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.
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
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.
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.”
“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
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.
Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Source: Tortoise Capital Advisors, L.L.C.