- Last Ratings Update:06/30/2014
- Price as of 06/30/2014 :$49.45
- Net Assets:$1,280.9 Million
- Peer Rank:24 of 117
- Investment Rating:B
We rate Tortoise Energy Infrastr Corp at B. 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 invests approximately 100% of its assets in stocks and may be considered for investors seeking a Sector - Energy/Natural Res strategy.
POSITIVES AND RISKS
Total return ranks very high in comparison with peers over the last three years. The Tortoise Energy Infrastr Corp has returned an annual rate of 13.60% since inception. More recently, the fund has generated a total return of 22.08% in the last five years, 15.21% in the last three years, and 16.86% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 83% of them. It has also outpaced 81% of its competitors on a three year basis and 52% of them over the last year for the period ending 6/30/2014. On a year to date basis, TYG has returned 6.35%.
Downside risk has been below average. TYG has a draw down risk of -13.55%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 20.4%. This fund has experienced a high level of volatility in its monthly performance over the last 36 months. As of 6/30/2014, the fund was trading at a price of $49.45, which is 1.1% below its 52-week high of $49.98 and 3.9% above its 52-week low of $47.61.
High expense ratio hinders performance. On total assets of $1.28 billion, TYG maintains a high expense ratio compared to its Sector - Energy/Natural Res peers of 2.28% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As TYG 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 Infrastr Corp has been managed by H. Kevin Birzer for the last 10 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 89% of other fund managers.
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