total)
Fund | |
Diversified Energy Infrastructure | 47.74 |
Liquids Transportation & Storage | 23.47 |
Gathering/Processing | 21.95 |
Natural Gas Transportation & Storage | 3.49 |
Cash | 3.36 |
Portfolio Management
Years with Firm | Years of Experience | |
Chris Eades | 15 | 31 |
Peter Vanderlee, CFA | 29 | 24 |
Michael Clarfeld, CFA | 16 | 23 |
With a legacy dating back over 60 years, ClearBridge Investments is a leading global equity manager committed to delivering differentiated long-term results through authentic active management.
Top Equity Issuers (% of Total)
Fund | |
MPLX LP | 7.95 |
Energy Transfer LP | 7.71 |
Western Midstream Partners LP | 7.40 |
Enterprise Products Partners LP | 7.28 |
Magellan Midstream Partners LP | 5.61 |
Targa Resources Corp | 5.58 |
Williams Cos Inc/The | 5.41 |
ONEOK Inc | 4.64 |
Kinder Morgan Inc | 4.30 |
Plains All American Pipeline LP | 4.23 |
What should I know before investing?
All investments are subject to risks, including the possible loss of principal. The Fund's concentration of investments in energy related MLPs and midstream entities subject it to the risks of MLPs, midstream entities and the energy sector, including the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. Leverage may result in greater volatility of NAV and the market price of common shares and increases a shareholder's risk of loss. The Fund may make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.MLP cash distributions are generally tax deferred. Non-cash expenses, such as depreciation or depletion, usually offset income derived from an MLP's operations. To the extent that these expenses exceed income, cash distributions are considered return of capital under tax law. As such, they are not taxed when received. Instead, the distribution, in the form of return of capital, reduces a unit holder's cost basis. This adjusted cost basis, in turn, results in a higher capital gain or lower capital loss when the units are sold. Of course, there can be no assurances that distributions from an MLP will be tax deferred. The Fund will be treated as a regular corporation for U.S. federal income tax purposes and, as a result, unlike most investment companies, is subject to corporate income tax to the extent the Fund recognizes taxable income. Any taxes paid by the Fund will reduce the amount available to pay distributions to investors, and therefore investors in the Fund will likely receive lower distributions than if they invested directly in MLPs or midstream entities.
Important Information
The Closed-End Funds arenot sold or distributed by Franklin Distributors,LLC, or any affiliate of Franklin Resources, Inc. Unlike open-endfunds, shares are not continually offered. Like other public companies, closed-endfunds have a one-timeinitial public offering, and once their shares are first issued, are generally bought and sold through non-affiliatedbroker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-endfunds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested.
Distributions are not guaranteed and are subject to change.
CFA® andCharteredFinancialAnalyst® aretrademarksownedby CFAInstitute.
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Important data provider notices and terms available at www.franklintempletondatasources.com.
- 2022 Franklin Templeton. Franklin Distributors, LLC. Member FINRA/SIPC. ClearBridge Investments, LLC, and Franklin Distributors, LLC, are Franklin Templeton affiliated companies.
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2023-01-24 UTC 14:15:30:454
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Clearbridge MLP and Midstream Fund Inc. published this content on 31 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2023 15:28:02 UTC.
