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Tortoise MLP & Pipeline Fund (TORIX) Celebrates its Three Year Anniversary and Receives Morningstar Rating

June 6, 2014

LEAWOOD, Kan.--(BUSINESS WIRE)-- The Tortoise MLP & Pipeline Fund today announced its third anniversary and that TORIX has received a Five-Star Overall Morningstar RatingTM out of 26 funds in the Energy Limited Partnership category based on three-year risk-adjusted performance ending 5/31/14. The Overall Morningstar Rating for a fund is derived from a weighted average of the fund’s three-, five-, and ten-year risk-adjusted return measures, if applicable.

The Tortoise MLP & Pipeline Fund (TORIX/TORTX/TORCX), managed by Tortoise Capital Advisors, invests primarily in equity securities of MLP and pipeline companies that own and operate essential North American energy infrastructure assets, with an investment objective of total return. Since its May 31, 2011 inception, the fund has grown to approximately $1.6 billion in total net assets through May 31, 2014.

“We are pleased to celebrate this milestone anniversary and are especially honored to have achieved a Five-Star Overall Morningstar Rating for TORIX,” said Ed Russell, a managing director at Tortoise Capital Advisors. “We continued to see a need among advisors and their clients for investment opportunities that focus on the rapidly expanding North American energy landscape. Our fund’s traditional flow-through structure and its investment focus on essential pipeline infrastructure companies have allowed us to deliver what we think is a differentiated and efficient open-end fund.”

“We evaluate companies throughout the large and diverse North American pipeline universe and apply a fundamental approach, leveraging our team’s experience managing investments across the entire energy value chain, to build a portfolio of what we believe are high-quality companies,” said Brian Kessens, a portfolio manager at Tortoise Capital Advisors. “We continued to see increasing need for additional capital investment to support the significant pipeline infrastructure required to transport expanding production to areas of demand. This additional capital investment has the potential to benefit these pipeline companies for some time.”

Since the inception of the Tortoise MLP & Pipeline Fund, Tortoise has launched additional mutual fund strategies, including the Tortoise North American Energy Independence Fund (TNPIX/TNPTX/TNPCX) and the Tortoise Select Opportunity Fund (TOPIX/TOPTX/TOPCX). Additionally, Tortoise formed the first listed closed-end fund focused on investing in energy infrastructure MLPs in 2004, and today manages several closed-end funds and separately managed accounts.

With approximately $17.2 billion in assets under management, Tortoise Capital Advisors is part of Montage Investments, a diverse group of institutional investment managers that together manage more than $24 billion for a wide range of investors. Additional information regarding the fund may be obtained by calling 855-TCA-FUND (855-822-3863) or visiting www.tortoiseadvisors.com.

About Tortoise Capital Advisors, L.L.C.

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. Tortoise is considered a pioneer in managing portfolios of MLP securities and other energy companies for individual, institutional and closed-end fund investors. As of May 31, 2014, the adviser had approximately $17.2 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.

About Montage Investments

Montage Investments provides institutional-caliber investments to investors and the financial professionals who serve them. Through a family of independent asset managers, unified by deep market insight and fundamental research, Montage offers alternative investment solutions across the spectrum of asset classes and strategies that include mutual funds, closed-end funds and separate accounts. Collectively, Montage Investments managed $24 billion as of April 30, 2014. For more information, visit www.montageinvestments.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.

Disclosures

Before investing in the fund, investors should consider their investment goals, time horizons and risk tolerance. The fund’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. Copies of the fund’s prospectus may be obtained by calling 855-TCA-FUND (855-822-3863) or visiting www.tortoiseadvisors.com. Read it carefully before investing.

Mutual fund investing involves risk. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than diversified funds. Investing in specific sectors such as energy may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with North American energy investments, including upstream energy companies, pipeline companies, master limited partnerships (MLPs), MLP affiliates, commodity price volatility, supply and demand, regulatory, environmental, operating, capital markets, terrorism, natural disaster and climate change risks. The tax benefits received by an investor investing in the funds differ from that of a direct investment in an MLP by an investor. The value of the fund’s investments in an MLP will depend largely on the MLP’s treatment as a partnership for U.S. federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation, reducing the amount of cash available for distribution to the funds which could result in a reduction of the fund’s values. Investments in foreign companies involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. The fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The fund may also write call options which may limit the fund’s abilities to profit from increases in the market value of a security, but cause it to retain the risk of loss should the price of the security decline.

Nothing contained in this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.

Certain marketing or sales related support provided by Montage Investments and certain of its affiliates, none of which are affiliated with Quasar Distributors, LLC. Montage Investments is the indirect majority owner of Tortoise Capital Advisors.

The Tortoise open end mutual funds are distributed by Quasar Distributors, LLC.

©2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. The Tortoise MLP & Pipeline Fund was rated against 26 U.S.-domiciled Energy Limited Partnership funds over a three-year time period. With respect to these Energy Limited Partnership funds, the Tortoise MLP & Pipeline Fund received a Morningstar Rating of five stars. This rating is specific to TORIX and does not apply to other share classes of the fund. Past performance is no guarantee of future results.




Tortoise Capital Advisors, L.L.C.

Pam Kearney, 866-362-9331

Investor Relations

pkearney@tortoiseadvisors.com

Source: Tortoise MLP & Pipeline Fund


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