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Fiduciary/Claymore MLP Opportunity Fund (FMO) has 2 splits in our FMO split history database. The first split for FMO took place on June 12, 1989. This was a 2 for 1 split, meaning for each share of FMO owned pre-split, the shareholder now owned 2 shares. For example, a 1000 share position pre-split, became a 2000 share position following the split. FMO's second split took place on July 27, 2020. This was a 1 for 5 reverse split, meaning for each 5 shares of FMO owned pre-split, the shareholder now owned 1 share. For example, a 2000 share position pre-split, became a 400 share position following the split.
When a company such as Fiduciary/Claymore MLP Opportunity Fund splits its shares, the market capitalization before and after the split takes place remains stable, meaning the shareholder now owns more shares but each are valued at a lower price per share. Often, however, a lower priced stock on a per-share basis can attract a wider range of buyers. If that increased demand causes the share price to appreciate, then the total market capitalization rises post-split. This does not always happen, however, often depending on the underlying fundamentals of the business. When a company such as Fiduciary/Claymore MLP Opportunity 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 FMO split history from start to finish, an original position size of 1000 shares would have turned into 400 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into Fiduciary/Claymore MLP Opportunity Fund shares, starting with a $10,000 purchase of FMO, presented on a split-history-adjusted basis factoring in the complete FMO split history.
Growth of $10,000.00
With Dividends Reinvested
|Average Annual Total Return:||-12.11%|
Growth of $10,000.00
Without Dividends Reinvested
|Average Annual Total Return:||-4.09%|
|About Fiduciary/Claymore MLP Opportunity Fund|
|Fiduciary/Claymore Energy Infrastructure Fund is a closed-end management investment company. The Fund's investment objective is to provide a high level of after-tax total return with an emphasis on existing distributions paid to shareholders. The Fund provides vehicle through which its shareholders may invest in a portfolio of publicly traded securities of master limited partnerships and other energy infrastructure companies. According to our FMO split history records, Fiduciary/Claymore MLP Opportunity Fund has had 2 splits.|
|FMO Split History Table|
|06/12/1989||2 for 1|
|07/27/2020||1 for 5|
|Financials Stock Splits|
|FMO is categorized under the Financials sector; below are some other companies in the same sector that also have a history of stock splits:|