Tortoise Capital to Rename Ecofin Global Water ESG Fund and Ecofin Sustainable and Social Impact Term Fund, Replacing Ecofin Name with Tortoise
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, L.L.C. ha annunciato piani per rinominare due dei suoi fondi, sostituendo il nome Ecofin con Tortoise. I fondi interessati sono:
- Fondo a Termine Ecofin Sostenibile e di Impatto Sociale (NYSE: TEAF)
- Fondo ESG Acqua Globale Ecofin (EBLU, che verrà cambiato in TBLU)
Questi cambiamenti, approvati dal consiglio di ciascun fondo, entreranno in vigore il 30 settembre 2024, in concomitanza con il completamento previsto della vendita da parte di Tortoise Capital della sua attività Ecofin Advisors a Redwheel, un gestore di investimenti con sede nel Regno Unito. Alla data del 31 agosto 2024, TEAF, un fondo chiuso, aveva un patrimonio totale di 229 milioni di dollari, inclusa la leva finanziaria, mentre EBLU, un ETF, deteneva 56 milioni di dollari in attività.
Tortoise Capital Advisors, L.L.C. ha anunciado planes para renombrar dos de sus fondos, reemplazando el nombre Ecofin por Tortoise. Los fondos afectados son:
- Fondo a Plazo Sostenible y de Impacto Social Ecofin (NYSE: TEAF)
- Fondo ESG de Agua Global Ecofin (EBLU, que se cambiará a TBLU)
Estos cambios, aprobados por la junta de cada fondo, entrarán en efecto el 30 de septiembre de 2024, coincidiendo con la finalización esperada de la venta de Tortoise Capital de su negocio Ecofin Advisors a Redwheel, un gestor de inversiones con sede en el Reino Unido. Al 31 de agosto de 2024, TEAF, un fondo cerrado, tenía activos totales de 229 millones de dólares, incluyendo el apalancamiento, mientras que EBLU, un ETF, mantenía 56 millones de dólares en activos.
Tortoise Capital Advisors, L.L.C.는 두 개의 펀드 이름을 Ecofin에서 Tortoise로 변경할 계획을 발표했습니다. 해당 펀드는 다음과 같습니다:
- Ecofin 지속 가능 및 사회적 임팩트 기간 펀드 (NYSE: TEAF)
- Ecofin 글로벌 물 ESG 펀드 (EBLU, TBLU로 변경 예정)
이러한 변화는 각 펀드의 이사회에서 승인되었으며, 2024년 9월 30일에 발효될 예정이며, 이는 Tortoise Capital이 Redwheel이라는 영국에 본사를 둔 투자 관리회사에 Ecofin Advisors 비즈니스를 판매하는 예상 완료일과 일치합니다. 2024년 8월 31일 기준으로 TEAF, 폐쇄형 펀드는 2억 2900만 달러의 총 자산을 보유하고 있으며, EBLU, ETF는 5천 600만 달러의 자산을 보유하고 있었습니다.
Tortoise Capital Advisors, L.L.C. a annoncé des plans pour renommer deux de ses fonds, remplaçant le nom Ecofin par Tortoise. Les fonds concernés sont :
- Fonds à Terme Durable et d'Impact Social Ecofin (NYSE: TEAF)
- Fonds ESG Eau Global Ecofin (EBLU, qui sera changé en TBLU)
Ces changements, approuvés par le conseil d'administration de chaque fonds, entreront en vigueur le 30 septembre 2024, coïncidant avec l'achèvement prévu de la vente par Tortoise Capital de son entreprise Ecofin Advisors à Redwheel, un gestionnaire d'investissements basé au Royaume-Uni. Au 31 août 2024, TEAF, un fonds fermé, avait des actifs totaux de 229 millions de dollars, y compris l'effet de levier, tandis qu'EBLU, un ETF, détenait 56 millions de dollars d'actifs.
Tortoise Capital Advisors, L.L.C. hat Pläne angekündigt, zwei ihrer Fonds umzubenennen und den Namen Ecofin durch Tortoise zu ersetzen. Die betroffenen Fonds sind:
- Ecofin Nachhaltigkeits- und Sozialimpact-Terminfonds (NYSE: TEAF)
- Ecofin Global Water ESG Fund (EBLU, wird in TBLU umbenannt)
Diese Änderungen, die von den Gremien der einzelnen Fonds genehmigt wurden, treten am 30. September 2024 in Kraft, zeitgleich mit dem voraussichtlichen Abschluss des Verkaufs von Tortoise Capital an Redwheel, einen in Großbritannien ansässigen Vermögensverwalter, für sein Ecofin Advisors-Geschäft. Am 31. August 2024 hatte TEAF, ein geschlossener Fonds, totale Vermögenswerte von 229 Millionen US-Dollar einschließlich Hebel, während EBLU, ein ETF, 56 Millionen US-Dollar an Vermögenswerten hielt.
- None.
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Changes Follow Previous Agreement to Sell Ecofin Advisors Limited,
The name changes, approved by each fund board, will take effect on Sept. 30 in conjunction with the expected completion of Tortoise Capital's sale of its Ecofin Advisors Limited business to Redwheel, a
TEAF, a closed end fund, had total assets, including leverage, of
About Tortoise Capital
With approximately
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission (SEC). You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
IMPORTANT INFORMATION
This press release is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
Tortoise Capital Advisors, L.L.C. is the investment adviser to Ecofin Sustainable and Social Impact Term Fund (TEAF) with Ecofin Advisors Limited as TEAF's sub-adviser.
TIS Advisors is the adviser to the Ecofin Global Water ESG Fund and is a registered investment advisor providing research-driven indices that can be used as a realistic basis for exchange-traded products and thought leadership in the universe of essential assets. Its indices are intended to fill a void in the market and provide benchmarks and investable asset class universes for use by investment professionals, research analysts and industry executives to analyze relative performance as well as to provide a basis for passively managed exchange-traded products. Exchange Traded Concepts, LLC serves as sub-adviser to the Fund.
EBLU's investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the fund and may be obtained by calling 844-TR-INDEX (844-874-6339) or visiting www.tortoiseadvisors.com. Read it carefully before investing.
Investing involves risk. Principal loss is possible. For TEAF, investing in specific sectors such as social infrastructure, sustainable infrastructure and energy infrastructure may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with commodity price volatility, supply and demand, reserve and depletion, operating, regulatory and environmental, renewable energy, gas, water, public infrastructure, and education. For EBLU, investment in the water infrastructure and management industry may significantly affect the value of the shares of the fund. Companies in the water industry are subject to environmental considerations, taxes, government regulation, price and supply fluctuations, competition and water conservation influences.
Quasar Distributors, LLC, serves as the distributor for Ecofin Global Water ESG Fund (EBLU).
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SOURCE Tortoise Capital
FAQ
What changes are happening to the Ecofin Sustainable and Social Impact Term Fund (TEAF)?
How will the Ecofin Global Water ESG Fund be affected by the renaming?
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What were the total assets of TEAF as of August 31, 2024?
How much in assets did the Ecofin Global Water ESG Fund (EBLU) have as of August 31, 2024?
