NDP: Yieldy Fund In A Yield Desert - Oasis Or Mirage? [Seeking Alpha]
Tortoise Energy Independence Fund, Inc. (NDP)
US:NYSE Investor Relations:
closedendfunds.tortoiseadvisors.com/ndp/overview
Company Research
Source: Seeking Alpha
NDP: Yieldy Fund In A Yield Desert - Oasis Or Mirage? In this article we cave in to our morbid interest in the Tortoise Energy Independence Fund ( NDP Our conclusion is that much of the fund's poor performance is due to the fund's upstream focus which has performed even worse than MLPs and the broader midstream sector. However, the fund also appears to generate negative alpha, lack the usually-touted defensive nature of the covered call strategy in down markets and boasts a very high premium - all of which makes it a tough fund to recommend. Yield Desert NDP has an unusually high yield, particularly given the recent compression in CEF yields across the board. High valuations, tight discounts and low nominal rates have combined to drive CEF yields lower. In the chart below we plot the average CEF sector TTM yield spread to cash (cash defined as 3M Libor). You have to go back to before the financial crisis to find a market environment with a lower pickup - not exactly a comforting thoug
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Sec Filings
- 4/24/24 - Form NPORT-P
- 4/2/24 - Form 8-K
- 3/14/24 - Form 40-17G
- NDP's page on the SEC website