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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (36001)5/13/2010 4:57:20 PM
From: Paul Senior  Read Replies (3) of 78481
 
Tortoise funds. TTO cuts dividend. I am out as of this morning.

I buy these type funds for limited partnership distributions which I assume will be growing as some or several holdings increase their distributions (as oil/gas partnerships have historically done). Given market turmoil of last year, I'm not so tolerant of seeing unexpected cuts in the distribution now.

TTO - Tortoise Capital Resources - "invests primarily in privately-held and micro-cap public companies". This is inherently risky itself, because of the lack of transparency and the resultant TTO management "guess" of TTO's nav summary for private firms. So my recently established position has been very small indeed with TTO. (whew!)

Not too thrilled that management would be so overly invested in a problem company that they would jeopardize TTO's distribution.
Makes me wonder if Tortoise's TPZ, TYN also have management problems that I should be concerned about. (I hold decent positions in these two Tortoise funds.)

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Looks like the bet was to get more TPZ at your May 6 recommended price, EKS, as you suggested for consideration. I put my order in that night, did not fill. (aside: Stock, for those who might follow it, has moved above EKS's suggested buy range.)
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