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NDP's Massive Distribution Cut? Called It.

|About: Tortoise Energy Independence Fund (NDP), Includes: AMZA
Summary

NDP's massive -77% distribution cut? Called it.

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NDP's Massive Distribution Cut? Called It.

Tortoise Energy Independence Fund (NDP) announced a massive -77% distribution cut, from $0.4375 to $0.10 per share quarterly. We predicted in our Weekly Roundup that we wrote to our members two weeks ago:

We wrote to our members: 

...NDP's quarterly $0.4375 distribution, which has been maintained since inception of the fund in 2012, could be imminently slashed... 

Here's the price action of the NDP since our warning two weeks ago: down by nearly one-third in only two weeks. Ouch!

Chart
Data by YCharts

Of course, the fund's high premium didn't help either, in another example of why closed-end fund valuation matters

One refrain that we often echo at the Lab is "don't just focus on the yield". This is true for MLP/midstream funds too! For example, we called InfraCap MLP ETF's (AMZA) fat yield unsustainable in 2016 while other analysts were still bullish on the fund, and certainly far ahead of the flurry of negative articles that started coming out on the fund a year later, but only after its decline had been significantly underway.

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Remember, "time = money", so being able to save hundreds of hours of time of CEF and ETF research each month with what amounts to the price of a cup of coffee every few days is truly an incredible bargain. And our members agree!

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