First Trust Energy Income And Growth Fund (FEN)
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Investment Objective/Strategy - First Trust Energy Income and Growth Fund (the "Fund") is a non-diversified, closed-end management investment company. The Fund's investment objective is to seek a high level of after-tax total return with an emphasis on current distributions paid to shareholders. The Fund pursues its objective by investing in cash-generating securities of energy companies, with a focus on investing in publicly-traded MLPs, related public entities in the energy sector and other public companies, which EIP believes offer opportunities for income and growth. Under normal market conditions, the Fund will invest at least 85% of its managed assets in securities of energy companies, energy sector MLPs and MLP-related entities.
There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors.
Ticker FEN
Fund Type Energy
Investment Advisor First Trust Advisors L.P.
Portfolio Manager/Sub-Advisor Energy Income Partners, LLC
Investor Servicing Agent BNY Mellon Investment Servicing (US) Inc.
CUSIP 33738G104
Fiscal Year-End 11/30
Exchange NYSE American
Inception Price $20.00
Inception NAV $19.10
Current Fund Data (as of 1/17/2020)
Closing NAV1 $21.73
Closing Market Price2 $23.12
Premium to Net Asset Value (NAV) 6.40%
Total Managed Assets $580,880,090
Common Shares Outstanding 20,011,594
Dividend Frequency Quarterly
Dividend Per Share Amt3 $0.5800
Distribution Rate4 10.03%
Daily Volume 110,495
Average 30-Day Daily Volume 108,198
Closing Market Price 52-Week High/Low $23.40 / $20.10
Closing NAV 52-Week High/Low $22.81 / $19.54
Expense Ratios (as of 5/31/2019)
Annual Expenses Percent of
Net Assets Percent of
Management Fees 1.35% 1.00%
Total Operating Expenses 1.53% 1.14%
Leverage Costs 1.39% 1.03%
Current Inc Tax Expenses 5.83% 4.31%
Deferred Inc Tax Expenses -2.38% -1.76%
Total Annual Expenses 6.37% 4.72%
Leverage costs include interest, fees and any upfront/offering costs associated with borrowings by the Fund.
FEN is treated as a regular C corporation for U.S. federal income tax purposes and as such is obligated to pay federal and applicable state and foreign corporate taxes on its taxable income.
Leverage Information (as of 1/17/2020)5
Total Net Assets with Leverage $580,880,090
Amount Attributable to Common Shares $434,880,090
Amount Attributable to Preferred Shares $0
Amount Attributable to Other Borrowings $146,000,000
Leverage (% of Total Net Assets) 25.13%
Market Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Top 10 Holdings (as of 12/31/2019)6
Holding Percent
Enterprise Products Partners, L.P. 13.12%
Magellan Midstream Partners, L.P. 9.40%
TC Energy Corp. 8.60%
TC Pipelines, L.P. 8.06%
Kinder Morgan, Inc. 7.47%
Enbridge, Inc. 5.59%
Plains All American Pipeline L.P. 4.91%
Energy Transfer L.P. 4.35%
ONEOK, Inc. 3.91%
Williams (The) Cos., Inc. 3.77%
Industry Breakdown (as of 12/31/2019)6
Industry Percent
Natural Gas Transmission 34.43%
Petroleum Product Transmission 29.90%
Crude Oil Transmission 18.86%
Electric Power & Transmission 13.58%
Coal 1.60%
Other 1.33%
Propane 0.30%
Performance (as of 12/31/2019)
3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Inception7
Fund Performance *
Net Asset Value (NAV) 0.42% 20.73% 20.73% 2.88% -2.26% 8.32% 8.54%
Market Price 2.67% 34.63% 34.63% 4.87% -0.14% 8.07% 8.70%
*Total return is the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan, and changes in the NAV and Market Price. The NAV total return takes into account the fund's total annual expenses and does not reflect sales load. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. Past performance is not indicative of future results.
1 The fund's NAV is calculated by dividing the value of all the fund's assets, less all liabilities, by the total number of common shares outstanding.
2 Fund shares are purchased and sold on an exchange at their market price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
4 Distribution rates are calculated by annualizing the most recent distribution paid or declared through today's date and then dividing by the most recent market price. The distribution consists of the sum of net investment income, net realized short-term capital gains, net realized long-term capital gains, and return of capital. Distribution rates may vary. Any distribution adjustment will not be reflected until after the declaration date for the next distribution. See the fund's 19a-1 Notices, if any, located under the "News & Literature" section of the website for estimates of distribution sources. Final determination of the source and tax status of all distributions paid in the current year will be made after year-end.
5 Leverage is a technique where a closed-end fund's manager borrows assets at one rate and invests the proceeds from the borrowed assets at another rate, seeking to increase yield and total return. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
6 Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-PORT Part F) that are based on trade date recording of security transactions. Holdings are subject to change.
7 Inception Date is 6/24/2004
The fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company. Investment return and market value of an investment in the fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.
Because the fund is concentrated in securities issued by energy companies, energy sector MLPs and MLP-related entities, it will be more susceptible to adverse economic or regulatory occurrences affecting those industries, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.
The fund's use of derivatives may result in losses greater than if they had not been used, may require the fund to sell or purchase portfolio securities at inopportune times, may limit the amount of appreciation the fund can realize on an investment, or may cause the fund to hold a security that it might otherwise sell.
Investment in non-U.S. securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.
Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
The risks of investing in the fund are spelled out in the prospectus, shareholder report and other regulatory filings.
Not FDIC Insured • Not Bank Guaranteed • May Lose Value