Split History
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ClearBridge MLP & Midstream Fund is registered as 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. According to our CEM split history records, ClearBridge Energy MLP Fund has had 1 split.
CEM split history picture
ClearBridge Energy MLP Fund (CEM) has 1 split in our CEM split history database. The split for CEM took place on July 28, 2020. This was a 1 for 5 reverse split, meaning for each 5 shares of CEM owned pre-split, the shareholder now owned 1 share. For example, a 1000 share position pre-split, became a 200 share position following the split.

When a company such as ClearBridge Energy MLP Fund conducts a reverse share split, it is usually because shares have fallen to a lower per-share pricepoint than the company would like. This can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per-share price. The $5 and $10 pricepoints tend to be important in this regard. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. So when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share.

Looking at the CEM split history from start to finish, an original position size of 1000 shares would have turned into 200 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into ClearBridge Energy MLP Fund shares, starting with a $10,000 purchase of CEM, presented on a split-history-adjusted basis factoring in the complete CEM split history. CEM split adjusted history picture

Growth of $10,000.00
With Dividends Reinvested

Start date: 05/28/2014
End date: 05/23/2024
Start price/share: $142.50
End price/share: $46.50
Starting shares: 70.18
Ending shares: 166.72
Dividends reinvested/share: $51.29
Total return: -22.47%
Average Annual Total Return: -2.51%
Starting investment: $10,000.00
Ending investment: $7,756.42
Years: 9.99
 
Growth of $10,000.00
Without Dividends Reinvested

Start date: 05/28/2014
End date: 05/23/2024
Start price/share: $142.50
End price/share: $46.50
Dividends collected/share: $51.29
Total return: -31.38%
Average Annual Total Return: -3.70%
Starting investment: $10,000.00
Ending investment: $6,860.45
Years: 9.99
Date Ratio
07/28/20201 for 5
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