SMLPX
WESTWOOD SALIENT MLP & ENERGY
Ultimus Managers Trust
Expense ratio1
1.08%
Net assets2
$1.30B
Holdings2
37
Category
US Equity
2025 return3
5.24%

Investment objective & strategy

As of March 5, 2026 · prospectus

Objective. The investment objective of the Westwood Salient MLP & Energy Infrastructure Fund (the Fund or the MLP Fund) seeks to maximize total return (capital appreciation and income).

Strategy. Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of Master Limited Partnerships (MLPs) (as defined below) and Energy Infrastructure Companies. The Fund invests in equity securities such as common units, preferred units, subordinated units, general partner interests, common shares and preferred shares in MLPs and Energy Infrastructure Companies. The Fund also may invest in investment grade debt securities issued by MLPs and Energy Infrastructure Companies of any maturity. The Fund may invest in MLPs and Energy Infrastructure Companies of any market capitalization ranges. Energy Infrastructure Companies include clean energy companies engaged in renewable energy electricity generation … Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of Master Limited Partnerships (MLPs) (as defined below) and Energy Infrastructure Companies. The Fund invests in equity securities such as common units, preferred units, subordinated units, general partner interests, common shares and preferred shares in MLPs and Energy Infrastructure Companies. The Fund also may invest in investment grade debt securities issued by MLPs and Energy Infrastructure Companies of any maturity. The Fund may invest in MLPs and Energy Infrastructure Companies of any market capitalization ranges. Energy Infrastructure Companies include clean energy companies engaged in renewable energy electricity generation (wind, solar, hydrogen, geothermal, biomass, etc.), renewable storage and transmission, renewable energy equipment development manufacturing, electrified transport, biofuel production or energy efficiency solutions (including smart grid). The Fund is non-diversified, which means that it may invest in a limited number of issuers. MLPs are entities structured as master limited partnerships. Master limited partnerships are limited partnerships and limited liability companies that are publicly traded and are treated as partnerships for federal income tax purposes. The Funds MLP investments are generally focused on energy infrastructure investments in pipelines and processes involving the gathering, processing, distributing and marketing of natural gas, natural gas liquids, crude oil, or other refined products. Energy Infrastructure Companies are companies, including affiliates of MLPs, that own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, electricity, or renewable energy or that provide energy-related services. For purposes of this definition, such companies (i) derive at least 50% of their revenues or operating income from operating such assets or providing services for the operation of such assets or (ii) have such assets that represent the majority of their assets. The Fund will invest at least 50% of its total assets in Midstream MLPs and Midstream Energy Infrastructure companies. Midstream MLPs are MLPs that principally own and operate assets used in energy logistics, including, but not limited to, assets used in transporting (including marine), storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products. Midstream Energy Infrastructure Companies are companies, other than Midstream MLPs, that own and operate assets used in energy logistics, including, but not limited to, assets used in transporting (including marine), storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products. The Fund may directly invest up to but not more than 25% (or such higher amount as permitted by any applicable tax diversification rules) of total assets, at the time of investment, in equity or debt securities of master limited partnerships. This limit does not apply to securities issued by MLP affiliates, which are not treated as publicly traded partnerships for federal income tax purposes. The Fund may invest up to but not more than 15% of total assets in debt securities of Energy Infrastructure Companies. The Fund may invest up to but not more than 12.5% of total assets in any single issuer. The Fund may invest up to 15% of net assets in unregistered and other illiquid securities. The Fund may engage in covered call writing. The Fund currently expects to write call options for the purpose of generating realized gains or reducing the Funds ownership of certain securities. The Fund will only write call options on securities that are held in the portfolio (i.e . , covered calls). The Fund may borrow to purchase securities, which would add leverage to the portfolio. The investment process of the Funds investment adviser, Westwood Management Corp. (the Adviser), is designed to generate returns by investing in a portfolio of publicly traded MLPs and Energy Infrastructure Companies. Returns are typically driven by the distribution yield plus expected annual growth in the cash distributions. The Adviser maintains proprietary business valuation models and analyzes key variables such as cash flow stability, growth profile, commodity price sensitivity, balance sheet strength, hedging profile, management strength, competitive landscape and other factors. The Adviser employs a bottom up research-driven stock selection process with an emphasis on the opportunity set and growth prospects for each target investment. Changes in the laws of the United States, including tax laws and regulations, could result in the inability of the Fund to operate as described in this prospectus and the SAI and could adversely affect the Fund (see Tax Law Change Risk below). The percentage limitations applicable to the portfolio described above apply at the time of investment, and the Fund will not be required to sell securities due to subsequent changes in the value of securities owned. However, although the Fund may not be required to sell securities due to subsequent changes in value, if such changes cause the Fund to have invested less than 80% of total assets in securities of MLPs and Energy Infrastructure Companies, the Fund will be required to make future purchases of securities in a manner so as to come into compliance with this investment policy. The Fund will invest primarily in companies located in North America, but the Fund may invest in companies located anywhere in the world.

Top holdings

As of Jan. 31, 2026 · N-PORT
SecurityTickerValue% of fund
MLP ET $125.23M 9.60%
KINDER MORGAN INC $112.12M 8.60%
DT MIDSTREAM INC $100.71M 7.72%
WILLIAMS COS INC $100.55M 7.71%
ENBRIDGE INC $95.68M 7.34%
TC ENERGY CORP $65.14M 5.00%
KEYERA CORP $62.51M 4.79%
MPLX LP PARTNERSHIP SHARES MPLX US $62.18M 4.77%
Enterprise Products Partners LP $60.40M 4.63%
CHENIERE ENERGY INC $56.54M 4.34%
View all holdings →

Allocation by sector

As of January 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Oct 31, 2025 → Jan 31, 2026
Opened
0
Exited
0
Increased
8
Decreased
14
Unchanged
16

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

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Advisers

As of October 31, 2025 · N-CEN
FirmRole
Westwood Management Corp. Adviser

Footnotes

  1. Expense ratio as of March 5, 2026, from the fund's prospectus.
  2. Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.

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