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
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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,
866-362-9331Investor Relationspkearney@tortoiseadvisors.com