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 (NYSE:TEAF) released its unaudited balance sheet information as of February 28, 2023. The total assets stood at approximately $246.2 million, with a net asset value of $214.4 million, or $15.89 per share. The company reported an asset coverage ratio of 796% concerning senior securities representing indebtedness. Key assets included $242.9 million in investments and $1.1 million in cash. The unaudited balance sheet reflects a total of 13.49 million common shares outstanding. Updates regarding direct investments are available on the fund's website.
Ecofin Sustainable and Social Impact Term Fund (TEAF) has announced its monthly distribution of $0.09 per share, aligning with its managed distribution target of 6-8% of the Fund's trailing average NAV. The upcoming distribution dates are March 31, 2023, April 28, 2023, and May 31, 2023, with record dates on March 24, April 21, and May 24 respectively. For accounting purposes, approximately 40-60% of the distributions are estimated to be from ordinary income, with the remainder classified as return of capital. Tax characterization will be determined after the year-end. For further details, please visit the fund's page.
Ecofin Sustainable and Social Impact Term Fund (TEAF) has announced the tax characterization of its 2022 distributions to common stockholders. The distributions were classified as 35% qualified dividend income, 9% ordinary income, and 56% return of capital. Additionally, TEAF released its 2022 annual stockholders' report, accessible online or by request. The fund's adviser, TCA Advisors, emphasizes that the press release does not act as an offer to sell or buy securities. It also contains forward-looking statements that involve risks and uncertainties, which may not reflect actual results.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) has released its unaudited balance sheet information as of January 31, 2023. The total assets stand at approximately $250.8 million with a net asset value of $219.9 million, equating to $16.30 per share. TEAF reports a strong asset coverage ratio of 826% regarding senior securities representing indebtedness. The fund has 13.49 million common shares outstanding. The company encourages investors to check their website for updates on direct investments and impact statistics. TEAF is advised by TCA Advisors and sub-advised by Ecofin Advisors Limited.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) released its preliminary unaudited balance sheet as of December 30, 2022, showing total assets of approximately $246.4 million and a net asset value of $215.7 million, equivalent to $15.99 per share. The asset coverage ratio regarding senior securities was notably high at 831%. The fund reported 13.49 million common shares outstanding. Updates on direct investments and quarterly commentary on fund performance are available on the company website.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) released preliminary unaudited balance sheet information as of November 30, 2022. The total assets were approximately $251.8 million, with a net asset value of $221.5 million or $16.42 per share. The fund's asset coverage ratio was an impressive 850% concerning senior securities representing indebtedness. The fund has 13.49 million common shares outstanding, with significant investments listed, the largest being $248.6 million in investments.
FAQ
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