Tortoise Capital to Rename Ecofin Global Water ESG Fund and Ecofin Sustainable and Social Impact Term Fund, Replacing Ecofin Name with Tortoise
Rhea-AI Summary
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.
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News Market Reaction – TEAF
In the trading session that priced this news, TEAF declined 0.04%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Changes Follow Previous Agreement to Sell Ecofin Advisors Limited,
The name changes, approved by each fund board, will take effect on Sept. 30 in conjunction with the expected completion of Tortoise Capital's sale of its Ecofin Advisors Limited business to Redwheel, a
TEAF, a closed end fund, had total assets, including leverage, of
About Tortoise Capital
With approximately
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission (SEC). You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
IMPORTANT INFORMATION
This press release is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
Tortoise Capital Advisors, L.L.C. is the investment adviser to Ecofin Sustainable and Social Impact Term Fund (TEAF) with Ecofin Advisors Limited as TEAF's sub-adviser.
TIS Advisors is the adviser to the Ecofin Global Water ESG Fund and is a registered investment advisor providing research-driven indices that can be used as a realistic basis for exchange-traded products and thought leadership in the universe of essential assets. Its indices are intended to fill a void in the market and provide benchmarks and investable asset class universes for use by investment professionals, research analysts and industry executives to analyze relative performance as well as to provide a basis for passively managed exchange-traded products. Exchange Traded Concepts, LLC serves as sub-adviser to the Fund.
EBLU's investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the fund and may be obtained by calling 844-TR-INDEX (844-874-6339) or visiting www.tortoiseadvisors.com. Read it carefully before investing.
Investing involves risk. Principal loss is possible. For TEAF, investing in specific sectors such as social infrastructure, sustainable infrastructure and energy infrastructure may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with commodity price volatility, supply and demand, reserve and depletion, operating, regulatory and environmental, renewable energy, gas, water, public infrastructure, and education. For EBLU, investment in the water infrastructure and management industry may significantly affect the value of the shares of the fund. Companies in the water industry are subject to environmental considerations, taxes, government regulation, price and supply fluctuations, competition and water conservation influences.
Quasar Distributors, LLC, serves as the distributor for Ecofin Global Water ESG Fund (EBLU).
Media Contacts:
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com
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SOURCE Tortoise Capital