The Tortoise North American Pipeline Index℠ is a float-adjusted, capitalization-weighted index of pipeline companies headquartered in the United States and Canada.

Index Stats as of 12/20/2019:

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Price Return Ticker

TNAP

Total Return Ticker

TNAPT

Base Date

12/31/1999

Inception Date

6/27/2011

Calculated by

S&P Dow Jones Indices

Rebalancing

Quarterly

Number of Constituents

61

Market Capitalization

$627 billion

Average Constituent Size

$10,280 million

Median Constituent Size

$4,087 million

Overview

The Tortoise North American Pipeline IndexSM is a float-adjusted, capitalization-weighted index of pipeline companies headquartered in the United States and Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification (“SIC”) system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines.

Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).

Methodology Summary:

  • Modified float-adjusted, market-capitalization weighting
  • MLPs capped at 20%
  • No single issuer greater than 7.5% and no affiliated MLP family greater than 15% in aggregate as of the rebalance reference date

Key Eligibility Requirements:

  • Classification as an energy pipeline company based on assets, cash flow, revenue or SIC code
  • Market capitalization of $200 million
  • Domicile in the United States or Canada and listed on the New York Stock Exchange, NASDAQ, NYSE MKT or Toronto Stock Exchange
  • Must pay a distribution greater than or equal to their minimum quarterly distribution at time of index inclusion

Performance

Index Performance (as of 12/31/2019) 1 Year 3 Year 5 Year 10 Year
Total Return 24.07% 4.52% 1.65% 10.83%
Price Return 17.50% -0.69% -3.29% 6.06%

Total Return History

(as of 1/23/2020)

Price Return History

(as of 1/23/2020)

Constituents

Sector Allocations

As of most recent rebalance date (12/20/2019)

Top 10 Constituents

As of most recent rebalance date (12/20/2019)
Constituent Name Index Weight
Kinder Morgan, Inc.
7.5%
TransCanada Corporation
7.4%
Enbridge Inc.
7.4%
ONEOK, Inc.
7.0%
The Williams Companies, Inc.
6.5%
Constituent Name Index Weight
Enterprise Products Partners L.P.
5.8%
Energy Transfer LP
4.1%
Atmos Energy Corporation
4.0%
Pembina Pipeline Corporation
4.0%
NiSource Inc.
4.0%

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