Tortoise Energy Infrastructure Corp. (TYG) is rated Hold because its current market price does not offer a sufficient discount to its net asset value (NAV), despite having a strong portfolio in energy infrastructure including natural gas, LNG, and power assets. The fund's 26% leverage and 3% NAV expenses increase both potential gains and risks, making the entry price and discount level crucial for investors. Recent management actions, such as a rights offering below NAV and reliance on capital gains to support a 13% yield, raise concerns about long-term NAV preservation and alignment with shareholders. While positioned well for rising U.S. energy demand, capital allocation risks remain significant.
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