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Tortoise Pipeline & Energy (TTP) provides critical energy infrastructure solutions through strategic investments in midstream operations and sustainable power assets. This news hub offers investors comprehensive updates on TTP's financial developments, operational milestones, and industry leadership.
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Key coverage areas include pipeline expansion initiatives, distribution declarations, and regulatory developments affecting energy infrastructure investments. Stay informed about TTP's portfolio management through updates on asset diversification and risk mitigation practices.
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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 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, Inc. (NYSE:TPZ) has issued a Section 19(a) notice for its distribution paid on Aug. 30, 2024. The current distribution of $0.1050 per share is composed of 20% net investment income and 80% return of capital. For the fiscal year to date, the total cumulative distribution of $1.0500 per share consists of 22% net investment income and 78% return of capital.
The fund's average annual total return for the five years ending August 30, 2024, is 8.12%. The annualized current distribution rate as a percentage of NAV is 6.72%. The cumulative total return for the fiscal year through August 30, 2024, is 22.65%, with cumulative fiscal year distributions at 5.60% of NAV.
TPZ estimates it has distributed more than its income and net realized capital gains, indicating a portion of the distribution may be a return of capital. Investors are advised not to draw conclusions about TPZ's investment performance from this distribution.
Tortoise Pipeline & Energy Fund (NYSE:TTP) and Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) have issued a Section 19(a) notice regarding their distributions paid on August 30, 2024. TTP's current distribution of $0.5900 per share comprises 17% from net investment income and 83% from return of capital. TPZ's current distribution of $0.1050 per share includes 20% from net investment income and 80% from return of capital.
Key performance metrics for TTP include a -0.56% five-year average annual total return and a 5.61% annualized current distribution rate. TPZ reports a 6.87% five-year average annual total return and a 6.84% annualized current distribution rate. Both funds have distributed more than their income and net realized capital gains, indicating that a portion of the distributions may be a return of capital.
Tortoise Capital Advisors has announced plans to merge three closed-end funds into a new actively managed ETF, the Tortoise Power and Energy Infrastructure ETF. The funds to be merged are Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ), Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP), and Tortoise Energy Independence Fund, Inc. (NYSE:NDP). TPZ will be the surviving strategy, with the ETF adopting its accounting and performance history.
The combined assets of the three funds, including leverage, totaled $313.3 million as of July 31, 2024. The expected management fee for the ETF is 85 basis points. The merger aims to provide shareholders with greater liquidity without potential discounts to net asset value. Tortoise Capital expects the transactions to close in the fourth quarter of 2024, subject to shareholder approvals and regulatory requirements.
Tortoise Capital Advisors has announced plans to merge three closed-end funds into a new actively managed ETF called Tortoise Power and Energy Infrastructure ETF. The funds involved are Tortoise Power and Energy Infrastructure Fund (NYSE: TPZ), Tortoise Pipeline & Energy Fund (NYSE: TTP), and Tortoise Energy Independence Fund (NYSE: NDP). TPZ will be the surviving strategy, with the ETF adopting its accounting and performance history.
The combined assets of the three funds, including leverage, totaled $313.3 million as of July 31, 2024. The expected management fee for the new ETF is 85 basis points. Tortoise Capital aims to provide shareholders with greater liquidity at net asset value through this merger. The transactions are expected to close in Q4 2024, subject to shareholder approvals and regulatory requirements.
On May 31, 2024, Tortoise Pipeline & Energy Fund (NYSE:TTP) and Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) issued a Section 19(a) notice regarding their distributions. TTP's current distribution is $0.5900 per share, primarily consisting of a 67% return of capital. Cumulative distributions for the fiscal year total $1.1800 per share, with an 80% return of capital. TPZ's current distribution is $0.1050 per share, with a 69% return of capital. Cumulative distributions for TPZ are $0.6300 per share, with a 75% return of capital.
The funds have distributed more than their income and capital gains, indicating that a portion of the distribution is a return of capital. This should not be confused with yield or income, and actual amounts may differ for tax reporting purposes.
For the 5-year period ending April 30, 2024, TTP had an average annual total return of -3.77%, while TPZ had a 5.08% return. Current distribution rates, as of April 30, 2024, were 6.81% for TTP and 7.22% for TPZ.
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