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Closed End Fund Equity
Tortoise Energy Infrastructure Corporation (ETV) is a closed-end management investment company that is listed on the New York Stock Exchange. The company's investment objective is to invest primarily in equity securities of energy infrastructure companies, including but not limited to, master limited partnerships (MLPs), midstream corporations, energy infrastructure corporations, and energy infrastructure holding companies.
As of December 31, 2020, the company's portfolio consisted of 36 equity securities, with its top 10 holdings making up approximately 53.3% of its total assets. The majority of the company's investments are in the energy infrastructure sector, with a focus on midstream energy companies.
In terms of financial performance, for the year ended December 31, 2020, Tortoise Energy Infrastructure Corporation reported a net asset value (NAV) of $13.24 per share, representing an increase of 1.6% from the previous year. The company's net investment income for the year was $0.33 per share, compared to $0.71 per share in the prior year.
Looking at longer-term trends, the company's NAV has grown at a compound annual growth rate (CAGR) of 4.4% over the past five years, while its total return (including dividends) has been 5.4% over the same period. However, it's worth noting that past performance is not indicative of future results.
As a closed-end fund, Tortoise Energy Infrastructure Corporation uses a managed distribution policy, under which it seeks to provide a stable distribution to its shareholders. For 2020, the company paid out a total distribution of $0.68 per share, representing a yield of 5.1% based on the closing price of $13.24 per share on December 31, 2020.
In summary, Tortoise Energy Infrastructure Corporation is a closed-end fund that invests primarily in energy infrastructure companies, with a focus on midstream energy companies. The company has seen modest growth in its NAV and total return over the past five years, and pays out a stable distribution to its shareholders. However, investors should carefully consider the risks and potential rewards of investing in a closed-end fund, and should do their own research and consult with a financial advisor before making any investment decisions.