Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Company Overview
Tortoise Energy Infrastructure is a non-diversified, closed-end management investment company that seeks to obtain a high level of total return with an emphasis on current distributions paid to stockholders.
Our fund is designed to provide an efficient vehicle to invest in a portfolio of publicly-traded master limited partnerships (MLPs) and their affiliates in the energy infrastructure sector. These companies gather, transport, process, store, distribute or market natural gas, natural gas liquids, coal, crude oil, refined petroleum products or other natural resources, or explore, develop, manage or produce such commodities.
TYG at a Glance [ top ]
| Description (as of 05/31/2008) | Detail |
|---|---|
| Total Assets | $1,213mm |
| Total Net Assets | $626mm |
| Total Return (based on market value) (1) | 4.07% |
| Turnover Rate (2) | 6.81% |
| Management Fee (4) | 0.95% |
| Distributions paid trailing four quarters | $2.215 |
| Most recent distribution paid - 2nd quarter 2008 | $0.5575 |
| CUSIP | 89147L100 |
| Inception Date | 2/27/2004 |
Investment Policies [ top ]
We:
- Under normal circumstances, will invest at least 90% of our total assets (including assets obtained through leverage) in securities of energy infrastructure companies and invest at least 70% of our total assets in equity securities of MLPs.
- May invest up to 30% of our total assets in restricted securities, all of which may be illiquid, primarily through direct placements. The types of restricted securities that we may purchase consist of MLP convertible subordinated units, MLP common units and securities of private energy infrastructure companies (i.e., non-MLPs). Investments in private companies with no publicly traded shares or units are limited to 5% of total assets.
- May invest up to 25% of total assets in debt securities of energy infrastructure companies, including securities rated below investment grade (commonly referred to as junk bonds). Below investment grade debt securities will be rated at least B3 by Moody’s Investors Service, Inc. and at least B- by Standard & Poor’s Ratings Group at the time of purchase, or comparably rated by another statistical rating organization or if unrated, determined to be of comparable quality by the Adviser.
- Will not invest more than 10% of total assets in any single issuer (applies at time of purchase; not required to reduce position due solely to market fluctuations).
- Will not engage in short sales.
Top 10 Holdings [ top ]
| Holdings (as of 05/31/2008) | Ticker | % of Total Assets |
|---|---|---|
| Enbridge Energy Partners, L.P. | EEP | 8.01% |
| Kinder Morgan Management, LLC | KMR | 7.83% |
| Energy Transfer Partners, L.P. | ETP | 6.87% |
| Enterprise Products Partners L.P. | EPD | 6.83% |
| Plains All American Pipeline, L.P. | PAA | 6.78% |
| MarkWest Energy Partners, L.P. | MWE | 6.55% |
| Magellan Midstream Partners, L.P. | MMP | 6.06% |
| NuStar Energy L.P. | NS | 4.49% |
| Inergy, L.P. | NRGY | 4.44% |
| Copano Energy, LLC | CPNO | 4.43% |
| Top 10 Holdings as a % of Total Assets | 62.29% | |
| Total Number of Holdings | 41 | |
| Total Assets | $1,213mm | |
 Download Complete Portfolio Listing as of 5-31-2008 |
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Sector Allocation [ top ]
| Sectors (as of 05/31/2008) | % of Total Investment Portfolio |
|---|---|
| Crude/Refined Products Pipelines | 45.2% |
| Natural Gas/Natural Gas Liquids Pipelines | 28.0% |
| Natural Gas Gathering/Processing | 19.6% |
| Propane Distribution | 4.6% |
| Shipping | 2.6% |
Distribution at a Glance [ top ]
| Description (as of 05/12/2008) | Detail |
|---|---|
| Ex-Dividend Date | 5/20/08 |
| Record Date | 5/22/08 |
| Payable Date | 6/2/08 |
| Amount Per Share (5) | $0.5575 |
| [ Complete Distribution History ] | |
Footnotes [ top ]
- Period from Dec. 1, 2007 through May 31, 2008. Total investment return is calculated assuming a purchase of common stock at the market price on the first day and a sale at the current market price on the last day of the period reported (excluding brokerage commissions). The calculation also assumes reinvestment of distributions at actual prices pursuant to the Company's distributions reinvestment plan. [ back ]
- Annualized. Period from Dec. 1, 2007 through May 31, 2008. [ back ]
- [Reserved]. [ back ]
- Annual rate applied to the fund's average monthly total assets (including any assets attributable to leverage) less the sum of accrued liabilities (other than deferred income taxes, debt entered into for purposes of leverage and the aggregate liquidation preference of outstanding preferred stock) ("Managed Assets"). Effective March 1, 2006 through February 28, 2009, the adviser will reimburse TYG for fees and expenses in an amount equal to 0.10% of its average monthly Managed Assets. [ back ]
- A portion of this distribution is expected to be treated as return of captial for income tax purposes, although the ultimate characterization will not be made until determination of our earnings and profits after our year-end. [ back ]
Trademark Notice: Any trademarks, logos and service marks ("Marks") displayed on this Web Site are the property of Tortoise Capital Advisors, L.L.C. or other third parties. You are not permitted to use the Marks without prior written consent of Tortoise Capital Advisors or such third party which may own the Marks.
Past Performance: Past performance is no guarantee of future results. Total return and market value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only. Due to market volatility, current performance may be lower or higher than the figures shown. For current performance information, please visit our Web site at http:www.tortoiseadvisors.com.
Shares of closed-end funds frequently trade at a market price that is below their net asset value. Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in distribution rates on any preferred shares.
This data is provided for information only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. You should consider the investment objective, risks, charges and expenses carefully before investing. For this and other important information, please refer to the closed-end fund prospectus and read it carefully before investing.
For additional information call Tortoise Capital Advisors, L.L.C., the fund adviser, at (866) 362-9331.