Sector: Financials | Industry: Closed End Funds |
See Regulatory Filings on SEC |
Company Contact | |
Address: | 620 EIGHTH AVENUE, 47TH FLOOR NEW YORK NY 10018 |
Tel: | N/A |
Website: | www.leggmason.com |
IR: | See website |
Key People | ||
Jane E. Trust Chairman of the Board, President, Chief Executive Officer | Christopher Berarducci Principal Financial Officer, Treasurer | Jeanne M. Kelly Senior Vice President |
Thomas C. Mandia Senior Vice President | Fred Jensen Chief Compliance Officer | Marc A. De Oliveira Secretary, Chief Legal Officer |
Business Overview |
ClearBridge MLP and Midstream Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide a high level of total return with an emphasis on cash distributions. The Fund seeks to achieve its objective by investing primarily in energy master limited partnerships (MLPs) and energy midstream entities. The Fund considers an entity to be within the energy sector if it derives at least 50% of its revenues from the business of exploring, developing, producing, gathering, fractionating, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil and refined petroleum products or coal. The Fund may also invest up to 20% of its managed assets in other securities that are not MLPs or midstream entities. The Fund's investment manager is Legg Mason Partners Fund Advisor, LLC and ClearBridge Investments, LLC is the Fund's sub adviser. |
Financial Overview |
For the fiscal year ended 30 November 2023, Clearbridge MLP and Midstream Fund Inc revenues increased 40% to $16.2M. Net income decreased 67% to $60.6M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income was offset by Investments decrease from $148.1M (income) to $59.5M (expense), Other Operating Expense increase of 88% to $3.2M (expense). |