Tortoise Sustainable and Social Impact Stock Price, News & Analysis

Tortoise Pipeline & Energy Fund (NYSE:TTP) has announced its Section 19(a) notice regarding distributions paid on December 13, 2024. The current distribution of $0.1750 per share consists of $0.0550 (31%) from net investment income and $0.1200 (69%) from return of capital. The fund reported an average annual total return of 3.30% for the five years ending October 31, 2024, and a cumulative total return of 39.34% for the fiscal year through October 31, 2024. The annualized current distribution rate is 0.38% of NAV.

Tortoise Capital has announced the removal of Atlantica Sustainable Infrastructure PLC (NASDAQ:AY UW) from the Tortoise Decarbonization Infrastructure Index (DCRBN), effective at market open on December 12, 2024. The removal is due to AY's pending acquisition by Energy Capital Partners. The index will not undergo a special rebalancing; instead, AY's weight will be distributed proportionally among the remaining index constituents.

Tortoise Pipeline & Energy Fund (TTP) and Tortoise Power and Energy Infrastructure Fund (TPZ) have announced their Section 19(a) distributions for November 29, 2024. TTP distributed $0.59 per share, with 16% from net investment income and 84% from return of capital. TPZ distributed $0.105 per share, with 24% from net investment income and 76% from return of capital.

TTP reported a five-year average annual return of 3.30% and a fiscal year-to-date return of 39.34%. TPZ showed stronger performance with a five-year average annual return of 9.12% and a fiscal year-to-date return of 26.76%. Both funds indicate they have distributed more than their income and net realized capital gains.

Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) has released its Section 19(a) notice detailing the sources of distributions paid on October 31, 2024. The current distribution of $0.1050 per share comprises 16% from net investment income and 84% from return of capital. The fund's performance metrics show an average annual total return of 7.69% for the five years ending September 30, 2024, and a cumulative total return of 23.09% for the fiscal year through September 30, 2024. The annualized distribution rate stands at 6.73% of NAV.

Tortoise Capital announced the removal of Greenvolt Energias Renovaveis SA (GVOLT) from both the Tortoise Recycling Decarbonization UCITS Index (RECYCLET) and the Tortoise Recycling Decarbonization Index (RCYCLT). The removal, effective at market open on October 31, 2024, follows GVK Omega's completed tender offer for GVOLT. No special rebalancing is required, as GVOLT's weight will be distributed proportionally among remaining index constituents.

Tortoise Sustainable and Social Impact Term Fund (TEAF) has released its third quarter 2024 commentary, offering insights into the fund's performance across public and direct investments in essential asset sectors. The commentary is accessible through the company's website, providing detailed analysis of the fund's investment activities and sector performance. TCA Advisors serves as the primary adviser, while RWC Asset Management LLP acts as the interim sub-adviser for the fund.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) has declared its October monthly distribution of $0.105 per share, payable on Oct. 31, 2024, to shareholders of record on Oct. 24, 2024. The fund cautions that this distribution should not be used to draw conclusions about its investment performance. TPZ estimates that it has distributed more than its income and net realized capital gains, suggesting a portion of the distribution may be a return of capital.

TPZ will provide detailed information about the sources of this distribution in a Section 19(a) Notice. The fund emphasizes that the reported amounts and sources are estimates and may change based on its investment experience and tax regulations. Shareholders will receive a Form 1099-DIV for the calendar year with official tax reporting information.

Tortoise Capital Advisors, L.L.C. serves as the adviser to TPZ. For more information, investors can visit cef.tortoiseadvisors.com.

Tortoise Capital Advisors, L.L.C. has announced plans to rename two of its funds, replacing the Ecofin name with Tortoise. The affected funds are:

• Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)
• Ecofin Global Water ESG Fund (EBLU, to be changed to TBLU)

These changes, approved by each fund's board, will take effect on September 30, 2024, coinciding with the expected completion of Tortoise Capital's sale of its Ecofin Advisors business to Redwheel, a UK-based investment manager. As of August 31, 2024, TEAF, a closed-end fund, had total assets of $229 million including leverage, while EBLU, an ETF, held $56 million in assets.

Tortoise Capital Advisors has announced plans to merge two of its closed-end funds, Tortoise Midstream Energy Fund (NYSE: NTG) and Tortoise Energy Infrastructure Corp. (NYSE: TYG), with TYG as the surviving entity. The combined assets of the funds totaled $914.4 million as of Aug. 31, 2024. Upon completion, TYG's board approved a 40% increase in distributions, to be paid monthly instead of quarterly.

Additionally, Tortoise Capital will conduct a strategic review of its Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF), which had total assets of $229.0 million as of Aug. 31, 2024. The company aims to address TEAF's disappointing performance and discount to NAV. These actions are part of Tortoise Capital's broader restructuring efforts, including the recent sale of its Ecofin Advisors and private credit businesses, to focus on traditional energy and power infrastructure investing.