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.
Ecofin Sustainable and Social Impact Term Fund (TEAF) has announced the tax characterization of its 2021 distributions, revealing that 32% was categorized as ordinary income, 39% as qualified dividend income, and 29% as a return of capital. Additionally, the fund released its annual stockholders' report, which is accessible online. A webinar scheduled for February 16, 2022, will provide updates on the fund's performance and sector outlook. For further details, interested parties can visit the fund's website.
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) reported its unaudited balance sheet as of December 31, 2021. Total assets amounted to approximately $260.7 million, with a net asset value of $234.9 million, translating to $17.41 per share. The fund's asset coverage ratio for senior securities was a robust 1,059%. The investments totaled $257.5 million and cash and equivalents stood at $0.6 million. The fund has 13.49 million common shares outstanding.
The Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) provided an update on its unaudited financials as of November 30, 2021. The fund reported total assets of approximately $258.0 million and a net asset value of $232.6 million, translating to $17.24 per share. The asset coverage ratio for senior securities was notably high at 1,177%. The fund holds 13.49 million common shares outstanding and a diverse investment portfolio with total investments of $252.3 million.
The Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) announced strong returns from the monetization of private debt investments in July. Notably, the bonds from PureCycle Technologies, a polypropylene recycling facility, were sold at a profit, achieving a 16.0% internal rate of return. MaST Community Charter School III's bonds were called, providing a 10.4% return as the school accessed public markets. The fund realized approximately $12M, reducing private investment allocation from 51% to 47%. TEAF emphasizes ongoing investment in sustainable equities as market valuations present compelling opportunities.
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