LEAWOOD, Kan.--(BUSINESS WIRE)--Tortoise Capital Advisors will visit the New York Stock Exchange on Thursday and ring the NYSE Closing Bell to celebrate a decade of listing master limited partnership-focused funds on the NYSE, and more specifically the 10th anniversary of Tortoise Energy Infrastructure Corp. (NYSE: TYG). The fund has provided investors with an annualized market total return of 12.9 percent since its inception on Feb. 24, 2004 through July 31, 2014, including 41 consecutive distributions paid totaling $21.41 per share. Tortoise manages investment portfolios with strategies spanning the entire energy value chain and beneficiaries beyond.
TYG, the industry’s pioneering fund, paved the way – as it was the first solution of its kind listed on the NYSE, and more than 50 closed-end funds and exchange traded products have followed in its path. “TYG was created to provide investors efficient and simplified access to the energy infrastructure universe with a single 1099,” said Michelle Kelly, managing director of Tortoise. “Over the past decade, TYG and the funds that have followed have helped investors participate in the growth of an essential and differentiated asset class.”
- These investor solutions have helped support an asset class with significant need for capital, as the MLP asset class has evolved over the past 10 years from approximately 35 MLPs with aggregate market capitalization of $50 billion, to more than 115 energy MLPs today aggregating over $580 billion.
- Against this backdrop, a domestic energy renaissance is underway. In the last five years alone, U.S. oil production has grown from 5 to 8.5 million barrels per day. And as domestic crude oil production has increased, imports have declined, in 2013 reaching the lowest level in several years.
- This production growth is driving the need for new infrastructure to enable the essential transportation of energy from areas of growing supply to areas of demand. Tortoise estimates that in the next three years through 2016, energy infrastructure and related projects will need an additional $125 billion investment to support this growth.
“The NYSE bell ceremony will mark not only the success of the past 10 years but the continued opportunity that Tortoise sees ahead,” said Matt Sallee, managing director of Tortoise. “This milestone underscores the growth, in both size and importance, of energy infrastructure as an asset class.”
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. owns a portfolio of master limited partnership investments in the energy infrastructure sector. Tortoise Energy Infrastructure Corp.’s objective is to provide its stockholders a high level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of July 31, 2014, the adviser had approximately $17.9 billion of assets under management in NYSE-listed closed-end investment companies, open-end funds and other accounts. For more information, visit www.tortoiseadvisors.com.
Total market return for the one year, three years, five years, ten years and since inception (on 2/24/2004) periods through July 31, 2014 are 4.7%, 13.2%, 18.5%, 13.9%, and 12.9%, respectively. Performance is annualized for periods longer than one year. Source: Bloomberg. Assumes reinvestment of distributions into security. Total return does not reflect brokerage commissions.
Performance data quoted represents past performance; past performance does not guarantee future results. Like any other stock, total return and market value will fluctuate so that an investment, when sold, may be worth more or less than its original cost. Due to market volatility, current performance may be lower or higher than the figures shown. For current performance information, visit www.tortoiseadvisors.com.
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.
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 company 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 company’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 company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.