Tortoise Capital Advisors has rolled out an open-end mutual fund, known as North American Energy Independence Fund, designed to invest primarily in equity securities of North American oil and gas production companies.
Commenting on the launch of the fund, Tortoise Capital Advisors senior investment analyst Rob Thummel said, "This fund seeks to directly participate at the heart of this opportunity, targeting companies across North America with a strong presence in premier shale basins."
Having managed energy infrastructure investments for nearly a decade, the company introduced the first NYSE-listed closed-end fund focused on energy infrastructure MLPs in 2004.
Tortoise Capital Advisors product development director Michelle Kelly said that the fund supports job creation, increased tax revenues, national security and the theme of energy independence for decades to come.
Offering daily liquidity at NAV, the fund has been structured as a traditional mutual fund, with flow-through tax treatment and no taxation at the fund level.
The mutual fund has been launched in collaboration with Montage Investments, which caters multiple investment solutions, including mutual funds, closed-end funds, separately managed accounts and alternative partnership investments.
Tortoise Capital Advisors had $10.5bn of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts, as of 28 February.