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Video: What is a Stock Split?
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Tortoise Midstream Energy Fund is a closed-end management investment company. The Fund's investment objective is to seek high total return with an emphasis on current distributions. The Fund invests primarily in midstream energy equities that own and operate a network of pipeline and energy related logistical infrastructure assets with an emphasis on those that transport, gather, process and store natural gas and natural gas liquids. The Fund targets midstream energy equities, including master limited partnerships benefiting from United States natural gas production and consumption expansion, with minimal direct commodity exposure. According to our NTG split history records, Tortoise MLP Fund has had 1 split. | |
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Tortoise MLP Fund (NTG) has 1 split in our NTG split history database. The split for NTG took place on May 01, 2020. This was a 1 for 10 reverse split, meaning for each 10 shares of NTG owned pre-split, the shareholder now owned 1 share. For example, a 1000 share position pre-split, became a 100 share position following the split.
When a company such as Tortoise MLP Fund conducts a reverse share split, it is usually because shares have fallen to a lower per-share pricepoint than the company would like. This can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per-share price. The $5 and $10 pricepoints tend to be important in this regard. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. So when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share.
Looking at the NTG split history from start to finish, an original position size of 1000 shares would have turned into 100 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into Tortoise MLP Fund shares, starting with a $10,000 purchase of NTG, presented on a split-history-adjusted basis factoring in the complete NTG split history.
Growth of $10,000.00
With Dividends Reinvested
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Start date: |
04/29/2014 |
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End date: |
04/26/2024 |
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Start price/share: |
$273.10 |
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End price/share: |
$38.92 |
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Starting shares: |
36.62 |
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Ending shares: |
86.02 |
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Dividends reinvested/share: |
$108.77 |
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Total return: |
-66.52% |
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Average Annual Total Return: |
-10.37% |
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Starting investment: |
$10,000.00 |
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Ending investment: |
$3,346.06 |
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Years: |
10.00 |
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Growth of $10,000.00
Without Dividends Reinvested
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Start date: |
04/29/2014 |
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End date: |
04/26/2024 |
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Start price/share: |
$273.10 |
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End price/share: |
$38.92 |
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Dividends collected/share: |
$108.77 |
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Total return: |
-45.92% |
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Average Annual Total Return: |
-5.96% |
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Starting investment: |
$10,000.00 |
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Ending investment: |
$5,409.11 |
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Years: |
10.00 |
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Date |
Ratio |
05/01/2020 | 1 for 10 |
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