Tortoise Power and Energy Infrastructure (NYSE: TPZ)
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.
| Description (as of 01/31/2012) |
Detail |
| Total Assets |
$219.6mm |
| Total Net Assets |
$182.8mm |
| YTD Total Return (based on market value)
(1)
|
3.36% |
| YTD Total Return (based on NAV value)
(1)
|
0.60% |
| Turnover Rate |
8.78% |
| Management Fee
(2)
|
0.95% |
| Most recent distribution paid
(3)
|
$0.1250 |
| Distributions paid trailing four quarters
(3)
|
$0.5000 |
| CUSIP |
89147X104 |
| Inception Date |
7/31/2009 |
- 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 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
| Holdings (as of 01/31/2012) |
% of Total
Assets |
| Kinder Morgan Management, LLC (equity) |
8.0% |
| Enbridge Energy Management, L.L.C. (equity) |
7.6% |
| ONEOK Partners, L.P. (equity) |
3.5% |
| Midcontinent Express Pipeline, LLC (fixed income) |
3.1% |
| Enterprise Products Partners L.P. (equity) |
3.0% |
| CMS Energy Corp. (fixed income) |
2.9% |
| SourceGas LLC (fixed income) |
2.8% |
| TransCanada Pipelines Limited (fixed income) |
2.8% |
| NRG Energy, Inc. (fixed income) |
2.8% |
| PPL Capital Funding, Inc. (fixed income) |
2.7% |
| Top 10 Holdings as a % of Investment Securities |
39.2% |
| Total Assets |
$219.6mm |
| Holdings (as of 11/30/2011) |
% of Total
Assets |
| Pipeline Companies |
65.4% |
| Power Companies |
24.8% |
| Other |
9.8% |
| Month | Ex-Date | Record Date | Payable Date | Per Share Amount |
|---|
| December | 12/21/11 | 12/23/11 | 12/30/11 | $0.125 |
| January | 1/20/12 | 1/24/12 | 1/31/12 | $0.125 |
| February | 2/20/12 | 2/22/12 | 2/29/12 | $0.125 |
|
- Not annualized. Source: Bloomberg. Assumes reinvestment of distributions into security. Total return does not reflect brokerage commissions. [ back ]
- 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 Adviser has agreed to a fee waiver of 0.10% of Managed Assets from 1/1/12 through 12/31/12. [ back ]
- You should not draw any conclusions about TPZ's investment performance from the amount of this distribution or from the terms fo TPZ's distribution policy. TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ's investment performance and should not be confused with "yield" or "income." The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TPZ's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. See additional information on the sources of TPZ's distributions in the applicable Section 19(a) Notification under Distribution History on TPZ's page at http://tygd.client.shareholder.com/notices.cfm.
Download Complete Portfolio Listing as of 11-30-2011