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) has announced a monthly distribution of $0.09 per share. The upcoming distribution dates are December 30, 2022, January 31, 2023, and February 28, 2023, with record dates set for December 23, January 24, and February 21 respectively.
Approximately 40 to 60% of the distributions are expected to be from ordinary income, while the remainder will be a return of capital. A final characterization will be communicated in January 2023, along with a form 1099-DIV.
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) released its unaudited balance sheet as of October 31, 2022, showing total assets of approximately $242.2 million and a net asset value of $211.9 million, equating to $15.70 per share. The asset coverage ratio stood at 811%, indicating strong coverage of senior debt obligations. Key figures include investments totaling $238.6 million and credit facility borrowings of $29.8 million. TEAF continues to report on its direct investments and impact statistics, with an aim to reach 60% direct investments. Further updates and quarterly commentary are available on their website.
Ecofin has appointed Eileen Fargis as the new Group Lead for its Private Equity Sustainable Infrastructure team, effective immediately. With over 20 years of experience, Fargis previously managed a 2.1 GW energy generation portfolio and co-led a $1 billion private equity fund. Her expertise in project finance and connections in the power generation sector are expected to significantly enhance Ecofin's operations. The appointment is timely, following the Inflation Reduction Act which allocates $369 billion towards renewable energy, boosting prospects for U.S. private renewables.
Ecofin Sustainable and Social Impact Term Fund (TEAF) released unaudited balance sheet information as of September 30, 2022, reporting total assets of approximately $235.8 million and a net asset value of $205.4 million, equating to $15.22 per share. The fund's asset coverage ratio for senior securities was 801%. The company's investments totaled $232.3 million, while cash and equivalents were $0.3 million. There are 13.49 million common shares outstanding. For details on holdings and financial status, visit their website.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) reported unaudited total assets of approximately $254.1 million and a net asset value of $224.2 million, equating to $16.62 per share as of August 31, 2022.
The fund's asset coverage ratio under the 1940 Act for senior securities was notably high at 878%. Additionally, the balance sheet indicates $251.2 million in investments and 13.49 million common shares outstanding.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) released its unaudited balance sheet information as of July 29, 2022. Total assets stood at approximately $261.6 million, with a net asset value of $228.4 million, equating to $16.93 per share. The fund's asset coverage ratio reached an impressive 921% regarding senior securities representing indebtedness. The fund has 13.49 million common shares outstanding, and its investments totaled $254.7 million.
Ecofin Sustainable and Social Impact Term Fund (TEAF) has released its 2022 semi-annual stockholders' report, which is now accessible online. Investors can view the report at this link. For those preferring a physical copy, requests can be made via phone or email. The fund is managed by TCA Advisors with Ecofin Advisors Limited serving as its sub-adviser. The report may contain forward-looking statements that involve risks and uncertainties, and readers are encouraged to review these aspects before making investment decisions.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) provided an update on its financials as of June 30, 2022. The fund's total assets are approximately $249.1 million, with a net asset value of $219.2 million or $16.25 per share. The asset coverage ratio for senior securities is reported at 872%. TEAF has 13.49 million common shares outstanding. The fund continues to focus on sustainable investments, with its top holdings detailed on its portfolio webpage.
FAQ
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