Tortoise Water Fund
ALTAR
Score™
4.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
21.7x P/Sales
ratio
1.6x
P/BV
ratio
3.1x Div.
yield
2.4%


  • 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) $18
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 37
Wgt avg mkt cap (mns) $10,495
Large cap (>$10bn) 40.8%
Mid cap ($2-10bn) 51.7%
Small cap (<$2bn) 7.5%
Developed mkts 95.4%
Emerging mkts 4.6%

TOP TEN HOLDINGS
0.0 %
Total 0.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 38.9 %
BRITAIN 23.8 %
FRANCE 11.7 %
SWITZERLAND 11.1 %
BRAZIL 3.4 %
NETHERLANDS 3.0 %
JAPAN 3.0 %
HONG KONG 2.7 %
CHINA 1.0 %
FINLAND 0.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
38.7% 38.7% -- -- 15.1%

Market Correlations
versus... Beta R-squared
S&P500 0.81 61%
MSCI EAFE 0.97 68%
MSCI Emg. Mkts. 0.70 58%

Technical Indicators
Recent close $36.10
30d moving avg. $34.58
Annualized volatility 14.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 77

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.8%
Bid/Ask (% of price) 0.38%
ADV underlying (mns) $763

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™: 4.4%


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 63.3 62 -22 3.9 -0.5
PIO Invesco Global Water 46.0 75 -35 4.0 -0.5
PHO Invesco Water Resources 38.6 60 -20 3.8 -0.6
FIW First Trust ISE Water 36.0 55 -15 3.5 -0.9
FTRI First Trust ISE Global Natural Resources Income 13.3 70 -30 8.6 +4.2
PUI Invesco DWA Utilities Momentum 12.5 60 -20 3.9 -0.5
XKII SPDR Kensho Intelligent Structures 11.7 45 -5 6.0 +1.6
KSCD KFA Small Cap Quality Dividend Index 8.9 51 -11 4.8 +0.4
SMDV ProShares Russell 2000 Dividend Growers 8.0 40 0 5.4 +1.0
GRES Index IQ Global Resources 7.8 77 -37 5.7 +1.3
IFRA iShares U.S. Infrastructure 5.6 40 0 5.2 +0.8
TOLZ ProShares Global Infrastructure 5.4 46 -6 4.9 +0.5
TMDV ProShares Russell US Dividend Growers 5.0 35 5 4.8 +0.4
SDG iShares MSCI Global Impact 4.9 49 -9 5.3 +0.9
EMIF iShares S&P Emerging Markets Infrastructure 4.8 75 -35 7.3 +2.9
DINT Davis Select International 4.8 75 -35 5.3 +0.9
DWLD Davis Select Worldwide 4.8 64 -24 5.5 +1.1
GUNR Flexshares Global Upstream Natural Resources 4.5 46 -6 5.6 +1.2
ECLN First Trust EIP Carbon Impact 4.4 95 -55 3.1 -1.3
JXI iShares S&P Global Utilities 4.2 46 -6 5.0 +0.6

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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 13.7 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 4.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.74 CATEGORY
AVERAGE
1.54
 
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.