Tortoise North American Energy Corp. (NYSE: TYN)
Company Overview
Tortoise North American Energy Corp. is a publicly-traded closed end fund focused on investing in equity securities of MLPs, including oil and gas exploitation, energy infrastructure and energy shipping companies.
We invest with an emphasis on a diversified exposure to the growing and physically integrated midstream and downstream North American energy markets.
Our goal is to provide stockholders a high level of total return, with an emphasis on distribution income. U.S. MLPs are considered tax-efficient investment vehicles because they are not subject to taxation applicable to most corporate entities.
TYN at a Glance [ top ]
| Description (as of 01/31/2012) | Detail |
|---|---|
| Total Assets | $224.0mm |
| Total Net Assets | $164.4mm |
| YTD Total Return (based on market value) (1) | 3.80% |
| Turnover Rate | 27.34% |
| Management Fee (2) | 1.00% |
| Most recent distribution paid - 4th qtr 2011 (3) | $0.3825 |
| Distributions paid trailing four quarters | $1.5100 |
| CUSIP | 89147T103 |
| Inception Date | 10/31/2005 |
Investment Policies [ top ]
We:
- Under normal conditions, will invest at least 80% of our total assets (including assets obtained through leverage) in equity securities of MLPs, including oil and gas exploitation, energy infrastructure and energy shipping companies.
- Under normal conditions, may invest up to 50% of our total assets in restricted securities.
- Will not engage in short sales
Top 10 Holdings [ top ]
| Holdings (as of 12/31/2011) | Ticker | % of Total Assets |
|---|---|---|
| Enterprise Products Partners L.P. | EPD | 6.7% |
| El Paso Pipeline Partners, L.P. | EPB | 6.1% |
| Buckeye Partners, L.P. | BPL | 4.9% |
| Magellan Midstream Partners, L.P. | MMP | 4.9% |
| Kinder Morgan Management, LLC | KMR | 4.8% |
| Regency Energy Partners LP | RGP | 4.8% |
| Plains All American Pipeline, L.P. | LINE | 4.5% |
| Enbridge Energy Management, L.L.C. / Enbridge Energy Partners, L.P. | EEQ/EEP | 4.1% |
| Energy Transfer Partners, L.P. | ETP | 4.0% |
| ONEOK Partners, L.P. | OKS | 3.9% |
| Top 10 Holdings as a % of Investment Securities | 48.7% | |
| Total Assets | $224.0mm | |
 Download Complete Portfolio Listing as of 11-30-2011 |
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Sector Allocation [ top ]
| Sectors (as of 11/30/2011) | % of Total Investment Portfolio |
|---|---|
| Natural Gas/Natural Gas Liquids Pipelines | 36.3% |
| Crude/Refined Products Pipelines | 31.2% |
| Oil and Gas Exploitation and Production | 14.7% |
| Natural Gas Gathering/Processing | 12.7% |
| Shipping | 4.0% |
| Propane Distribution | 1.0% |
| Cash Equivalents | 0.1% |
Distribution at a Glance [ top ]
| Most Recent Distribution | Detail |
|---|---|
| Ex-Dividend Date | 2/20/12 |
| Record Date | 2/22/12 |
| Payable Date | 3/1/12 |
| Amount Per Share (4) | $0.3850 |
| [ Complete Distribution History ] | |
We intend to make regular quarterly cash distributions of substantially all of our ordinary taxable income to common stockholders.
While we will pay common stockholders at least annually all, or a substantial portion of, our investment taxable income, we may elect to retain some of our net long-term capital gains and reinvest such proceeds.
Footnotes:
- Not Annualized. Source: Bloomberg. Assumes reinvestment of distributions into security. Total return does not reflect brokerage commissions. [ back ]
- Annual rate applied to the fund's average monthly total assets (including any assets attributable to leverage) less the sum of accrued liabilities (other than debt entered into for purposes of leverage and the aggregate liquidation preference of outstanding preferred shares). ("Managed Assets"). [ back ]
- A portion of this distribution is expected to be treated as return of capital for income tax purposes, although the ultimate characterization will not be made until determination of our earnings and profits after our year-end. [ back ]
Trademark Notice: Any trademarks, logos and service marks ("Marks") displayed on this Web Site are the property of Tortoise Capital Advisors, LLC or other third parties. You are not permitted to use the Marks without prior written consent of Tortoise Capital Advisors or such third party which may own the Marks.
Past Performance: Past performance is no guarantee of future results. Total return and market value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only. Due to market volatility, current performance may be lower or higher than the figures shown. For current performance information, please visit our Web site at http://www.tortoiseadvisors.com//.
Shares of closed-end funds frequently trade at a market price that is below their net asset value. Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in distribution rates on any preferred shares.
This data is provided for information only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. You should consider the investment objective, risks, charges and expenses carefully before investing. For this and other important information, please refer to the closed-end fund prospectus and read it carefully before investing.
For additional information call Tortoise Capital Advisors, L.L.C., the fund adviser, at (866) 362-9331.