Tortoise Energy Independence Fund Inc.
Find Ratings Reports- Last Ratings Update:02/29/2024
- Price as of 02/29/2024 :$30.81
- Net Assets:$59.05 Million
- NAV:$36.37
- Premium-15.29%
- Peer Rank:3 of 298
- Investment Rating:A+
- Performance:A
- RiskB-
We rate Tortoise Energy Independence Fund at A+. This overall rating indicates it is among the top 10% of all closed end funds in its peer group. Positive factors that influence this rating include a well above average total return and low price volatility. The fund may be considered for investors seeking a Global Equity strategy.
Total return ranks very high in comparison with peers over the last three years. The Tortoise Energy Independence Fund has returned an annual rate of -6.67% since inception. More recently, the fund has generated a total return of -6.84% in the last five years, 29.45% in the last three years, and 11.57% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 5% of them. It has also outpaced 99% of its competitors on a three year basis and 56% of them over the last year for the period ending 2/29/2024. On a year to date basis, NDP has returned 11.12%.
Downside risk has been below average. NDP has a draw down risk of -21.26%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 29.4%. This fund has experienced excessive volatility in its monthly performance over the last 36 months.
High expense ratio hinders performance. On total assets of $59.05 million, NDP maintains a high expense ratio compared to its Global Equity peers of 2.30% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As NDP is a closed end fund, it has no front end or back end load.
Manager tenure and performance record are net positives. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Tortoise Energy Independence Fund has been managed by Robert J. Thummel for the last 12 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 100% of other fund managers.