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Video: What is a Stock Split?


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The Cushing MLP Total Return Fund is a non-diversified, closed-end management investment Company. The Fund's investment objective is to seek to produce current income and capital appreciation. The Fund seeks to provide its stockholders with an efficient vehicle to invest in the energy infrastructure sector. As of Nov 30 2016, the Fund's total assets were $149,772,615 and the Fund's investment portfolio was valued at $146,067,276. According to our SRV split history records, Cushing MLP Total Return Fund has had 3 splits.
SRV split history picture
Cushing MLP Total Return Fund (SRV) has 3 splits in our SRV split history database. The first split for SRV took place on July 01, 1992. This was a 3 for 2 split, meaning for each 2 shares of SRV owned pre-split, the shareholder now owned 3 shares. For example, a 1000 share position pre-split, became a 1500 share position following the split. SRV's second split took place on September 03, 1996. This was a 2 for 1 split, meaning for each share of SRV owned pre-split, the shareholder now owned 2 shares. For example, a 1500 share position pre-split, became a 3000 share position following the split. SRV's third split took place on September 14, 2015. This was a 1 for 5 reverse split, meaning for each 5 shares of SRV owned pre-split, the shareholder now owned 1 share. For example, a 3000 share position pre-split, became a 600 share position following the split.

When a company such as Cushing MLP Total Return 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 Cushing MLP Total Return 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 SRV split history from start to finish, an original position size of 1000 shares would have turned into 600 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into Cushing MLP Total Return Fund shares, starting with a $10,000 purchase of SRV, presented on a split-history-adjusted basis factoring in the complete SRV split history. SRV split adjusted history picture

Growth of $10,000.00
With Dividends Reinvested

Start date: 01/23/2008
End date: 01/22/2018
Start price/share: $80.00
End price/share: $12.76
Starting shares: 125.00
Ending shares: 335.19
Dividends reinvested/share: $35.74
Total return: -57.23%
Average Annual Total Return: -8.14%
Starting investment: $10,000.00
Ending investment: $4,276.24
Years: 10.01
Growth of $10,000.00
Without Dividends Reinvested

Start date: 01/23/2008
End date: 01/22/2018
Start price/share: $80.00
End price/share: $12.76
Dividends collected/share: $35.74
Total return: -39.38%
Average Annual Total Return: -4.88%
Starting investment: $10,000.00
Ending investment: $6,061.77
Years: 10.01
Date Ratio
07/01/19923 for 2
09/03/19962 for 1
09/14/20151 for 5
SRV is categorized under the Financials sector; below are some other companies in the same sector that also have a history of stock splits:

SSBI Split History
SSFN Split History
SSG Split History
STAR Split History
STBA Split History
STC Split History
STFC Split History
STI Split History
STK Split History
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