Tortoise Energy Capital Corp. (NYSE: TYY)
Company Overview
Tortoise Energy Capital Corp. (Tortoise Capital) is a non-diversified, closed-end management investment company that commenced operations in May 2005.
Our goal is to provide our stockholders with a high level of total return with an emphasis on current distributions.
TYY at a Glance [ top ]
| Description (as of 02/28/2010) | Detail |
|---|---|
| Total Assets | $641.6mm |
| Total Net Assets | $416.0mm |
| YTD Total Return (based on market value) (1) | 5.2% |
| Turnover Rate (2) | 14.86% |
| Management Fee (3) | 0.95% |
| Most recent distribution paid - 1st qtr 2010 (4) | $0.40 |
| Distributions paid trailing four quarters | $1.60 |
| CUSIP | 89147U100 |
| Inception Date | 5/31/2005 |
Investment Policies [ top ]
We:
- Under normal circumstances, invest at least 80% of our net assets, plus any borrowings for investment purposes, in equity securities of energy companies and invest at least 80% of our total assets (including assets obtained through leverage) in equity securities of MLPs and their affiliates in the energy infrastructure sector.
- May invest up to 50% of our total assets in restricted securities, all of which may be illiquid. 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).
- May invest up to 20% of total assets in debt securities, including securities rated below investment grade (commonly referred to as junk bonds).
- Will not invest more than 15% 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 02/28/2010) | Ticker | % of Total Assets |
|---|---|---|
| Kinder Morgan Management, LLC | KMR | 8.4% |
| Enbridge Energy Partners, L.P. | EEP | 8.0% |
| Enterprise Products Partners L.P. | EPD | 7.5% |
| Plains All American Pipeline, L.P. | PAA | 7.4% |
| Energy Transfer Partners, L.P. | ETP | 7.3% |
| Sunoco Logistics Partners L.P. | SXL | 7.3% |
| NuStar Energy L.P. | NS | 5.2% |
| Magellan Midstream Partners, L.P. | MMP | 5.1% |
| TC PipeLines, LP | TCLP | 5.0% |
| Boardwalk Pipeline Partners, LP | BWP | 4.1% |
| Top 10 Holdings as a % of Investment Securities | 65.3% | |
| Total Assets | $625.9mm | |
 Download Complete Portfolio Listing as of 11-30-2009 |
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Sector Allocation [ top ]
| Sectors (as of 11/30/2009) | % of Total Investment Portfolio |
|---|---|
| Crude/Refined Products Pipelines | 48.5% |
| Natural Gas/Natural Gas Liquids Pipelines | 36.3% |
| Natural Gas Gathering/Processing | 11.6% |
| Propane Distribution | 3.2% |
| Shipping | 0.4% |
Distribution at a Glance [ top ]
| Description (as of 02/08/2010) | Detail |
|---|---|
| Ex-Dividend Date | 2/17/10 |
| Record Date | 2/19/10 |
| Payable Date | 3/1/10 |
| Amount Per Share (4) | $0.40 |
| [ Complete Distribution History ] | |
Footnotes:
- Not annualized. Source: Bloomberg. Assumes reinvestment of distributions into security. Total return does not reflect brokerage commissions. [ back ]
- Annualized. Period from Dec. 1, 2008 through Nov. 30, 2009. [ 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"). [ 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 most recent closed-end fund prospectus supplement and its accompanying prospectus and read it carefully before investing.
For additional information call Tortoise Capital Advisors, L.L.C., the fund adviser, at (866) 362-9331.