Tortoise Pipeline & Energy Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc. Provide Section 19(a) Notice
Tortoise Pipeline & Energy Fund (TTP) and Tortoise Power and Energy Infrastructure Fund (TPZ) have announced their Section 19(a) distributions for November 29, 2024. TTP distributed $0.59 per share, with 16% from net investment income and 84% from return of capital. TPZ distributed $0.105 per share, with 24% from net investment income and 76% from return of capital.
TTP reported a five-year average annual return of 3.30% and a fiscal year-to-date return of 39.34%. TPZ showed stronger performance with a five-year average annual return of 9.12% and a fiscal year-to-date return of 26.76%. Both funds indicate they have distributed more than their income and net realized capital gains.
Il Tortoise Pipeline & Energy Fund (TTP) e il Tortoise Power and Energy Infrastructure Fund (TPZ) hanno annunciato le loro distribuzioni ai sensi della Sezione 19(a) per il 29 novembre 2024. TTP ha distribuito $0,59 per azione, con il 16% proveniente da reddito netto da investimenti e l'84% da restituzione di capitale. TPZ ha distribuito $0,105 per azione, con il 24% proveniente da reddito netto da investimenti e il 76% da restituzione di capitale.
TTP ha riportato un rendimento annuale medio di cinque anni del 3,30% e un rendimento dall'inizio dell'anno fiscale del 39,34%. TPZ ha mostrato una performance migliore con un rendimento annuale medio di cinque anni del 9,12% e un rendimento dall'inizio dell'anno fiscale del 26,76%. Entrambi i fondi indicano di aver distribuito più del loro reddito e dei guadagni in conto capitale realizzati netti.
El Tortoise Pipeline & Energy Fund (TTP) y el Tortoise Power and Energy Infrastructure Fund (TPZ) han anunciado sus distribuciones bajo la Sección 19(a) para el 29 de noviembre de 2024. TTP distribuyó $0.59 por acción, con un 16% proveniente de ingresos netos de inversiones y un 84% de retorno de capital. TPZ distribuyó $0.105 por acción, con un 24% de ingresos netos de inversiones y un 76% de retorno de capital.
TTP reportó un rendimiento anual promedio de cinco años del 3.30% y un rendimiento del año fiscal hasta la fecha del 39.34%. TPZ mostró un mejor rendimiento con un rendimiento anual promedio de cinco años del 9.12% y un rendimiento del año fiscal hasta la fecha del 26.76%. Ambos fondos indican que han distribuido más de sus ingresos y ganancias de capital netas realizadas.
토르토이즈 파이프라인 및 에너지 펀드 (TTP)와 토르토이즈 전력 및 에너지 인프라 펀드 (TPZ)가 2024년 11월 29일자 섹션 19(a) 분배를 발표했습니다. TTP는 주당 $0.59를 분배했으며, 이 중 16%는 순투자소득에서, 84%는 자본환급에서 발생했습니다. TPZ는 주당 $0.105를 분배했으며, 24%는 순투자소득에서, 76%는 자본환급에서 발생했습니다.
TTP는 5년 평균 연간 수익률이 3.30%이고, 회계연도 초과 수익률이 39.34%라고 보고했습니다. TPZ는 5년 평균 연간 수익률이 9.12%이고, 회계연도 초과 수익률이 26.76%로 더 강한 성과를 보였습니다. 두 펀드 모두 수익 및 순실현 자본 이익보다 더 많은 배당금을 지급했다고 보고하고 있습니다.
Le Tortoise Pipeline & Energy Fund (TTP) et le Tortoise Power and Energy Infrastructure Fund (TPZ) ont annoncé leurs distributions selon la Section 19(a) pour le 29 novembre 2024. TTP a distribué 0,59 $ par action, avec 16 % provenant des revenus nets des investissements et 84 % provenant du remboursement de capital. TPZ a distribué 0,105 $ par action, avec 24 % provenant des revenus nets des investissements et 76 % provenant du remboursement de capital.
TTP a rapporté un rendement annuel moyen sur cinq ans de 3,30 % et un rendement depuis le début de l'exercice de 39,34 %. TPZ a montré une meilleure performance avec un rendement annuel moyen sur cinq ans de 9,12 % et un rendement depuis le début de l'exercice de 26,76 %. Les deux fonds indiquent avoir distribué plus de leurs revenus et de leurs gains en capital réalisés nets.
Der Tortoise Pipeline & Energy Fund (TTP) und der Tortoise Power and Energy Infrastructure Fund (TPZ) haben ihre Ausschüttungen gemäß Abschnitt 19(a) für den 29. November 2024 bekanntgegeben. TTP hat $0,59 pro Aktie ausgeschüttet, wobei 16% aus Nettodividenden und 84% aus Kapitalrückerstattung stammen. TPZ hat $0,105 pro Aktie ausgeschüttet, wobei 24% aus Nettodividenden und 76% aus Kapitalrückerstattung stammen.
TTP meldete eine fünfjährige durchschnittliche jährliche Rendite von 3,30% und eine bisherige Rendite des Geschäftsjahres von 39,34%. TPZ zeigte eine stärkere Leistung mit einer fünfjährigen durchschnittlichen jährlichen Rendite von 9,12% und einer bisherigen Rendite des Geschäftsjahres von 26,76%. Beide Fonds geben an, dass sie mehr ausgeschüttet haben als ihr Einkommen und ihre realisierten Nettokapitalgewinne.
- TTP achieved a significant 39.34% fiscal year-to-date return
- TPZ delivered strong 26.76% fiscal year-to-date return
- TPZ maintained solid 9.12% five-year average annual return
- Both funds are distributing more than their earned income and capital gains
- Majority of distributions (84% for TTP, 76% for TPZ) consist of return of capital
- TTP's five-year average annual return of 3.30% is relatively low
Insights
This Section 19(a) notice reveals concerning distribution patterns for both TTP and TPZ funds. A significant portion of their distributions comes from return of capital -
The funds' distribution policies may not align with their actual earnings capacity, as evidenced by the minimal contribution from net investment income and absence of capital gains in the distributions. This structure could gradually erode the funds' capital base if investment performance doesn't sufficiently cover the distributions. The high annualized distribution rates (
OVERLAND PARK, KS / ACCESSWIRE / November 29, 2024 / This required notice under Section 19(a) of the Investment Company Act of 1940 provides stockholders of Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) and Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) with information regarding the sources of the distributions paid on Nov. 29, 2024, and cumulative distributions paid fiscal year-to-date.
The following table sets forth the estimated amounts of the current distributions, payable Nov. 29, 2024, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.
Tortoise Pipeline & Energy Fund, Inc.
Estimated Sources of Distributions | ||||
| ($) Current Distribution | % Breakdown of the Current Distribution | ($) Total Cumulative Distributions for the Fiscal Year to Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date |
Net Investment Income | 0.0915 | 0.4492 | ||
Net Realized Short-Term Capital Gains | 0.0000 | 0.0000 | ||
Net Realized Long-Term Capital Gains | 0.0000 | 0.0000 | ||
Return of Capital | 0.4985 | 1.9108 | ||
Total (per common share) | 0.5900 | 2.3600 | ||
Average annual total return (in relation to NAV) for the five years ending on October 31, 2024 | |
Annualized current distribution rate expressed as a percentage of NAV as of October 31, 2024 | |
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Cumulative total return (in relation to NAV) for the fiscal year through October 31, 2024 | |
Cumulative fiscal year distributions as a percentage of NAV as of October 31, 2024 |
Tortoise Power and Energy Infrastructure Fund, Inc.
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You should not draw any conclusions about TTP's or TPZ's investment performance from the amount of this distribution or from the terms of TTP's and TPZ's distribution policies.
TTP and TPZ estimate that they have distributed more than their income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TTP and/or TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP's and/or TPZ's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TTP's and TPZ's investment experience during the remainder of their fiscal years and may be subject to changes based on tax regulations. TTP and/or TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Tortoise Capital Advisors is the Adviser to the Tortoise Pipeline & Energy Fund, Inc. and the Tortoise Power and Energy Infrastructure Fund, Inc.
For additional information on these funds, please visit cef.tortoiseadvisors.com.
About Tortoise Capital
With approximately
positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors-from production to transportation to distribution. For more information about Tortoise Capital, visit www.TortoiseAdvisors.com.
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. 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.
Media Contacts
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com
SOURCE: Tortoise Capital
View the original press release on accesswire.com
FAQ
What is the current distribution rate for Tortoise Pipeline & Energy Fund (TTP)?
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