Tortoise Water Fund
ALTAR
Score™
6.1% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
16.7x P/Sales
ratio
1.2x
P/BV
ratio
2.3x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Tortoise Water Fund tracks an index of water infrastructure and management companies listed in the US and Canada.

FUND BASICS
Category Global Equities
Fund Sponsor Montage Managers
Website etp.tortoiseindexsolutions.com
Inception date Feb 15, 2017
Assets (mns) $14
Currency USD
Expense ratio 40 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Tiered
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 38
Wgt avg mkt cap (mns) $8,287
Large cap (>$10bn) 37.3%
Mid cap ($2-10bn) 51.6%
Small cap (<$2bn) 11.1%
Developed mkts 96.5%
Emerging mkts 3.5%

TOP TEN HOLDINGS
GEBERIT AG-REG 7.9 %
AMERICAN WATER WORKS CO INC 7.8 %
XYLEM INC 7.5 %
VEOLIA ENVIRONNEMENT 7.0 %
WOLSELEY PLC 6.8 %
AQUA AMERICA INC 5.8 %
PENNON GROUP PLC 4.6 %
UNITED UTILITIES GROUP PLC 4.4 %
SEVERN TRENT PLC 4.2 %
PENTAIR PLC 3.7 %
Total 59.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 40.5 %
BRITAIN 23.7 %
SWITZERLAND 11.5 %
FRANCE 10.4 %
JAPAN 3.1 %
HONG KONG 2.8 %
BRAZIL 2.3 %
NETHERLANDS 2.1 %
CHINA 1.2 %
AUSTRALIA 1.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-21.5% -3.7% -- -- 3.4%

Market Correlations
versus... Beta R-squared
S&P500 0.95 75%
MSCI EAFE 1.02 80%
MSCI Emg. Mkts. 0.79 70%

Technical Indicators
Recent close $27.47
30d moving avg. $31.11
Annualized volatility 18.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 37

Liquidity measures
Avg. volume (thou.) 13
Turnover 2.6%
Bid/Ask (% of price) 0.98%
ADV underlying (mns) $1,878

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Tortoise Water Fund ETF based on the alternatives' overlap in portfolio holdings with TBLU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TBLU Expense: 40 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TBLU
Ticker Fund
Name
Overlap1
vs TBLU
(%)
Expense
ratio
(bp)
Savings
vs TBLU
(bp)
ALTAR
Score™
(%)
ALTAR
vs TBLU
(%)
CGW Invesco S&P Global Water Index ETF 62.8 62 -22 5.0 -1.1
PIO Invesco Global Water ETF 47.6 75 -35 5.0 -1.1
PHO Invesco Water Resources ETF 37.8 60 -20 4.7 -1.3
FIW First Trust Water ETF 37.2 55 -15 4.9 -1.2
FTRI First Trust Indxx Global Natural Resources Income ETF 14.4 70 -30 13.7 +7.7
PUI Invesco DWA Utilities Momentum ETF 14.1 60 -20 5.0 -1.1
XKII SPDR Kensho Intelligent Structures ETF 11.2 45 -5 8.4 +2.3
SMDV ProShares Russell 2000 Dividend Growers ETF 9.0 40 0 7.9 +1.9
KSCD KFA Small Cap Quality Dividend Index ETF 7.9 51 -11 7.0 +1.0
IFRA iShares U.S. Infrastructure ETF 6.8 40 0 7.3 +1.3
TMDV ProShares Russell US Dividend Growers ETF 5.6 35 5 6.4 +0.3
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 5.5 46 -6 6.5 +0.4
PSCU Invesco S&P SmallCap Utilities ETF 5.1 29 11 3.3 -2.8
UTES Virtus Reaves Utilities ETF 4.7 49 -9 5.2 -0.9
VPU Vanguard Utilities Index Fund 4.6 10 30 6.0 -0.0
PAVE Global X U.S. Infrastructure Development ETF 4.5 47 -7 7.9 +1.8
FKU First Trust United Kingdom AlphaDEX Fund 4.5 80 -40 12.7 +6.6
PZD Invesco Cleantech ETF 4.5 68 -28 6.2 +0.1
EMIF iShares Emerging Markets Infrastructure ETF 4.5 75 -35 9.6 +3.5
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 4.5 38 2 12.5 +6.4
PXSG Invesco S&P SmallCap Momentum ETF 4.5 39 1 6.9 +0.8
FUTY Fidelity MSCI Utilities Index ETF 4.4 8 32 6.1 +0.0
ECLN First Trust EIP Carbon Impact ETF 4.4 95 -55 4.3 -1.8
PSCI Invesco S&P SmallCap Industrials ETF 4.3 29 11 9.2 +3.1
GUNR Flexshares Morningstar Global Upstream Natural Resources 4.2 46 -6 8.1 +2.1
JXI iShares Global Utilities ETF 4.2 46 -6 6.4 +0.3
RYU Invesco S&P 500 Equal Weight Utilities ETF 4.2 40 0 6.3 +0.3
XSHQ Invesco S&P SmallCap Quality ETF 4.1 29 11 7.6 +1.6
JHMU John Hancock Multifactor Utilities ETF 4.1 40 0 6.4 +0.3
ETHO Etho Climate Leadership U.S. ETF 3.9 47 -7 6.4 +0.4
VSL Volshares Large Capital ETF 3.8 65 -25 8.3 +2.2
GRES IQ Global Resources ETF 3.7 77 -37 9.1 +3.0
SDG iShares Sustainable MSCI Global Impact ETF 3.7 49 -9 7.4 +1.3
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 3.7 47 -7 7.7 +1.6
GLIF AGFiQ Global Infrastructure ETF 3.6 45 -5 5.9 -0.2
IDU iShares U.S. Utilities ETF 3.6 43 -3 5.8 -0.2
XSLV Invesco S&P SmallCap Low Volatility ETF 3.5 25 15 10.8 +4.8
DINT Davis Select International ETF 3.4 75 -35 7.7 +1.6
SLYG SPDR S&P 600 Small Cap Growth ETF 3.4 15 25 7.1 +1.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 3.4 16 24 7.1 +1.0
IJT iShares S&P Small-Cap 600 Growth ETF 3.4 25 15 7.0 +1.0
GEX VanEck Vectors Global Alternative Energy ETF 3.1 63 -23 6.8 +0.7
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 3.0 35 5 8.6 +2.5
DWLD Davis Select Worldwide ETF 3.0 64 -24 8.5 +2.5
SDY SPDR S&P Dividend ETF 3.0 35 5 7.9 +1.9
RGI Invesco S&P 500 Equal Weight Industrials ETF 2.9 40 0 7.9 +1.8
XLU Utilities Select Sector SPDR Fund 2.8 13 27 6.1 +0.1
JKJ iShares Morningstar Small-Cap ETF 2.8 25 15 8.6 +2.5
FYC First Trust Small Cap Growth AlphaDEX Fund 2.7 70 -30 3.5 -2.6
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 2.7 60 -20 6.0 -0.1
RNSC Small Cap US Equity Select ETF 2.5 60 -20 9.0 +2.9
SCID Global X Scientific Beta Europe ETF 2.5 38 2 8.6 +2.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 2.5 24 16 8.9 +2.9
PSC Principal U.S. Small Cap Index ETF 2.5 38 2 10.3 +4.3
DWEQ AdvisorShares Dorsey Wright Alpha Equal Weight ETF 2.4 99 -59 4.5 -1.6
JPEU JPMorgan Diversified Return Europe Equity ETF 2.4 37 3 8.5 +2.4
DUSA Davis Select U.S. Equity ETF 2.4 63 -23 7.5 +1.4
OEUR O'shares FTSE Europe Quality Dividend ETF 2.4 48 -8 7.6 +1.5
SLY SPDR S&P 600 Small Cap ETF 2.2 15 25 8.9 +2.9
IJR iShares Core S&P Small Cap ETF 2.2 7 33 9.0 +3.0
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 2.2 49 -9 7.3 +1.2
SPSM SPDR Portfolio Small Cap ETF 2.2 5 35 9.0 +3.0
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 2.2 29 11 0.0 -6.1
CHIU Global X MSCI China Utilities ETF 2.2 65 -25 9.9 +3.8
KGRN KraneShares MSCI China Environment Index ETF 2.2 80 -40 9.8 +3.7
VIOO Vanguard S&P Small-Cap 600 ETF 2.2 10 30 9.0 +3.0
FEUZ First Trust Eurozone AlphaDEX ETF 2.2 80 -40 9.7 +3.7
DES WisdomTree U.S. SmallCap Dividend Fund 2.1 38 2 12.0 +6.0
RFEU First Trust Riverfront Dynamic Europe ETF 2.1 83 -43 6.2 +0.1
DIET Defiance Next Gen Food & Agriculture ETF 2.0 30 10 6.2 +0.1
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 2.0 29 11 8.0 +1.9
EWUS iShares MSCI United Kingdom Small Cap ETF 2.0 59 -19 10.7 +4.6
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 2.0 12 28 9.8 +3.8
FLSW Franklin FTSE Switzerland ETF 2.0 9 31 6.4 +0.3
VTWG Vanguard Russell 2000 Growth Index Fund 2.0 15 25 1.7 -4.4
IWO iShares Russell 2000 Growth ETF 2.0 24 16 1.5 -4.6
VFMV Vanguard U.S. Minimum Volatility ETF 2.0 13 27 6.1 +0.1
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 2.0 40 0 7.6 +1.6
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 2.0 39 1 8.2 +2.1
GURU Global X Guru Index ETF 1.9 75 -35 5.3 -0.8
JKG iShares Morningstar Mid-Cap ETF 1.9 25 15 7.8 +1.7
FLGB Franklin FTSE United Kingdom ETF 1.9 9 31 8.9 +2.8
AIRR First Trust RBA American Industrial Renaissance ETF 1.9 70 -30 9.5 +3.4
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 1.9 30 10 15.5 +9.5
NUMG Nuveen ESG Mid-Cap Growth ETF 1.9 40 0 4.4 -1.6
DIM WisdomTree International MidCap Dividend Fund 1.8 58 -18 9.9 +3.8
GARD Reality Shares DIVCON Dividend Guard ETF 1.8 129 -89 4.7 -1.4
FEP First Trust Europe AlphaDEX Fund 1.8 80 -40 10.6 +4.5
LEAD Reality Shares DIVCON Leaders Dividend ETF 1.8 43 -3 5.5 -0.5
EUMV iShares Edge MSCI Min Vol Europe ETF 1.7 25 15 6.3 +0.2
ISMD Inspire Small/Mid Cap Impact ETF 1.7 61 -21 7.1 +1.0
TPSC Timothy Plan US Small Cap Core ETF 1.7 52 -12 10.4 +4.3
EWU iShares MSCI United Kingdom ETF 1.7 50 -10 8.3 +2.2
QGBR SPDR MSCI UK StrategicFactors ETF 1.6 14 26 8.9 +2.9
VOE Vanguard Mid-Cap Value Index Fund 1.6 7 33 10.4 +4.3
VBR Vanguard Small Cap Value Index Fund 1.6 7 33 11.4 +5.3
HAP VanEck Vectors Natural Resources ETF 1.6 50 -10 8.4 +2.3
EWL iShares MSCI Switzerland ETF 1.6 50 -10 5.7 -0.3
RBIN Nationwide Risk-Based International Equity ETF 1.6 42 -2 8.2 +2.2
DDEZ WisdomTree Europe Multifactor Fund 1.6 43 -3 8.4 +2.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Tortoise Water Fund
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.3 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.74 CATEGORY
AVERAGE
1.50
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.