Welcome to our dedicated page for Tortoise Sustainable and Social Impact Term Fund news (Ticker: TEAF), a resource for investors and traders seeking the latest updates and insights on Tortoise Sustainable and Social Impact Term Fund stock.
Ecofin Sustainable and Social Impact Term Fund (TEAF), managed by TortoiseEcofin, is a U.S.-based, non-diversified, closed-end management investment company. Its primary goal is to offer shareholders a high level of total return, with a strong focus on current distributions. TortoiseEcofin specializes in essential assets and income, investing in the infrastructure that supports society's essential needs, from traditional energy to sustainable solutions.
Core Business
TEAF invests in a wide range of essential assets and services. The fund’s portfolio includes investments across the energy value chain, sustainable infrastructure (such as wind, solar, and water infrastructure), and credit investments. These investments are designed to meet core societal needs and provide diversification and steady income for investors.
Recent Achievements
In August 2023, Tortoise and the Board announced conditional tender offers as part of their discount management program. This involved tendering 5% of the fund's outstanding shares at 98% of the net asset value (NAV) due to the shares trading at a significant discount. This tender offer is expected to commence in October 2023. Further, TortoiseEcofin announced regular quarterly rebalancing of its indices in September 2023, which included notable changes to several of its indices.
Current Projects
TEAF is actively engaged in sustainable and social impact projects, including direct lending to social infrastructure projects. These investments support education, senior living, and the transition to cleaner energy, thereby addressing crucial needs in our communities.
Financial Condition
TEAF aims to offer a high level of total return with an emphasis on current distributions. The fund is committed to managing its portfolio effectively to balance risk and return, with a focus on generating income for its shareholders.
Partnerships
The fund benefits from TortoiseEcofin’s extensive expertise in energy and infrastructure investments. TortoiseEcofin has over 20 years of experience in the energy sector and is well-positioned to lead in the global energy transition.
Products and Services
TEAF provides a variety of investment vehicles aimed at meeting the evolving needs of its clients, including traditional energy investments, sustainable infrastructure projects, and social impact financing. The fund's diversified portfolio is designed to deliver steady income and growth opportunities.
For more information, visit the TortoiseEcofin website at www.tortoiseecofin.com.
Latest News
- August 11, 2023: Announcement of conditional tender offers.
- September 8, 2023: Updates on quarterly index rebalancing.
- February 16, 2024: Release of corrected Tortoise Energy Infrastructure Total Return Fund 2023 annual report.
Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) has released its Section 19(a) notice detailing the sources of distributions paid on October 31, 2024. The current distribution of $0.1050 per share comprises 16% from net investment income and 84% from return of capital. The fund's performance metrics show an average annual total return of 7.69% for the five years ending September 30, 2024, and a cumulative total return of 23.09% for the fiscal year through September 30, 2024. The annualized distribution rate stands at 6.73% of NAV.
Tortoise Capital announced the removal of Greenvolt Energias Renovaveis SA (GVOLT) from both the Tortoise Recycling Decarbonization UCITS Index (RECYCLET) and the Tortoise Recycling Decarbonization Index (RCYCLT). The removal, effective at market open on October 31, 2024, follows GVK Omega's completed tender offer for GVOLT. No special rebalancing is required, as GVOLT's weight will be distributed proportionally among remaining index constituents.
Tortoise Sustainable and Social Impact Term Fund (TEAF) has released its third quarter 2024 commentary, offering insights into the fund's performance across public and direct investments in essential asset sectors. The commentary is accessible through the company's website, providing detailed analysis of the fund's investment activities and sector performance. TCA Advisors serves as the primary adviser, while RWC Asset Management LLP acts as the interim sub-adviser for the fund.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) has declared its October monthly distribution of $0.105 per share, payable on Oct. 31, 2024, to shareholders of record on Oct. 24, 2024. The fund cautions that this distribution should not be used to draw conclusions about its investment performance. TPZ estimates that it has distributed more than its income and net realized capital gains, suggesting a portion of the distribution may be a return of capital.
TPZ will provide detailed information about the sources of this distribution in a Section 19(a) Notice. The fund emphasizes that the reported amounts and sources are estimates and may change based on its investment experience and tax regulations. Shareholders will receive a Form 1099-DIV for the calendar year with official tax reporting information.
Tortoise Capital Advisors, L.L.C. serves as the adviser to TPZ. For more information, investors can visit cef.tortoiseadvisors.com.
Tortoise Capital Advisors, L.L.C. has announced plans to rename two of its funds, replacing the Ecofin name with Tortoise. The affected funds are:
- Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)
- Ecofin Global Water ESG Fund (EBLU, to be changed to TBLU)
These changes, approved by each fund's board, will take effect on September 30, 2024, coinciding with the expected completion of Tortoise Capital's sale of its Ecofin Advisors business to Redwheel, a UK-based investment manager. As of August 31, 2024, TEAF, a closed-end fund, had total assets of $229 million including leverage, while EBLU, an ETF, held $56 million in assets.
Tortoise Capital Advisors has announced plans to merge two of its closed-end funds, Tortoise Midstream Energy Fund (NYSE: NTG) and Tortoise Energy Infrastructure Corp. (NYSE: TYG), with TYG as the surviving entity. The combined assets of the funds totaled $914.4 million as of Aug. 31, 2024. Upon completion, TYG's board approved a 40% increase in distributions, to be paid monthly instead of quarterly.
Additionally, Tortoise Capital will conduct a strategic review of its Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF), which had total assets of $229.0 million as of Aug. 31, 2024. The company aims to address TEAF's disappointing performance and discount to NAV. These actions are part of Tortoise Capital's broader restructuring efforts, including the recent sale of its Ecofin Advisors and private credit businesses, to focus on traditional energy and power infrastructure investing.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) has released its unaudited balance sheet information and asset coverage ratio updates as of August 30, 2024. The fund's unaudited total assets were approximately $229.0 million, with a net asset value of $202.8 million, or $15.03 per share. The asset coverage ratio under the 1940 Act for senior securities representing indebtedness was 898%.
Key figures from the unaudited balance sheet include:
- Investments: $226.6 million ($16.80 per share)
- Cash and Cash Equivalents: $0.4 million ($0.02 per share)
- Credit Facility Borrowings: $25.4 million ($1.88 per share)
- 13.49 million common shares outstanding
TEAF also provides updates on direct investments on its website, including details on private deals completed since the fund's inception.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) has released its unaudited balance sheet information and asset coverage ratio updates as of July 31, 2024. The fund's unaudited total assets were approximately $221.0 million, with a net asset value of $200.8 million, or $14.89 per share. The company's asset coverage ratio under the 1940 Act for senior securities representing indebtedness was 1,120%.
Key balance sheet figures include $219.3 million in investments, $0.3 million in cash and cash equivalents, and $19.7 million in credit facility borrowings. The fund has 13.49 million common shares outstanding. TEAF also provides updates on its direct investments and portfolio holdings on its website.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) has released its second quarter 2024 commentary. The report, now available on the company's website, provides insights into the fund's performance, focusing on both public and direct investments in essential asset sectors. TEAF is advised by TCA Advisors and sub-advised by Ecofin Advisors
The commentary offers valuable information for investors interested in sustainable and social impact investments. It highlights the fund's strategy and performance in various essential asset sectors, which could include areas such as renewable energy, water infrastructure, and social services. This quarterly update serves as a important resource for stakeholders to assess the fund's progress and alignment with its sustainable and social impact objectives.
Ecofin Sustainable and Social Impact Term Fund (TEAF) has released its 2024 semi-annual stockholders' report. The report is now available online at the fund's website. Investors can request a free hard copy of the report by calling (866) 362-9331 or emailing info@ecofininvest.com. TCA Advisors serves as the adviser to TEAF, while Ecofin Advisors acts as the fund's sub-adviser. The press release includes standard safe harbor and cautionary statements regarding the information provided.
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