CGW: Global Mix Of Water Utilities And Industrials Lacks A Coherent Investment Case

CGW has performed poorly since inception, versus U.S.-focused water funds and the broader market. The fund's 43% allocation to slow-growth, state-dependent utilities is a major concern, counterbalancing the fund's exposure to more innovative water-focused industrials. International exposure, especially to Brazilian and UK utilities, introduces regulatory and political risks that may hinder long-term compounding.