The Ecofin Sustainable Water Fund invests in companies across the globe and throughout the water cycle that we believe are positioned to benefit from the pursuit to solve the water supply/ demand imbalance. We believe 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.

Fund Stats as of 8/05/2022:

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NAV

$9.49

NAV Change

$-0.11

CUSIP

56166Y214

Objective

Total return

Minimum Investment

$2,500.00

Redemption Fee

None

Max Front-End Sales Load

5.50%

Max Deferred Sales Load

None

The Ecofin Sustainable Water Fund invests in companies across the globe and throughout the water cycle that we believe are positioned to benefit from the pursuit to solve the water supply/ demand imbalance. We believe 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.

Investment Opportunity

  • Compelling market opportunity as water emerges as an asset class
  • Significant investment opportunity in water infrastructure and technology driving attractive total
    return potential
  • Growing universe with increased capital market activity highlighting value of water businesses
  • Long runway of growth opportunities arising from global water supply/demand imbalance
  • Impact investment as water is an essential asset that drives economic growth and social sustainability
  • Diversification benefits with low correlation to equities

Technology Focus

We believe technology will play a key role in the transformation of the water sector

  • Higher-end technologies expected to continue to command premium multiples over commoditized offerings due to growth opportunities and barriers to entry
  • Higher-end technologies include smart water networks, desalination, treatment, filtration and testing
Produced by MSCI ESG Research as of March 31, 2022.

Represents the aggregate ranking of the Fund’s holdings as of 3/31/2022. Certain information ©2022 MSCI ESG Research LLC. Reproduced by permission; no further distribution.

Fund Details

As of 6/30/2022

Total Net Assets

$2.1 million

Objective

Total return

Impact

Our investment contribute positively to the environment, society and economy by investing in companies that supply water and treat wastewater, as well as investing in water/wastewater infrastructure and technology

>2.5 billion

people served by water and wastewater services

$6.5 billion

invested in water infrastructure and technology

> 16 trillion

gallons of water and wastewater treated and distributed

>2.6 trillion

gallons of water saved or reused (equivalent to 7 New York Cities)

As of 3/31/2022 Source: company filings and Water.org

This strategy seeks to achieve positive impacts that align with the following UN Sustainable Development Goals*

Primary:

     

Secondary

        

About Ecofin

Ecofin is a sustainable investment firm with roots dating to the 1990s and a global footprint with offices in the U.S. and UK. Our core belief is we can deliver strong risk-adjusted returns and create a healthier planet and society. Our strategies offer global solutions in private and public securities that address global challenges in climate action, water and social impact. Through these strategies we seek to achieve positive impacts that align with UN Sustainable Development Goals and are accessible through a variety of vehicles.

**

Portfolio

As of 6/30/2022

Top 10 Holdings *

As of 6/30/2022
Company % of Total
American Water Works Company, Inc AWK
11.2%
Essential Utilities, Inc WTRG
10.3%
Danaher Corporation DHR
7.9%
Veolia Environnment S.A. VIE FP
6.8%
Tetra Tech, Inc. TTEK
4.1%
Company % of Total
Aris Water Solution, Inc. ARIS
4.0%
Advanced Drainage Systems, Inc. WMS
4.0%
Zurn Elkay Water Solutions Corporation ZWS
3.8%
AECOM ACM
3.8%
Xylem, Inc. XYL
3.8%

Time Period

Expense Ratios

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-822-3863. Performance data shown reflecting the A Class (maximum load) reflect a sales charge of 5.50%. Performance data shown "excluding load" does not reflect the deduction of the maximum sales load. If reflected, the load would reduce the performance quoted. For periods over one year, performance reflected is for the average annual returns.

The Fund is a newly registered mutual fund. As of the date of the Prospectus the Fund does not have a full calendar year of performance as a mutual fund. Prior performance shown below for the period prior to the Fund's registration as a mutual fund is for a series of the Long Only sub-fund of the Ecofin Vista Master Fund Limited, established in May 2019 (the “Predecessor Fund”), an unregistered Cayman Islands limited liability company. The Predecessor Fund was reorganized into the Fund by transferring substantially all of the Predecessor Fund’s assets to the Fund in exchange for Institutional Class shares of the Fund on October 15, 2021, the date that the Fund commenced operations (the “Reorganization”). The Predecessor Fund was managed in the same style as the Fund. The Sub-Adviser served as the investment adviser to the Predecessor Fund for the entire performance period shown and is responsible for the portfolio management and trading for the Fund. Each of the Fund’s portfolio managers was a portfolio manager of the Predecessor Fund at the time of the Reorganization. The Fund’s investment objective, policies, guidelines and restrictions are, in all material respects, the same as those of the Predecessor Fund.

The above information shows the returns of the Class B3 Shares of the Predecessor Fund since its inception in May 2019. The Class B3 Shares are similar to the Fund’s Institutional class but, at a point in time, were subject to performance and other fees. Although the management fee of the Fund is slightly higher than the Predecessor Fund, the Fund is not subject to the performance fee of the Predecessor Fund. From its inception through the date of the Reorganization, the Predecessor Fund was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940, as amended (the “1940 Act”) or Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), which, if they had been applicable, might have adversely affected the Predecessor Fund’s performance. The Predecessor Fund's performance was calculated using a methodology of timeweighted total returns from official net asset values. Since the Reorganization, the Fund’s performance has been calculated using the standard formula set forth in rules promulgated by the
SEC, which differs in certain respects from the methods used to compute total return for the Predecessor Fund. Beta is a measure of a stock's volatility in relation to the overall market.

Index performance reflects no deduction for fees, expenses, or taxes. The MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets and 27 Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set. MSCI Net Total Return (Net TR) indices reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index.

  1. 2/3/2022

  2. TCA Advisors (the “Adviser”) has contractually agreed to reimburse the Fund for its operating expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, frontend or contingent deferred loads, taxes, leverage/borrowing interest, interest expense, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses) do not exceed 1.00% of the average daily net assets of the Fund. Expenses reimbursed by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the expense reimbursement occurred and at the time of the recoupment. The Operating Expenses Limitation Agreement will be in effect and cannot be terminated through at least February 2, 2023. The net expense ratio is as of the most recent prospectus and was applicable to investors.

Distribution Detail

Class/Name Ticker Ex-Date Record Date Payment Date Amount
A Class AQUAX 12/29/2022 12/28/2022 12/29/2022 TBD
A Class AQUAX 11/22/2022 11/21/2022 11/22/2022 TBD
2022 Total: