Tortoise North American Energy Corp. (NYSE: TYN)
Company Overview
Tortoise North American Energy Corp. (Tortoise North America) is a non-diversified closed-end investment company investing primarily in equity securities of Canadian royalty and income trusts (RITs) and U.S. MLPs.
We invest with an emphasis on a diversified exposure to the growing and physically integrated midstream and downstream North American energy markets.
Our goal is to provide stockholders a high level of total return, with an emphasis on distribution income. Both Canadian RITs and U.S. MLPs are considered tax-efficient investment vehicles because they are not subject to taxation applicable to most corporate entities.
TYN at a Glance [ top ]
| Description (as of 02/29/2008) | Detail |
|---|---|
| Total Assets | $204mm |
| Total Net Assets | $139mm |
| Total Return (based on market value) (1) | 13.17% |
| Turnover Rate (2) | 53.7% |
| Management Fee (4) | 1.00% |
| Most recent distribution paid - 2nd quarter 2008 | $0.38 |
| Distributions paid trailing four quarters | $1.4875 |
| CUSIP | 89147T103 |
| Inception Date | 10/31/2005 |
Investment Policies [ top ]
We:
- Under normal conditions, will invest at least 80% of our total assets (including assets obtained through leverage) in equity securities of North American energy companies. We will typically invest at least 50% of our total assets in the equity securities of RITs in order to pass along the benefits of the foreign tax credit to stockholders.
- Under normal conditions, may invest up to 25% of our total assets in equity securities of publicly-traded MLPs.
- Under normal conditions, may invest up to 50% of our total assets in restricted securities.
- Will not engage in short sales
Top 10 Holdings [ top ]
| Holdings (as of 05/31/2008) | Ticker | % of Total Assets |
|---|---|---|
| Keyera Facilities Income Fund (CAD) | KEY-UN.TO | 10.47% |
| Pembina Pipeline Income Fund (CAD) | PIF-UN.TO | 9.85% |
| Kinder Morgan Management, LLC | KMR | 9.71% |
| Enbridge Energy Management, L.L.C. | EEQ | 7.65% |
| AltaGas Income Trust (CAD) | ALA-UN.TO | 7.55% |
| Macquarie Infrastructure Company, LLC | MIC | 4.56% |
| SemGroup, L.P., 8.75%, 11/15/2015 | 4.44% | |
| Energy Transfer Partners, L.P. | ETP | 4.14% |
| TC PipeLines, LP | TCLP | 3.76% |
| Enbridge Income Fund (CAD) | ENF-UN.TO | 3.42% |
| Top 10 Holdings as a % of Total Assets | 65.55% | |
| Total Number of Holdings | 41 | |
| Total Assets | $204mm | |
 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 | 34.5% |
| Natural Gas Gathering/Processing | 18.2% |
| Natural Gas/Natural Gas Liquids Pipelines | 15.8% |
| Oil and Gas Exploitation and Production | 12.9% |
| Shipping | 4.8% |
| Global Infrastructure | 4.6% |
| Oil Sands Producers | 4.0% |
| Other | 3.0% |
| Electric Generation/Services | 2.2% |
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) | $0.38 |
| [ Complete Distribution History ] | |
We intend to make regular quarterly cash distributions of substantially all of our ordinary taxable income to common stockholders.
While we will pay common stockholders at least annually all, or a substantial portion of, our investment taxable income, we may elect to retain some of our net long-term capital gains and reinvest such proceeds.
Footnotes:
- 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 distribution 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 debt entered into for purposes of leverage and the aggregate liquidation preference of outstanding preferred shares). ("Managed Assets"). Through December 31, 2008, the adviser will waive or reimburse TYN for fees and expenses in an amount equal to 0.15% of its average monthly Managed Assets. [ back ]
- This distribution consists of qualified dividend income and capital gain. The ultimate character will not be determined until after our year-end.
Trademark Notice: Any trademarks, logos and service marks ("Marks") displayed on this Web Site are the property of Tortoise Capital Advisors, LLC 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.