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Name

As of 04/20/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Ecofin Sustainable Water Fund

AQUIX | Fund

$9.44

$1.95 M

0.00%

0.95%

Vitals

YTD Return

2.3%

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$1.95 M

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$9.4
$8.21
$9.93

Expenses

OPERATING FEES

Expense Ratio 0.95%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/20/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Ecofin Sustainable Water Fund

AQUIX | Fund

$9.44

$1.95 M

0.00%

0.95%

AQUIX - Profile

Distributions

  • YTD Total Return 2.3%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Semi-Annually

Fund Details

  • Legal Name
    Ecofin Sustainable Water Fund
  • Fund Family Name
    TortoiseEcofin
  • Inception Date
    Feb 02, 2022
  • Shares Outstanding
    210509
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Evan Lang

Fund Description

Under normal circumstances, the Fund will invest primarily in equity securities of companies that design, build, own and operate water and water-related environmental infrastructure, as well as companies that provide the technology, equipment, and services to transport, treat and test water and advance water-related environmental protection and remediation. Ecofin Advisors, LLC, the investment sub-adviser to the Fund (the “Sub-Adviser” or “Ecofin”), believes these companies are essential in connecting water supply with areas of demand, solving water scarcity and quality issues to improve health, human safety and environment.
The Fund will invest at least 80% of its total assets in equity securities of global water and water-related environmental infrastructure and technology companies, which consist of companies deriving at least 50% of their revenues or profit from or devoting at least 50% of their assets to activities related to improving water infrastructure, water technology and process innovations, and environment, such as
environmental engineering and consulting, environmental protection and remediation, and advancement of biodiversity. Such companies may include, but are not limited to, those that devote significant resources to water infrastructure to improve access, reliability, and resiliency, developing technology and process innovations to enhance supply and/or reduce demand by augmenting efficiency, improving water quality, and enabling water reuse and desalination, and offering environmental services to reinforce environmental and biodiversity health, conservation, and remediation (“Sustainable Water Universe,” and the companies therein being “Sustainable Water Companies”).
The Fund will be invested in a range of both developed and non-developed markets. The Fund considers non-developed market countries to be those countries defined as such by the MSCI Market Classification Framework.
The Sustainable Water Universe is a global investment universe that includes companies mainly based in North America, Europe and Asia, but also includes companies in other regions to a lesser extent.
The Fund’s investments in foreign securities may also include American Depository Receipts (“ADRs”) and investments in non-developed market securities. The Sustainable Water Universe includes a broad range of companies, ranging from small market capitalization companies to large market capitalization companies. The Fund may invest in companies of all market capitalizations. The Fund will concentrate in the Sustainable Water Companies Industry, which is a group of industries consisting of companies deriving at least 50% of their revenues or profit from or devoting at least 50% of their assets to activities related to improving water infrastructure, water technology and process innovations, environment, such as environmental engineering and consulting, environmental protection and remediation, and advancement of biodiversity.
The Fund may invest up to 15% of its total assets in debt securities, including but not limited to debt securities issued or guaranteed by the U.S. government or government-related entities. The Fund may invest in such securities without regard to maturity, duration or investment grade limits.
The Sub-Adviser will seek to utilize a combined investment approach, assessing fundamental drivers alongside thematic, macroeconomic and regulatory factors. The Sub-Adviser will target portfolio weightings that emphasize those investments that the Sub-Adviser believes would benefit from long-term structural trends related to solving water scarcity and quality issues to improve health, human safety, and the environment. The Sub-Adviser utilizes a three-pronged research approach to construct the Fund’s portfolio, which assesses (1) qualitative factors, such as a company’s asset quality, management, stability of cash flows and environmental, social, governance (“ESG”) factors; (2) quantitative factors, such as growth prospects and liquidity position, and; (3) relative value through the analysis of valuation models and equity market indicators. These weightings can change over time, relative to changes in fundamental outlook, corporate strategy, share prices, regulatory changes or other factors such as, but not limited to, balance sheet and liquidity considerations, ESG risk considerations, project success or jurisdictional policy issues.
The Sub-Adviser incorporates ESG research into its investment process in an effort to provide better risk-adjusted returns to investors. For example, the Sub-Adviser uses in-house ESG research undertaken by the portfolio managers and ratings provided through a third-party data provider to assist in determining weightings across the entirety of the portfolio. ESG risk considerations may include, but are not limited to:
•Environmental: (1) Scrutiny on carbon footprint and disclosure (and other greenhouse gas emissions); (2) Company’s time horizon for carbon neutrality; (3) Water use and land use; (4) Emission and waste reduction programs; (5) Research and development, innovation and thought leadership for sustainability; (6) Capital expenditures, maintenance and capital integrity; (7) Risks linked to stranded assets; (8) Climate change-related physical risks on assets (fire, weather, droughts, etc.).
•Social: (1) Impact on communities; (2) Customer satisfaction; (3) Commitment to safety standards; (4) Diversity in board, management and employees; (5) Employee engagement; (6) Commitment to fair and safe labor practice.
•Governance: (1) Protection of minority shareholders; (2) Conflicts of interest; (3) Insider ownership; (4) Management compensation; (5) Financial and strategic transparency; (6) Board independence; (7) Engagement with management and proxy voting.
The investment team may also seek to actively engage with portfolio companies to drive continuous business improvement in their ESG & sustainability practices and metrics, including but not limited to direct dialogue with senior leadership, active proxy voting and coordination with other owners. Decisions to engage with portfolio companies generally arise from opportunities to influence decisions when action (or inaction) would impact a company’s ESG rating. Decisions relating to proxies, corporate actions and events are made on a case-by-case basis.
Read More

AQUIX - Performance

Return Ranking - Trailing

Period AQUIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -17.0% 23.8% 50.85%
1 Yr N/A -25.4% 16.2% N/A
3 Yr N/A* 0.2% 73.7% N/A
5 Yr N/A* -5.9% 14.1% N/A
10 Yr N/A* -10.9% 12.2% 89.29%

* Annualized

Return Ranking - Calendar

Period AQUIX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -32.2% 34.0% N/A
2022 N/A -10.9% 35.5% N/A
2021 N/A -8.5% 36.3% N/A
2020 N/A -13.9% 8.5% N/A
2019 N/A -11.7% 24.9% N/A

Total Return Ranking - Trailing

Period AQUIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -30.0% 23.8% 50.00%
1 Yr N/A -25.4% 51.5% N/A
3 Yr N/A* 0.2% 73.7% N/A
5 Yr N/A* -5.9% 18.1% N/A
10 Yr N/A* -10.9% 13.9% 93.02%

* Annualized

Total Return Ranking - Calendar

Period AQUIX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -32.2% 34.0% N/A
2022 N/A -10.9% 35.5% N/A
2021 N/A -8.5% 36.3% N/A
2020 N/A -13.9% 8.5% N/A
2019 N/A -11.7% 24.9% N/A

NAV & Total Return History

AQUIX - Holdings

Concentration Analysis

AQUIX Category Low Category High AQUIX % Rank
Net Assets 1.95 M 1.77 M 8.89 B 99.15%
Number of Holdings N/A 23 422 N/A
Net Assets in Top 10 N/A 770 K 4.68 B N/A
Weighting of Top 10 N/A 18.0% 74.6% N/A

Top 10 Holdings

  1. Crown Castle International Corp 1.55%
  2. Sherwin-Williams Company 1.54%
  3. Alexion Pharmaceuticals, Inc. 1.45%
  4. Whole Foods Market, Inc. 1.40%
  5. Ulta Salon Cosmetics & Fragrances, Inc. 1.40%
  6. F5 Networks, Inc. 1.37%
  7. Concho Resources, Inc. 1.35%
  8. Citrix Systems, Inc. 1.32%
  9. Red Hat, Inc. 1.31%
  10. Teradata Corporation 1.25%

Asset Allocation

Weighting Return Low Return High AQUIX % Rank
Stocks 		99.25% 78.27% 100.48% 48.74%
Preferred Stocks 		0.00% 0.00% 0.60% N/A
Other 		0.00% -1.72% 2.99% N/A
Convertible Bonds 		0.00% 0.00% 0.43% N/A
Cash 		0.00% -1.77% 21.06% N/A
Bonds 		0.00% -2.00% 2.96% 84.87%

AQUIX - Expenses

Operational Fees

AQUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.95% 0.01% 5.06% 45.00%
Management Fee 0.80% 0.00% 1.25% 68.64%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 0.25% N/A

Sales Fees

AQUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 2.25% N/A

Trading Fees

AQUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AQUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 4.00% 169.00% N/A

AQUIX - Distributions

Dividend Yield Analysis

AQUIX Category Low Category High AQUIX % Rank
Dividend Yield 0.00% 0.00% 11.09% 93.33%

Dividend Distribution Analysis

AQUIX Category Low Category High Category Mod
Dividend Distribution Frequency Semi-Annually Annually Quarterly Semi-Annually

Net Income Ratio Analysis

AQUIX Category Low Category High AQUIX % Rank
Net Income Ratio N/A -35.65% 9.06% N/A

Capital Gain Distribution Analysis

AQUIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

AQUIX - Fund Manager Analysis

Managers

Evan Lang

Start Date

Tenure

Tenure Rank

Feb 02, 2022

0.32

0.3%

Mr. Lang joined the firm in 2014 and currently serves as co-portfolio manager of the Sustainable Global Water strategy. He began extensively following the water sector in 2014, originally leading the management of the seed account devoted to this strategy. Mr. Lang was also responsible for generating the initial water universe that eventually evolved into the index that launched EBLU. He earned a Bachelor of Business Administration in finance and entrepreneurial management from Texas Christian University’s Neeley School of Business; John V. Roach Honors College. He is a CFA® charterholder. 021921

Nicholas Holmes

Start Date

Tenure

Tenure Rank

Feb 02, 2022

0.32

0.3%

Mr. Nick Holmes joined Ecofin Advisors, LLC in 2010 and currently serves as co-portfolio manager of the Sustainable Global Water strategy. He has extensive investment experience across the capital structure, acting as president of the Tortoise Essential Assets Income Term Fund and vice president of the Tortoise Energy Infrastructure Corp. and Tortoise MLP Fund, Inc. closed-end funds. He was the lead analyst on the three water-specific private placement transactions in the energy sector. He also continues to evaluate private investment opportunities on water projects in support of Ecofin’s Private Sustainable & Infrastructure team. Mr. Holmes earned a Bachelor of Arts in political science from Yale University and a Master of Business Administration from the University of Kansas. He is a CFA® charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 24.18 7.63 0.16

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