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) released its unaudited balance sheet for March 31, 2023, indicating total assets of approximately $249.5 million and a net asset value of $215.1 million, equating to $15.94 per share. The fund's asset coverage ratio is reported at 750% concerning senior securities representing indebtedness. Key financial figures include $246.8 million in investments and $33.1 million in credit facility borrowings. The fund has approximately 13.49 million common shares outstanding, with ongoing updates on direct investments available on its website.
Tortoise Power and Energy Infrastructure Fund (NYSE: TPZ) announced a distribution of $0.1050 per common share on March 31, 2023, comprised of various income sources. The breakdown indicates that 21% originates from net investment income and 26% from net realized long-term capital gains. Notably, 53% is classified as a return of capital, which may impact investors' perceptions of yield and income. For the fiscal year-to-date, cumulative distributions amount to $0.4200, with a total return relative to NAV of -0.63%. The advisory firm emphasizes that return of capital distributions do not necessarily reflect TPZ's performance.
FAQ
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When will the tender offers announced in August 2023 commence?
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