Tortoise Capital Advisors L.L.C.

Tortoise Power and Energy Infrastructure (NYSE: TPZ)

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Company Overview 

Tortoise Power and Energy Infrastructure (NYSE: TPZ) is a closed-end fund that seeks to invest in a portfolio of companies focused solely on the power and energy infrastructure sectors. This sector is expected to provide stable distributions throughout economic cycles. A significant portion of the portfolio is anticipated to initially include investment grade fixed income securities, as well as dividend-paying equity securities.

Power infrastructure operations use asset systems to provide electric power generation (including renewable energy), transmission and distribution. Energy infrastructure operations use a network of pipeline assets to transport, store, gather and/or process crude oil, refined petroleum products (including biodiesel and ethanol), natural gas or natural gas liquids.

TPZ at a Glance  [ top ]

Description (as of 12/31/2009) Detail 
Total Assets $180.6mm
Total Net Assets $149.1mm
YTD Total Return (based on market value) (1) 4.0%
Management Fee (2) 0.95%
Most recent distribution paid $0.125
CUSIP 89147X104
Inception Date 7/29/2009

Investment Strategies  [ top ]

  • At least 80% of the Fund’s total assets (including assets obtained through leverage) will be invested in securities of power and energy companies
  • At least 60% of the Fund’s total assets will consist of fixed-income securities
  • Non-investment grade fixed-income investments(1) capped at 25% of total assets
  • Leverage capped at 20% of total assets at time of incurrence
  • Restricted securities that are not otherwise ineligible for resale under Rule 144A of the Securities Act of 1933 are limited to 15% of total assets
  • Up to 10% of total assets may be in securities issued by non-U.S. issuers (including Canadian issuers)
  • No short sales

Top 10 Holdings  [ top ]

Holdings (as of 01/31/2010) % of Total
Assets 
Kinder Morgan Management, LLC (equity) 8.5%
Enbridge Energy Management, L.L.C. (equity) 7.9%
Inergy, L.P. (equity) 4.0%
NiSource Finance Corp. (fixed income) 3.5%
The Williams Companies, Inc. (fixed income) 3.4%
NRG Energy, Inc. (fixed income) 3.3%
Duncan Energy Partners L.P. (equity) 3.3%
CMS Energy Corp. (fixed income) 3.2%
TransCanada Pipelines Limited (fixed income) 3.2%
CenterPoint Energy, Inc. (fixed income) 2.9%
Top 10 Holdings as a % of Investment Securities 43.2%
Total Assets $182.7mm
Excel file Download Complete Portfolio Listing as of 11-30-2009

Distribution at a Glance  [ top ]

Month Ex-Date Record Date Payable Date Per Share Amount
December 12/18/09 12/22/09 12/31/09 $0.125
January 1/20/10 1/22/10 1/29/10 $0.125
February 2/16/10 2/18/10 2/26/10 $0.125
[ Complete Distribution History ]

Footnotes  [ top ]

  1. Not annualized. Source: Bloomberg. Assumes reinvestment of distributions into security. Total return does not reflect brokerage commissions. [ back ]
  2. Annual rate applied to the fund’s average monthly total assets (including any asset attributable to leverage but excluding any net deferred tax assets) less the sum of accrued liabilities (other than net deferred tax liability and debt entered into for purposes of leverage) (“Managed Assets”). The Advisor has agreed to a fee waiver of 0.15% of Managed Assets for year 1, 0..10% for year 2 and 0.05% for year 3, effective as of the close of the offering on 07/31/09. [ back ]