If you're looking for a Sector - Energy fund category, then a potential option is Oppenheimer SteelPath MLP Income C (MLPRX Quick QuoteMLPRX - Free Report) . MLPRX holds a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.

Objective

Zacks categorizes MLPRX as Sector - Energy, a segment packed with options. Sector - Energy mutual funds encompass a wide range of vastly changing and vitally important industries throughout this massive global sector. Oil and gas comprise the bulk of the exposure here, and carbon-based fuels are going to be the majority of assets in these funds. However, clean energy is starting to pick up steam.

History of Fund/Manager

Invesco is based in Kansas City, MO, and is the manager of MLPRX. Oppenheimer SteelPath MLP Income C made its debut in May of 2011, and since then, MLPRX has accumulated about $789.70 million in assets, per the most up-to-date date available. Stuart Cartner is the fund's current manager and has held that role since May of 2011.

Performance

Investors naturally seek funds with strong performance. This fund in particular has delivered a 5-year annualized total return of -4.91%, and it sits in the top third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of -3.97%, which places it in the top third during this time-frame.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Over the past three years, MLPRX's standard deviation comes in at 17.4%, compared to the category average of 12.06%. The fund's standard deviation over the past 5 years is 20.59% compared to the category average of 12.74%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should always remember the downsides to a potential investment, and this segment carries some risks one should be aware of.

Investors should not forget about beta, an important way to measure a mutual fund's risk compared to the market as a whole. MLPRX has a 5-year beta of 1.01, which means it is likely to be as volatile as the market average. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. MLPRX's 5-year performance has produced a negative alpha of -13.9, which means managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Expenses

For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, MLPRX is a no load fund. It has an expense ratio of 2.14% compared to the category average of 1.55%. So, MLPRX is actually more expensive than its peers from a cost perspective.

Investors need to be aware that with this product, the minimum initial investment is $1,000; each subsequent investment has no minimum amount.

Bottom Line

Overall, Oppenheimer SteelPath MLP Income C ( MLPRX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, worse downside risk, and higher fees, this fund looks like a somewhat average choice for investors right now.

For additional information on the Sector - Energy area of the mutual fund world, make sure to check out www.zacks.com/funds/mutual-funds. There, you can see more about the ranking process, and dive even deeper into MLPRX too for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike.