Tortoise Sustainable and Social Impact Stock Price, News & Analysis

Tortoise Capital has announced the removal of EnLink Midstream, (ENLC) from three major indices - the Tortoise MLP Index (TMLP), the Tortoise North American Pipeline Index (TNAP), and the Tortoise Decarbonization Infrastructure Index (DCRBN). This change comes as a result of ENLC's announced acquisition by ONEOK Inc. The removal will take effect at market open on January 31, 2025. While TMLP will undergo a special rebalance, ENLC's weight in TNAP and DCRBN will be distributed pro rata among the remaining index constituents.

Tortoise Capital released unaudited balance sheet information and asset coverage ratio updates for two closed-end funds as of December 31, 2024. Tortoise Energy Infrastructure Corp. (TYG) reported unaudited total assets of $992.7 million and net asset value of $800.6 million ($46.45 per share), with asset coverage ratios of 716% for senior securities indebtedness and 540% for preferred shares.

Tortoise Sustainable and Social Impact Term Fund (TEAF) disclosed unaudited total assets of $220.9 million and net asset value of $188.4 million ($13.96 per share), with an asset coverage ratio of 698% for senior securities indebtedness. TEAF continues to provide monthly updates on direct investments on their website, aiming for a target of 60% direct investments.

Tortoise Capital Advisors has completed the merger of Tortoise Midstream Energy Fund (NYSE:NTG) into Tortoise Energy Infrastructure Corp. (NYSE:TYG), with TYG continuing as the surviving fund. The combined entity has total assets under management of $1.0 billion as of December 20, 2024. TYG will maintain its original investment strategy focusing on energy infrastructure, midstream, power, and renewable assets, seeking high total returns with emphasis on current distributions.

Under the merger terms, TYG acquired all NTG's assets and liabilities, with NTG shares converting to newly issued TYG shares at an exchange ratio of 1.27056339, based on their respective net asset values as of December 20, 2024.

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.