The Fund Grade · free · no account needed
What grade does SMAPX get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Salient MLP & Energy Infrastructure Fund, Class A
#499 of 500 graded active funds · blend · large segment peer group
The point · specialist footprint
SMAPX puts less of its book behind proven specialists than 93% of graded funds.
● Bottom 20%
Bottom 40%
Middle
Top 40%
Top 20%
That has mattered: over the past 2.7 years, funds with this little specialist backing trailed top-rung funds by about 3.8% per quarter and beat the S&P in only 22% of fund-quarters. If it also charges an active fee, the higher-graded alternatives deserve a look.
10,000+ funds tracked · the graded specialists among them drive every read
3 funds in the same segment carry an A. Members see the names and what they charge. See the alternatives →
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
SMAPX vs the Honor Roll · share card ↗Conviction exposure
0.4%
of the book in specialist-converged names
Late-stage weight
45.9%
of the book in Crowded or Fading names
Active share
99.4%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
SMAPX ranks 499 out of 500 graded funds, with specialists making up just 0.4% of its ownership and nearly half the portfolio in late-stage positions. Five of its largest holdings, including DTM, KMI, and EPD, are actively being exited by specialists. MPLX, TRGP, and OKE offer some early positioning, but they are a small offset against the broader picture.
→ Monitor the five fading positions, DTM at 7.7%, KMI at 6.9%, EPD at 4.9%, WES at 3.6%, and AM at 2.4%, as specialist exits there signal weakening conviction.
→ Compare this F-rated fund against the three higher graded peers in the same segment, since the grade gap here is near the bottom of the entire universe.
Support leaving these positions
Read from today's disclosed book. Evidence, not advice.