Tortoise Capital Advisors today announced the introduction of the Tortoise Select Opportunity Fund, an open-end mutual fund that has a dedicated focus on select opportunities across the energy value chain and beyond.
"The North American energy value chain is a dynamic, ever-changing, essential network of commerce, continuously creating different opportunities and catalysts that impact its participants," said Tortoise investment analyst, Brett Jergens. "From the upstream producers of oil and natural gas – to those who transport the resources by pipeline, rail or by other means – to the downstream users and beneficiaries who process and use the resources. The current energy revolution taking place in North America’s shale basins is just one such example of a driving force that can, and is, creating opportunities across this expansive energy value chain."
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The fund was developed to provide investors with access to the North American energy companies and their beneficiaries that Tortoise believes are, or will be, in a differentiated position to benefit from changing dynamics, catalysts and opportunities across the North American energy value chain that may occur over time. Current and potential examples of such themes may include changing market trends, infrastructure constraints, supply / demand imbalances, price differentials, valuation and structural disparities, mergers and acquisitions, restructuring, paradigm shifts and company specific events.
"Based on the prevailing market and economic conditions and areas of highest conviction, we may shift the fund’s proportional exposure to these opportunities over time. As a result, the fund’s portfolio mix across the value chain could significantly vary over time," stated Jeremy Goff, a vice president in product development. "With a flexible, yet opportunistic strategy, the fund has the ability to capitalize on what we believe are the most compelling opportunities, regardless of their location within the energy value chain, with the ability to be nimble as dynamics shift."
The fund is structured as a traditional mutual fund providing daily liquidity at NAV, with flow-through tax treatment and no taxation at the fund level. Simplified tax reporting is provided to investors through a single 1099. Investor, C Class and Institutional shares are available under the symbols TOPTX, TOPCX, and TOPIX, respectively.
This new strategy expands upon Tortoise’s leadership and history in the sector. Tortoise formed the first NYSE-listed closed-end fund focused on MLPs in 2004 and is one of the largest investment managers of registered energy infrastructure funds. As an industry pioneer, Tortoise has managed energy infrastructure investments for nearly a decade, across economic cycles and natural disasters.
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By GlobalDataThe fund was initiated in cooperation with Montage Investments. Montage’s diverse group of boutique asset managers offer multiple investment solutions, including mutual funds, closed-end funds, separately managed accounts and alternative partnership investments.
