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Pentair plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNR#NYSE">PNR</a>) shares are trading lower after the company reported a fourth-quarter 2024 net sales decline of 1% year over year (Y/Y) to $973 million, slightly beating <a href="https://www.benzinga.com/pressreleases/25/02/b43457963/pentair-reports-strong-fourth-quarter-and-full-year-2024-results" target="_blank" rel="noreferrer noopener">the consensus of $972.8 million</a>.
Also, core sales declined by&nbsp;1%&nbsp;Y/Y in the&nbsp;fourth quarter, excluding currency translation, acquisitions, and divestitures.
Gross margin expanded to&nbsp;38.8%&nbsp;from&nbsp;37.2% a year ago in the quarter. Adjusted operating margin expanded 370&nbsp;basis points Y/Y to&nbsp;23.8% in the quarter.
Flow segment sales decreased by&nbsp;5%&nbsp;Y/Y to&nbsp;$360.7 million, Segment income was&nbsp;$73.6 million&nbsp;(+13%&nbsp;Y/Y), and the operating margin was&nbsp;20.4%, an increase of 320&nbsp;bps Y/Y in the quarter.
Water Solutions segment sales were&nbsp;$257.9 million&nbsp;(-4% Y/Y), Segment income was&nbsp;$62.2 million&nbsp;(+21%&nbsp;Y/Y), and ROS was&nbsp;24.1%, up 500 bps Y/Y.
Pool segment sales were&nbsp;$331.4 million&nbsp;(+5%&nbsp;Y/Y), Segment income was&nbsp;$119.4 million&nbsp;(+14%&nbsp;Y/Y), and ROS was&nbsp;33.8%, up 250&nbsp;bps Y/Y.
Adjusted EPS came in at&nbsp;$1.08, surpassing&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$1.01</a>.&nbsp;
For the year, the operating cash flow of continuing operations was&nbsp;$767&nbsp;million, and the free cash flow from continuing operations was&nbsp;$693&nbsp;million.
Dividend: Pentair paid a regular cash dividend of 23 cents per share in the fourth quarter of 2024.
On December 16, 2024, the company announced a quarterly cash dividend of 25 cents per share, payable on Feb. 7, 2025, to shareholders <a href="https://www.benzinga.com/pressreleases/24/12/b42519398/pentair-announces-rate-increase-to-its-quarterly-cash-dividend" target="_blank" rel="noreferrer noopener">of record as of Jan. 24, 2025</a>.
This represents an 8.7% increase from the previous 23 cents per share.
Buyback: In the quarter, Pentair repurchased 0.4 million shares for $50 million. As of Dec. 31, 2024, $450 million remained available under its share repurchase authorization.
Outlook: Pentair forecasts first-quarter adjusted EPS of $1.00-$1.02 (vs. consensus of $1.09)<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">, with sales down 3%-4%</a>.
For 2025, the company expects adjusted EPS of $4.65-$4.80 (vs. street view of $4.82) and sales flat to up 2%.
John L. Stauch, Pentair&#8217;s president and chief executive officer said, &#8221;We expect to continue to invest in key areas across the company and execute on our Transformation initiatives and 80/20 to drive long-term growth, profitability and returns.&#8221;
&#8221;We believe our balanced water portfolio is proving its resilience as Pool is expected to grow offsetting our Flow and Water Solutions residential end markets that remain pressured by higher interest rates. We are confident in our strategy and our ability to control what we can internally while mitigating risk from an uncertain macroeconomic and geopolitical environment near-term.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco Global Water ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIO#NASDAQ">PIO</a>) and&nbsp;Global X Clean Water ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AQWA#NASDAQ">AQWA</a>).
Price Action: PNR shares are down 2% at $100.41 at the last check Tuesday.
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Pentair Beats Q4 Estimates, Raises Dividend, Guides Below Expectations For 2025

Editor&#8217;s Note: Article was updated to correct a typo around the company&#8217;s pest elimination segment.
Ecolab Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>) shares are trading lower after the company reported third-quarter sales growth of 1% year-on-year to $3.999 billion, missing the<a href="https://www.benzinga.com/pressreleases/24/10/b41596721/ecolab-delivers-continued-strong-growth-in-the-third-quarter-reported-diluted-eps-2-58-adjusted-di" target="_blank" rel="noreferrer noopener"> consensus estimate of $4.04 billion</a>.
Organic sales grew 4%, led by strong performance across the business. Volume increased by 2%, fueled by successful new business wins and breakthrough innovations.
In fixed currency, Global Industrial sales grew 3% to $1.993 billion, Global Institutional &amp; Specialty climbed 7% to $1.404 billion, Global Healthcare &amp; Life Sciences fell 18% to $334.1 million and Global Pest Elimination increased 9% to $308.7 million.
Selling, general and administrative expenses remained flat year-on-year&nbsp;at&nbsp;$1.0 billion.
Adjusted operating income for the quarter increased&nbsp;17%&nbsp;to&nbsp;$713.1 million, with an adjusted operating margin of&nbsp;17.9% vs. 15.4% a year ago.
Adjusted EPS of&nbsp;$1.83 <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beat the analyst consensus estimate of&nbsp;$1.82</a>.
Ecolab repurchased around 1.9 million shares of its common stock in the quarter.
The company held&nbsp;$1.26 billion&nbsp;in cash and equivalents as of September 30.
Outlook: Ecolab revised the FY24 adjusted EPS&nbsp;outlook&nbsp;from&nbsp;$6.50&nbsp;–&nbsp;$6.70 to $6.60 &#8211; $6.70&nbsp;<a target="_blank" href="https://www.benzinga.com//node/40041317" rel="noreferrer noopener">against the consensus of&nbsp;$6.64</a>.
Ecolab sees fourth-quarter adjusted EPS of&nbsp;$1.75&nbsp;–&nbsp;$1.85&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus an estimate of&nbsp;$1.82</a>.
Investors can gain exposure to the stock via VanEck Environmental Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVX#NYSE">EVX</a>) and Invesco Global Water ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIO#NASDAQ">PIO</a>).
Price Action: ECL shares are down 1.06% at $253.73 at the last check Tuesday.
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Market Vectors Environmental Services Index Fund

Ecolab Q3 Earnings: Beats On EPS, Misses On Sales, Revises Annual EPS Forecast & More (CORRECTED)

Pentair plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNR#NYSE">PNR</a>) shares are trading higher after the company reported that third-quarter 2024 net sales fell 2% year over year to $993 million, beating the <a href="https://www.benzinga.com/pressreleases/24/10/b41446565/pentair-reports-strong-third-quarter-2024-results" target="_blank" rel="noreferrer noopener">consensus of $988.8 million</a>.
Core sales declined by 1% in the third quarter, excluding currency translation, acquisitions, and divestitures.
Gross margin expanded to&nbsp;39.6% from&nbsp;36.9%&nbsp;a year ago in the quarter. Adjusted operating income rose 13% Y/Y at $239 million, with margin expanded 310 basis points Y/Y to 24.1%.
Flow sales decreased by 7% year over year to $372.2 million, Segment income was $82.8 million (+7% year over year), and the operating margin was 22.2%, an increase of 280 bps year over year.
Water Solutions sales were&nbsp;$289.5 million (-3%&nbsp;Y/Y), Segment income was&nbsp;$64.4 million (-6% Y/Y), and ROS was&nbsp;22.2%, down 80&nbsp;bps Y/Y.
Pool segment sales were&nbsp;$331.4 million (+7% Y/Y), Segment income was&nbsp;$112.7 million (+24% Y/Y), and ROS was&nbsp;34.0%, up 470&nbsp;bps Y/Y.
Adjusted EPS rose&nbsp;16%&nbsp;Y/Y to&nbsp;$1.09, surpassing&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$1.07</a>.&nbsp;
For the quarter, the operating cash flow of continuing operations was&nbsp;$249&nbsp;million, and the free cash flow from continuing operations was&nbsp;$234&nbsp;million.
Dividend: The company announced a quarterly dividend of $0.23 per share, payable on Nov. 1, to shareholders of record as of Oct. 18.
Buyback: In the quarter, Pentair repurchased 0.6 million shares for $50 million. As of Sept. 30, $500 million remained available under its share repurchase authorization.
FY24&nbsp;Outlook:&nbsp;Pentair raised adjusted EPS to&nbsp;$4.27&nbsp;(from&nbsp;$4.25)&nbsp;vs. <a target="_blank" href="https://www.benzinga.com//node/39907439" rel="noreferrer noopener">consensus of&nbsp;$4.25</a>.
Meanwhile, the company continues to see sales growth of roughly flat to down&nbsp;1%&nbsp;on a reported basis.
Fourth quarter 2024&nbsp;Outlook:&nbsp;Pentair sees an adjusted EPS of&nbsp;$1.02 versus a consensus of&nbsp;$1.02&nbsp;and sales of around $965 million-$975 million&nbsp;vs.&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">a consensus of $989.2 million</a>.
CEO John L. Stauch said, "Our relentless dedication to strong execution, Transformation, and delivering value to our customers has driven yet another quarter of significant free cash flow and outstanding results, surpassing our expectations. Our balanced approach across our water portfolio continues to validate the effectiveness of our strategy. We have made substantial progress on 80/20 with the completion of training on a majority of our total revenue.&#8221;
&#8221;As a result, we are now implementing actions to drive more focused and profitable growth. Our disciplined and balanced capital allocation strategy included strengthening our balance sheet, continuing our share repurchase program, and paying a dividend," he added.
Investors can gain exposure to the stock via&nbsp;Invesco Global Water ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIO#NASDAQ">PIO</a>) and&nbsp;Global X Clean Water ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AQWA#NASDAQ">AQWA</a>).
Price Action:&nbsp;PNR shares are up&nbsp;1.49%&nbsp;at&nbsp;$99.83 premarket at the last check Tuesday.
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Pentair Beats Q3 Estimates, Raises Profit Outlook As CEO Credits 'Strong Execution'

Roper Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROP#NASDAQ">ROP</a>) has agreed to acquire Transact Campus, Inc. for a net purchase price of $1.5 billion, which includes a $100 million tax benefit from the transaction.
The net purchase price is about 14 times the projected 2025 EBITDA, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40393151/roper-technologies-to-acquire-transact-campus" rel="noreferrer noopener">the company said on Thursday.</a>
Transact provides campus technology and payment solutions and offers services like campus ID software, tuition payment processing, and point-of-sale systems.
The company will merge with Roper&#8217;s CBORD business, which provides similar solutions to healthcare, education, and K-12 institutions.
The transaction is <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40393184/transact-campus-inc-a-reverence-capital-partners-portfolio-company-announces-sale-to-roper-technol" rel="noreferrer noopener">set to close in this quarter</a>, with Roper funding the acquisition through its cash reserves and revolving credit facility.
As of June-end, Roper&#8217;s cash and equivalents <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39927504/roper-technologies-announces-second-quarter-financial-results" rel="noreferrer noopener">stood at $251.5 million</a>.
Synergies: Transact is projected to generate around $325 million in revenue and $105 million in EBITDA in 2025, <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">with cost synergies boosting these figures</a>.
Roper anticipates long-term, high, single-digit organic revenue growth from Transact.
Neil Hunn, Roper Technologies&#8217; President and CEO, said, &#8220;Transact is an excellent business that meets all of our acquisition criteria, including mission critical solutions, strong customer retention, and excellent cash conversion.&#8221;
&#8220;Bringing together Transact and CBORD and leveraging each business&#8217;s unique core competencies will expand and accelerate the innovation they will bring to their customers.&#8221;
The combined business will use both the Transact and CBORD brand names and be led by Transact&#8217;s CEO, Nancy Langer, with CBORD&#8217;s CEO, Dan Park, serving as Chief Operating Officer.
Investors can gain exposure to the stock via&nbsp;Invesco Global Water ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIO#NASDAQ">PIO</a>) and&nbsp;Invesco Water Resources ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHO#NASDAQ">PHO</a>).
Price Action: ROP shares closed higher by 3.52% at $546.57 on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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PowerShares Exchange Traded Fund Water Resource Portfolio

Roper Strengthens Campus Solutions Offering with $1.5B Transact Buyout: Details

Pentair plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNR#NYSE">PNR</a>) reported&nbsp;a&nbsp;second-quarter&nbsp;2024 net sales rose 2%&nbsp;Y/Y to&nbsp;$1.099 billion, marginally <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39902091/pentair-reports-strong-second-quarter-2024-results" rel="noreferrer noopener">beating the consensus of&nbsp;$1.095 billion</a>.
Excluding currency translation, acquisitions and divestitures, core sales grew 2% in the second quarter. The gross margin expanded to 39.8% from 36.9% a year ago.
Operating income rose&nbsp;19%&nbsp;YoY to&nbsp;$248 million, and the operating margin expanded 330 basis points&nbsp;Y/Y to&nbsp;22.6%. On an adjusted basis, the operating margin increased by 310 basis points to 24.7% in the quarter.
Flow sales decreased by&nbsp;4%&nbsp;YoY to&nbsp;$396.8 million, Segment income of&nbsp;$84.4 million&nbsp;(+13%&nbsp;Y/Y), and the operating margin was&nbsp;21.3%, an increase of 310 bps Y/Y.
Water Solutions sales were&nbsp;$310.5 million&nbsp;(-8% Y/Y), Segment income was&nbsp;$72.9 million&nbsp;(-3%&nbsp;Y/Y), and ROS was&nbsp;23.5%, up 130 bps Y/Y.
Pool segment sales were&nbsp;$391.5 million&nbsp;(+17%&nbsp;Y/Y), Segment income was&nbsp;$133.6 million&nbsp;(+27%&nbsp;Y/Y), and ROS was 34.1%, up 270 bps Y/Y.
Adjusted EPS rose 18% Y/Y to $1.22, surpassing <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of $1.14</a>.&nbsp;
For the quarter, net cash provided by operating activities of continuing operations was&nbsp;$539 million, and free cash flow from continuing operations was&nbsp;$522 million.
Dividend: The company announced a quarterly dividend of $0.23 per share, payable on August 2, to shareholders of record as of July 19.
In the second quarter, Pentair repurchased 0.6 million shares for $50 million. As of June 30, 2024, $550 million remained available under its share repurchase authorization.
FY24&nbsp;Outlook: Pentair revised adjusted EPS to $4.25 (from&nbsp;$4.15-$4.25)&nbsp;vs. consensus of&nbsp;$4.18; sees sales growth to be roughly flat to down 1% <a target="_blank" href="https://www.benzinga.com//node/38383906" rel="noreferrer noopener">(vs.&nbsp;an increase of&nbsp;2%-3% earlier)&nbsp;on a reported basis</a>.
Third quarter&nbsp;2024&nbsp;Outlook: Pentair sees an adjusted EPS of&nbsp;$1.06&nbsp;&#8211;&nbsp;$1.08&nbsp;versus a consensus of&nbsp;$1.07. It expects sales to be down about <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">2%-3% on a reported basis</a>.
Pentair CEO&nbsp;John L. Stauch said, &#8220;We expect stronger margin expansion than we previously guided despite continued global macroeconomic and geopolitical uncertainty which is pressuring sales in the second half of 2024. We are confident in our Transformation and 80/20 initiatives and expect them to drive strategic decisions and operational efficiencies across our balanced water portfolio.&#8221;
Investors can gain exposure to the stock via Invesco Global Water ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIO#NASDAQ">PIO</a>) and Global X Clean Water ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AQWA#NASDAQ">AQWA</a>).
Price Action: PNR shares are up 6.7% at $85.35 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Pentair Navigates Economic Headwinds, Posts Q2 Earnings Beat, Updates Outlook & More

Exchange traded funds dedicated to water-related investments may be some of the earliest examples of <a href="https://www.benzinga.com/trading-ideas/long-ideas/19/11/14775133/a-whole-lot-of-themes-in-one-new-etf">thematic ETFs</a>, but due to lack of disruptive technology, or anything resembling &ldquo;high tech,&rdquo; water funds aren&#39;t considered glitzy investments.
There was a time, however, when water was considered the &ldquo;new oil&rdquo; due to scarcity issues and it is those scarcity issues that could renew interest in funds, such as the Invesco Global Water ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pio#NASDAQ">PIO</a>).
Now almost 13 years old, PIO is enjoying a solid showing in 2019 with a gain of 20%. The $195.2 million fund tracks the Nasdaq OMX Global Water Index.
<h3>Why It&#39;s Important </h3>
&ldquo;Investors focused on climate change and sustainability often want &#39;<a href="https://www.barrons.com/articles/the-case-for-investing-in-water-51570791604?mod=article_inline">water plays</a>,&#39; or stocks that benefit from the rising scarcity of water,&rdquo; <a href="https://www.barrons.com/articles/water-stocks-scarcity-climate-change-pfas-51573567392?mod=hp_BRIEFLIST_4&amp;mod=article_inline">reports Barron&#39;s</a>. &ldquo;But not all <a href="https://www.barrons.com/articles/water-stocks-51556228789?mod=article_inline" target="_blank">water stocks</a> are created equal. Investors have to be selective when buying exposure to water trends.&rdquo;
Underscoring the point that it can be difficult to hone in on water investments, the industry is defined by a dizzying sub-industry groups. For its part, PIO features exposure to six sectors with industrial and utilities stocks combining for nearly 77% of the fund&#39;s weight.
That&#39;s a point worth mentioning because PIO is outperforming both the Industrial Select Sector SPDR (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xli#NYSE">XLI</a>) and the Utilities Select Sector SPDR (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xlu#NYSE">XLU</a>) this year.
Despite those allocations to sectors that are often viewed as slow-moving, PIO does some have some growth traits as growth stocks represent nearly 40% of the fund&#39;s roster.
<h3>What&#39;s Next</h3>
The future of water investments very well lies with the ability of these companies to act less like stodgy utilities and more like purveyors of futuristic technologies, even if those technologies aren&#39;t glitzy by consumer standards. Just 3.68% of PIO&#39;s holdings officially reside in the tech sector.
Companies at the recent Aquatech Amsterdam 2019 conference &ldquo;were showcasing some form of connected products and digital services, including real-time controls, remote monitoring, automated asset management, and predictive diagnostics and analytics,&rdquo; Barron&#39;s quoted RBC analyst Deane Dray.
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How To Hydrate With A Water ETF

Dating back to last year&#39;s U.S. presidential election campaign trail, investors have been hearing a lot about infrastructure and the related investments. That theme, while still potentially potent, has been dealt a blow this year as the Trump administration has indicated 2018 will be the year in which it attempts to deliver on its massive infrastructure initiative.
There are some corners of the infrastructure investment landscape represented by exchange-traded funds that still merit consideration. That group includes water-related investments and ETFs such as the PowerShares Global Water Portfolio (ETF) (NASDAQ: <a class="ticker" href="/stock/pio#NASDAQ">PIO</a>). The PowerShares Global Water Portfolio is up 8.2 percent year-to-date and was one of a small number of ETFs to hit a 52-week high on Monday.
<h3>The Water Situation</h3>
Over the years, water as an investment thesis has earned increased credibility and that theme has become more accessible thanks to ETFs such as PIO.
&ldquo;There is a fixed amount of water available worldwide, with 97.5 percent of it in the form of salt water unfit for human consumption,&rdquo;<a href="https://www.blog.invesco.us.com/emerging-market-water-infrastructure-2/"> said PowerShares in a recent note</a>. &ldquo;Of the remaining 2.5 percent, more than two-thirds of it is frozen in ice caps. The world&rsquo;s population now stands at roughly 7.3 billion, and is expected to grow by a third to 9.7 billion by 2050. The United Nations estimates that only 1 percent of the world&rsquo;s fresh water supply is accessible enough to meet the needs of a rapidly expanding world population.&rdquo;
<h3>The Pitter-Patter Of PIO</h3>
The $183.3 million PIO, which is nearly a decade old, follows the NASDAQ OMX Global Water Index. That benchmark is comprised of &ldquo;companies listed on a global exchange that create products designed to conserve and purify water for homes, businesses and industries,&rdquo; <a href="https://www.invesco.com/portal/site/us/financial-professional/etfs/product-detail?productId=PIO">according to PowerShares</a>.
Water infrastructure is a global theme and PIO reflects as much as U.S. stocks account for just 36.2 percent of the ETF&#39;s weight. The U.K., Switzerland and France combine for about 42 percent of PIO&#39;s geographic lineup. Overall, 10 countries are represented in the ETF. That group includes three eurozone nations and three emerging economies.
&ldquo;Many emerging markets are also less stringent in regulations preventing the contamination of water,&rdquo; said PowerShares. &ldquo;That means that not only is the amount of fresh water per person declining, but an increasing amount of that water is contaminated and unpotable. As a result, emerging market governments are funneling large amounts of capital into areas like water conservation, purification and infrastructure. Over the past decade, water infrastructure spending has grown rapidly in both absolute terms and as a percentage of gross domestic product (GDP) in most emerging markets. Emerging markets now account for half of all infrastructure spending worldwide.&rdquo;
Related Links:
<a href="https://www.benzinga.com/news/17/03/9204918/the-business-of-clean-water">The Business Of Clean Water</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/02/9057087/pour-a-glass-of-this-new-water-etf">Pour A Glass Of This New Water ETF</a>

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Turn The Faucet On For This ETF

There are about 10 dedicated infrastructure exchange traded funds on the market today. Throw in water-specific funds and the number inches closer to 15. Yet a time when investors hear so much about droughts and dilapidated infrastructure in both the developed and emerging worlds, few of these ETFs are doing much to reward investors in 2015.

	Typically, the water investment thesis revolves around the need for improved fresh water infrastructure and resources in the developing world, but water exchange traded funds are usually chock full of developed market companies.

	That includes the $237.3 million PowerShares Global Water Portfolio (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>), an ETF that has been around since mid-2007.

	&quot;While we in North America tend to take fresh water resources for granted, fresh water is an increasingly scarce commodity in other parts of the world. There is a fixed amount of water available worldwide, with 97.5% of it in the form of salt water unfit for human consumption. Of the remaining 2.5%, more than two-thirds of it is frozen in ice caps. The world&rsquo;s population now stands at roughly 7.3 billion, and is expected to grow by a third to 9.7 billion by 2050.2 The United Nations estimates that only 1% of the world&rsquo;s fresh water supply is accessible enough to meet the needs of a rapidly expanding world population,&quot;&nbsp;<a href="http://www.blog.invesco.us.com/emerging-market-water-infrastructure">according to a recent note from PowerShares</a>.

	Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5994963/november-outflows-reflect-etf-investors-view-on-fed">November Outflows Reflect ETF Investors&#39; View On Fed</a>

	Like rival infrastructure ETFs, PIO has struggled this year, losing 6.3 percent. However, PIO has been one of the best-performing infrastructure ETFs over the past five years, gaining just over 15 percent. Home to 35 stocks, PIO follows the NASDAQ OMX Global Water Index.

	PIO is reflective of the aforementioned developed market tilt as the US and the UK combine for 59 percent of the ETF&#39;s weight with France and Switzerland combining for another 20 percent. As is the case with most water ETFs, PIO&#39;s holdings hail from multiple sectors. A combined 85 percent of PIO&#39;s holdings are utilities or industrial stocks, but the ETF also features small allocations to technology and healthcare names.

	More than 90 percent of PIO&#39;s holdings are large- or mid-caps. For long-term investors, there is some allure based on the fact that developing world governments are expected to increase water-related spending.

	&quot;As a result, emerging market governments are funneling large amounts of capital into areas like water conservation, purification and infrastructure. Over the past decade, water infrastructure spending has grown rapidly in both absolute terms and as a percentage of gross domestic product (GDP) in most emerging markets. Emerging markets now account for half of all infrastructure spending worldwide,&quot; adds PowerShares.

	PIO charges 0.76 percent, or $76 per $10,000 invested, a year.

Intraday Update

H2 Opportunity With A Water ETF

An interesting investment opportunity has recently emerged in an otherwise overlooked sector: water. California is in the midst of a four-year drought that has taken its supply of water down to one year <a href="http://www.theguardian.com/us-news/2015/mar/16/california-water-drought-nasa-warning">according to NASA</a>.

	With a population of 39 million people and holding the title of the largest farming state in the country, California is in a state of emergency. Consider, for instance, that the state produces more food from farming than Iowa, Nebraska and Minnesota combined.
<h3>
	Continental Implications</h3>

	This is not just a California problem; due to the size of the state&#39;s economy, the ramifications will be felt around the country. Everything from higher almond prices to the potential loss of jobs is possible. That being said, there is almost always an investment angle when a crisis occurs, and this time is no different.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/pressreleases/15/04/p5381635/california-droughts-first-ever-statewide-water-restrictions-fresh-water">California Drought&#39;s First Ever Statewide Water Restrictions</a></bzrelatedlink>

	An investor could consider purchasing individual stocks that manufacture and produce water conservation technologies. However, there is a broader approach to the water sector that includes several related ETFs.

	Highlighted below are three water ETFs that have been and will continue to be affected by the drought in California.
<h3>
	PowerShares Water Resources Portfolio ETF</h3>

	The Powershares Water Resource Portfolio (NYSE: <a class="ticker" href="/stock/pho#NYSE">PHO</a>) is made up of 28 companies across nine sectors that create products designed to conserve and purify water for homes, businesses and industries. The top weighted sub-sectors include machinery at 48 percent and water utilities at 18 percent.

	The top individual holding include:
<ul>
<li>
		Waters Corporation (NYSE: <a class="ticker" href="/stock/wat#NYSE">WAT</a>) at 8.4 percent</li>
<li>
		Roper Industries, Inc. (NYSE: <a class="ticker" href="/stock/rop#NYSE">ROP</a>) making up 8.3 percent</li>
<li>
		Pall Corporation (NYSE: <a class="ticker" href="/stock/pll#NYSE">PLL</a>) coming in at 7.8 percent</li>
</ul>

	PHO is down 7 percent over the last 12 months, up 3 percent over the last six months and down 3 percent year-to-date. The water ETF has an expense ratio of 0.61 percent.
<h3>
	PowerShares Global Water Portfolio ETF</h3>

	The PowerShares Global Water Portfolio (ETF) (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>) provides investors exposure to 35 companies across five sectors and 10 countries. The United States at 40 percent and the United Kingdom at 21 percent are the top weighted countries. Industrials at 52 percent and utilities at 39 percent make up the majority of the portfolio.

	The top holdings include:
<ul>
<li>
		Geberit AG (OTC: <a class="ticker" href="/stock/gbery#OTC">GBERY</a>) with an 8.5 percent holding</li>
<li>
		Roper Industries making up 8.2 percent</li>
<li>
		Veolia Environnement VE SA (ADR) (OTC: <a class="ticker" href="/stock/veoey#OTC">VEOEY</a>) coming in at 7.9 percent</li>
</ul>

	PIO is down 5 percent over the last 12 months, up 5 percent over the last six months and up 2 percent year-to-date. The ETF has an expense ratio of 0.82 percent.
<h3>
	First Trust Water Index Fund</h3>

	The First Trust ISE Water Index Fund (ETF) (NYSE: <a class="ticker" href="/stock/fiw#NYSE">FIW</a>) consists of 37 companies across six sectors within the potable and wastewater industry.

	The top individual holdings includes
<ul>
<li>
		Badger Meter, Inc. (NYSE: <a class="ticker" href="/stock/bmi#NYSE">BMI</a>) at 4.4 percent</li>
<li>
		Pentair plc. Ordinary Share (NYSE: <a class="ticker" href="/stock/pnr#NYSE">PNR</a>) making up 4.2 percent</li>
<li>
		California Water Service Group (NYSE: <a class="ticker" href="/stock/cwt#NYSE">CWT</a>) totaling 4.2 percent as well</li>
</ul>

	FIW is down 8 percent over the last 12 months, up 2 percent over the last six months and down 5 percent year-to-date. The water ETF has an expense ratio of 0.60 percent.

	Image Credit: <a href="http://pixabay.com/en/tap-drought-fountain-357252/">Public Domain</a>

Specialty ETFs

GBERY

VEOEY

California Drought And Water ETFs

Small Cap Analysis

Interview

REGI

RGDEF

RDX Technologies: Franchising Business's Explosive Growth Will Lead To Substantial Upside Potential

According to the most recent <a href=" http://droughtmonitor.unl.edu/" target="_blank">U.S. Drought Monitor</a> report, drought conditions in the United States have moderated a bit recently due to some above-average summer rainfall accumulations. Yet, more than 46 percent of the contiguous U.S. is experiencing some drought conditions. The west and southwest have been hardest hit, with some troubled areas in the southeast as well.

	There is little doubt that severe and ongoing droughts in places ranging from Brazil to California are having a significant economic impact. That impact is felt first in commodities, which should be a concern for commodities investors.
<h3>
	Drought Impact On Commodities And Stocks</h3>

	Take coffee, for instance. The recent drought in Brazil, the world&#39;s biggest producer of coffee, has already sent coffee prices sharply higher. According to NPR, the nation could <a href="http://www.npr.org/2014/02/23/280770928/drought-could-drain-more-than-brazils-coffee-crop" target="_blank">lose 10 percent of its coffee crop by 2020</a>.

	That&#39;s not only bad for the coffee growers, but for the likes of Starbucks Corporation (NASDAQ: <a class="ticker" href="/stock/sbux#NASDAQ">SBUX</a>) (and ultimately its customers and investors) as well. Starbucks shares are only up about one percent year-to-date.

	Related Link: <a href="http://www.benzinga.com/personal-finance/financial-advisors/14/09/4826943/2-great-ways-to-invest-in-commodities" target="_blank">2 Great Ways To Invest In Commodities</a>

	California, almost all of which is in what the USDA identifies as Exceptional or Extreme drought, is an agricultural powerhouse.

	A lack of the likes of tomatoes, peppers and avocados affect food processors like ConAgra Foods Inc (NYSE: <a class="ticker" href="/stock/cag#NYSE">CAG</a>) and General Mills, Inc. (NYSE: <a class="ticker" href="/stock/gis#NYSE">GIS</a>), as well as restaurants such as Chipotle Mexican Grill, Inc. (NYSE: <a class="ticker" href="/stock/cmg#NYSE">CMG</a>). Prices get passed on to consumers, but that can lead to fewer sales and often fewer profits. All three have so far this year outperformed the S&amp;P 500.

	The prices of beef and dairy rise too, as feed gets more expensive and water scarce. <a href="http://ers.usda.gov/topics/in-the-news/california-drought-2014-farm-and-food-impacts/california-drought-2014-food-prices-and-consumers.aspx#.VAdwLmPcPHo" target="_blank">According to the USDA</a>: &quot;In fact, fluid milk was seen as one barometer of the magnitude and duration of the impacts of the 2012 drought due to its perishability and strong dependence on commodities used as animal feed.&quot;

	The effects of the drought then spread to agricultural equipment makers such as AGCO Corporation (NYSE: <a class="ticker" href="/stock/agco#NYSE" style="font-size: 13px;">AGCO</a>) and Deere &amp; Company&nbsp;(NYSE: <a class="ticker" href="/stock/de#NYSE" style="font-size: 13px;">DE</a>) (both down more than eight percent year-to-date) and then to other industries and sectors.
<h3>
	What Are Investors To Do?</h3>

	Evan Smith of U.S. Global&#39;s Global Resources Fund recommends <a href="http://usatoday30.usatoday.com/money/markets/story/2012-08-26/drought-food-prices-investing/57334442/1" target="_blank">looking beyond the current crop</a> for profits. When grain prices are high and inventory low, he says, farmers will grow more aggressive in planting for next year&#39;s to profit. Monsanto Company (NYSE: <a class="ticker" href="/stock/mon#NYSE">MON</a>), which produces drought resistant seeds, has benefited and will do so again; shares are up almost 28 percent in the past two years. Fertilizer producers like Potash Corp. of Saskatchewan (NYSE: <a class="ticker" href="/stock/pot#NYSE">POT</a>) are likely to see continued strong demand as well. Shares are up about 14 percent in the past year.

	See also: <a href="http://www.benzinga.com/media/cnbc/14/09/4826658/scott-nations-is-bearish-on-corn" target="_blank">Scott Nations Is Bearish On Corn</a>

	Commodities investors have the choice of moving to commodities less affected by drought or into emerging or other markets not currently affected by water shortages. And there is diversification.

	<a href="http://www.marketwatch.com/story/food-and-water-investments-weather-drought-2012-07-20?page=1" target="_blank">Morningstar&#39;s Abraham Bailin</a> follows commodity exchange-traded funds (ETFs), and he likes PowerShares DB Commodity Index Tracking Fund ETF (NYSE: <a class="ticker" href="/stock/dbc#NYSE">DBC</a>) for its diversification across commodities. The United States Commodity Index Fund (NYSE: <a class="ticker" href="/stock/usci#NYSE">USCI</a>) offers relative stability as well as diversification. Note though that both retreated as summer wound down.

	Investors looking for other ways to benefit from the drought may want to focus on water. The first place to look is at water utility companies like American Water Works (NYSE: <a class="ticker" href="/stock/awk#NYSE">AWK</a>) and Aqua America (NYSE: <a class="ticker" href="/stock/wtr#NYSE">WTR</a>). Shares of each are up more than 80 percent in the past five years. Pall Corp. (NYSE: <a class="ticker" href="/stock/pll#NYSE">PLL</a>) makes water filtration systems and is up more than 150 percent in five years. Lindsay (NYSE: <a class="ticker" href="/stock/lnn#NYSE">LNN</a>) makes irrigation systems and is up about 80 percent in five years.

	For ETF investors, there is the Guggenheim S&amp;P Global Water ETF (NYSE: <a class="ticker" href="/stock/cgw#NYSE">CGW</a>), First Trust ISE Water ETF (NYSE: <a class="ticker" href="/stock/fiw#NYSE">FIW</a>), PowerShares Water Resources ETF (NYSE: <a class="ticker" href="/stock/pho#NYSE">PHO</a>) and PowerShares Global Water ETF (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>). All are up at least 40 percent in the past five years, despite recent pullbacks. The Pax World Global Environmental Markets Fund is about 40 percent invested in water, but The Calvert Global Water Fund invests exclusively in water.

	At the time of this writing, the author had no position in the mentioned equities.

	Keep up with all the latest breaking news and trading ideas by following Benzinga on <a href="https://twitter.com/Benzinga" target="_blank">Twitter</a>.

Education

AGCO

PowerShares DBmmodity Index Optimum Yield Diversified Fund

LAYN

SBUX

USCI

How Droughts Affect The Stock Market

Drought conditions through much of the southwest, and <a href="http://www.latimes.com/local/lanow/la-me-ln-rain-california-drought-20140807-story.html">California</a> in particular, have reignited the concept of commoditizing water resources as an investment opportunity.

	The need for capital and infrastructure to support clean water initiatives, as well as avoid catastrophic shortages, are just some of the arguments for moving closer to this type of &ldquo;liquid&rdquo; futures market.

	&ldquo;Water will become something that is traded, there will be a market for it and this could happen in the next decade,&rdquo;&nbsp; Global Water Development Partners CEO Usha Rao-Monari said in a <a href="http://www.telegraph.co.uk/finance/commodities/10979107/Commodities-Water-should-be-traded-on-financial-markets-to-avoid-global-crisis.html">recent interview</a>.
<h3>
	Global Implications</h3>

	The problem of water scarcity isn&rsquo;t only limited to United States. This issue is spreading <a href="http://www.deccanchronicle.com/140730/world-europe/article/world-experience-water-shortage-2040-study">globally</a> at an alarming rate outside of traditional arid regions, such as the Middle East, to developed countries in Europe as well.

	Ultimately this could lead to unintended consequences such as low crop yields and fluctuating food costs.&nbsp;

	One opportunity to invest in water resources is through companies that are involved in water processing and technology.&nbsp;
<h3>
	ETFs To Consider</h3>

	Tom Lydon of ETFTrends.com <a href="http://finance.yahoo.com/news/california-water-crisis-creates-investing-opportunity-174224733.html">recently identified</a> the Guggenheim S&amp;P Global Water ETF (NYSE: <a class="ticker" href="/stock/cgw#NYSE">CGW</a>) and PowerShares Global Water Portfolio (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>) as his favorite ETFs to play the water theme right now.&nbsp;

	CGW invests in 52 domestic and international stocks designated by Standard &amp; Poor&rsquo;s as having their primary business dedicated to the demand for water. This includes infrastructure, equipment, processing and materials. This ETF has more than $350 million in total assets and charges a net expense ratio of 0.71 percent.

	Related: <a href="http://www.benzinga.com/etfs/new-etfs/14/08/4765400/proshares-unveils-new-high-yield-cds-etfs">ProShares Unveils New High-Yield CDS ETFs</a>

	PIO is more focused on the technology side of the water industry by investing in companies that are working to conserve and purify this precious resource. This ETF contains 37 global stocks and has $280 million in total assets.&nbsp; In addition, the majority of holdings in PIO are located outside of the United States.&nbsp;

	Despite the fact that there is not currently a futures market dedicated to trading water reserves, there still exists great potential for companies to <a href="http://www.benzinga.com/etfs/sector-etfs/14/07/4680773/3-water-etfs-to-quench-a-summer-drought">take advantage of this worldwide scarcity</a>.&nbsp; Furthermore, the recent market volatility has led to these stocks slipping from their highs, which may provide a more attractive investment opportunity moving forward.

Will Investing In Water Be The Next Big Thing?

One of the most abundant and precious commodities on earth is water.

	Despite its ubiquity in the United States, many third world countries and dry climates continually struggle to protect this life-sustaining asset.&nbsp;

	In the summer months, when drought conditions worsen, water infrastructure becomes a top priority that must be kept flowing.

	Fortunately, many publicly traded companies are involved in the service, distribution, engineering, and general utility infrastructure of the water industry.&nbsp; These stocks are easily accessible in several diversified exchange-traded funds that offer investors both domestic and global exposure. 
	The PowerShares Water Resources Portfolio (NYSE: <a class="ticker" href="/stock/pho#NYSE">PHO</a>) is the largest ETF in this space, with more than $1 billion in assets under management.&nbsp; PHO invests in 29 individual water companies across a variety of industry sub-specialties.

	Despite its dominant size, PHO has struggled to make significant headway in 2014.&nbsp;

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/etfs/broad-u-s-equity-etfs/14/07/4675232/3-new-smart-beta-volatility-etfs-set-to-debut">3 New Smart Beta Volatility ETFs Set To Debut</a></bzrelatedlink>

	So far this year, this ETF has only gained 1.66 percent and struggled to maintain an upward bias.&nbsp; However, several competing funds with more diversified portfolios have seen much stronger returns.

	The Guggenheim S&amp;P Global Water ETF (NYSE: <a class="ticker" href="/stock/cgw#NYSE">CGW</a>) and PowerShares Global Water Portfolio (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>) have notched gains of 9.22 and 7.73 percent, respectively this year.

	CGW invests in 50 companies selected by the S&amp;P Global Water Index according to industry classification, while PIO own 37 stocks in the NASDAQ OMX Global Water Index.

	The United States is the top country weighting in both global ETF portfolios.&nbsp; However, overseas exposure to companies in France, Switzerland and the United Kingdom has been a key contributor to this recent outperformance.

	In addition, both of these ETFs carry more direct exposure to the utility sector, which has been the top performing area of the market this year.

	The biggest risk to this upward momentum is a slowdown in global growth that could cap expansion of water assets in hard to reach areas of the world.&nbsp;

	However, these water ETFs may ultimately continue to strengthen based on the fundamental demand story and a strong equity market tailwind pushing prices higher.

	For now, the rally is flowing in earnest.&nbsp;

3 Water ETFs To Quench A Summer Drought

ETF Outlook for Tuesday, January 28, 2014

	SPDR Technology ETF (NYSE: <a class="ticker" href="/stock/xlk#NYSE">XLK</a>)

	Disappointing guidance by the world’s largest technology company, Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) last night has the entire sector moving lower this morning. The stock makes up 14 percent of the ETF and is the largest holding, followed by Google (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>)at nine percent.

	AAPL is currently down seven percent in pre-market trading and XLK is off about one percent. The one silver lining is that the overall stock market is higher this morning, and therefore is offsetting what could have been a major sell-off on the AAPL news.

	United States Natural Gas ETF (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>)

	After hitting a new multi-year high last week, UNG fell by five percent yesterday as investors took profits and as the Northeast warmed up for the day. But the balmy 40-degree weather did not last long in New York and this morning the wind chill was back below zero for a large portion of the country.

	The cold snap has sent the demand for natural gas higher and is leading to the commodity ETF moving higher this morning. The support level that was once the breakout area is between $23 and $23.50. So far the ETF has been able to hold above the now important support line and as long as it can hold a few more days it would be a bullish signal for the commodity.

	Market Vectors Steel ETF (NYSE: <a class="ticker" href="/stock/slx#NYSE">SLX</a>)

	One of the ETF’s holdings, Cliffs Natural Resources (NYSE: <a class="ticker" href="/stock/clf#NYSE">CLF</a>) is rallying 14 percent pre-market after talks about the company breaking into two hit the wires. The stock is not a major holding in SLX, only 2.5 percent, but typically this type of talk can get investors excited about competitors and help push up the entire sector.

	SLX is trying to hold support at the $44 area after hitting a new multi-month low yesterday. If the ETF can rally off support, it could be setting up for a short-term bounce into next week.

	PowerShares Global Water ETF (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>)

	The niche ETF has taken a beating the last three trading days after hitting a new high last Wednesday. The selling may take a break today after one of the ETFs top holdings, Pentair (NYSE: <a class="ticker" href="/stock/pnr#NYSE">PNR</a>), reported better than expected numbers on the top and bottom line. The stock is thinly traded pre-market, but indications are that it will open higher when the bell rings.

	The water sector has a solid future with clean water becoming a larger issue around the world and PIO gives investors global exposure to the niche sector. If the ETF can hold support at the $22 area it would be a bullish technical signal.

Pre-Market Outlook

AAPL

GOOG

ETF Outlook For Tuesday, January 28, 2014 (XLK, AAPL, UNG, SLX, PIO)

The rise in the global population created an increased demand for clean water around the world.

	Unfortunately there are also a growing number of people that do not have access to clean water on a regular basis. On top of clean water, according to the World Health Organization (WHO), almost 2.5 billion people lack adequate sanitation facilities.

	As a result, WHO estimates 2 million deaths per year are related to diarrheal disease linked to unsafe water and sanitation.

	Those of us lucky enough to live in a developed country have clean running water from a faucet and more than likely bottles of water in the refrigerator. Due to this upbringing, most investors will overlook the water epidemic around the world. From an investing viewpoint there is money to be made with what many refer to as “blue gold."

	When it comes to investing in water-related stocks the two largest opportunities lie in the industrials and the utilities. The best strategy is to consider using an ETF that will offer exposure to a variety of water-related stocks.

	PowerShares Water Resource ETF (NYSE: <a class="ticker" href="/stock/pho#NYSE">PHO</a>)

	The ETF is heavily invested in the industrial side of the sector with 66 percent of the allocation in the stocks. Water utilities make up 19 percent of the ETF. The 29 stocks that make up the ETF are either based in the U.S. or trade on an American exchange as an ADR. The underlying index it tracks is composed of companies that create products to conserve and purify water.

	The top holdings are Xylem (NYSE: <a class="ticker" href="/stock/xyl#NYSE">XYL</a>)and Flowserve (NYSE: <a class="ticker" href="/stock/fls#NYSE">FLS</a>), which make up 18 percent of the entire ETF. The two companies are industrials that supply the water sector with pumps and other products. The ETF is up 20 percent in 2013 and is trading at an all-time high. The expense ratio is 0.62 percent.

	PowerShares Global Water ETF (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>)

	Similar to PHO, this ETF also concentrates on companies that conserve and purify water. The one major difference is that the stocks that make up PIO are not limited to trading on a U.S. stock exchange. Only 47 percent of the ETF is invested in the U.S., with 16 percent in the U.K. and 12 percent in France.

	By investing more overseas the ETF expands its exposure to water utility stocks that make up 46 percent of the allocation, the same as the industrial stocks. The top holdings, which make up 17 percent, are FLS and Severn Trent PLC, a U.K.-based water utility.

	Year-to-date the ETF is up 22 percent and it charges an annual expense ratio of 0.75 percent.

	Guggenheim S&amp;P Global Water ETF (NYSE: <a class="ticker" href="/stock/cgw#NYSE">CGW</a>)

	This ETF takes a similar approach to investing as PIO with nearly equal exposure to the industrials and utilities as well as exposure outside of the U.S. This is probably why the return this year has been 20 percent, nearly inline with PIO. The annual expense ratio is 0.70 percent. Of the 54 stocks in the ETF, the top two holdings are Pentair (NYSE: <a class="ticker" href="/stock/pnr#NYSE">PNR</a>) and Geberit AG, which make up 13 percent of the allocation.

	First Trust ISE Water Index ETF (NYSE: <a class="ticker" href="/stock/fiw#NYSE">FIW</a>)

	The basket of 36 stocks relies more on the industrials (65 percent) than the utilities (22 percent). The makeup is not too far from that of PHO with more industrial stocks at the top of the allocation.

	The top two holdings include XYL and Rexnord Corp (NYSE: <a class="ticker" href="/stock/rxn#NYSE">RXN</a>), which make up 9 percent of the portfolio. RXN is a motion control maker that focuses on the water industry. The ETF is up 25 percent in 2013 and charges an expense ratio of 0.60 percent.

	The facts are laid out for the four water ETFs and the next step would be for interested investors to choose the best for their portfolio. Based on performance FIW would appear to be the best option.

	The other argument for FIW is that its heavy focus on industrials would appear to be the best allocation considering the infrastructure needed worldwide to meet the growing water demand. Alas, the decision is in your hands.

The Best Water ETF (PHO, PIO, CGW, FIW)

World Water Day was actually celebrated last Friday, but 2013 is, in some circles, being dubbed the year of international water cooperation. It is not surprising that more attention is being paid to water infrastructure and the water investment thesis.

	Last week, the American Society of Civil Engineers released a report in which graded the U.S. water infrastructure system "D," up only slightly from the "D-" the organization levied a few years ago.

	"The ASCE's Failure to Act series (2011-2013), water/wastewater infrastructure needs are estimated at $126 billion by 2020, but funding is projected at only $42 billion, leaving a gap of $84 billion," according to S&amp;P Capital IQ. "There are estimated to be between 700,000 and 800,000 miles of public sewer mains in the U.S., and over one million miles of drinking water systems, with many of these pipes well over 100 years old, meaning they are either past or nearing the end of their useful life."

	Escalating water needs in the U.S. and throughout the world could spell opportunities in this sub-sector for investors, and there are several ETFs with which to play that trend. However, S&amp;P Capital IQ is tepid on these funds.

	The research firm has an Underweight rating on the Guggenheim S&amp;P Global Water Index Fund (NYSE: <a class="ticker" href="/stock/cgw#NYSE">CGW</a>). CGW carries an overall Underweight ETF ranking, largely reflecting an Underweight ranking for performance analytics, said S&amp;P.

	CGW is home to 51 stocks and $228.6 million in assets under management. The ETF does make good on the implication that it is a global fund as U.S.-based companies represent just 37.5 percent of the ETF's weight. The U.K. accounts for 19 percent of CGW's country weight with Switzerland garnering an allocation of just over eight percent. CGW is up about seven percent year-to-date and carries a beta of 0.89 against the S&amp;P 500, <a href="http://guggenheiminvestments.com/products/etf/cgw">according to Guggenheim data</a>.

	S&amp;P Capital IQ is a bit more enthusiastic about the First Trust ISE Water Index Fund (NYSE: <a class="ticker" href="/stock/fiw#NYSE">FIW</a>), which it rates Marketweight. The $108 million ETF is home to 37 stocks with top holdings including Flowserve (NYSE: <a class="ticker" href="/stock/fls#NYSE">FLS</a>) and Pall (NYSE: <a class="ticker" href="/stock/pll#NYSE">PLL</a>).

	FIW's median market cap is just over $2.2 billion, implying a bit of a small-cap bias, but that has worked in favor of the ETF this year as it is up more than 10 percent. The rub is that FIW has a beta of 1.12 and a three-year standard deviation that is nearly 300 basis points higher than that of the Russell 3000 Index, <a href="http://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=FIW">according to First Trust data</a>.

	S&amp;P also has a Marketweight rating on the PowerShares Water Resources Portfolio (NYSE: <a class="ticker" href="/stock/pho#NYSE">PHO</a>), by far the largest water ETF with nearly $925 million in assets. Only 3.6 percent of PHO's lineup is devoted to large-caps with small-caps accounting for over 43 percent. PHO, which celebrate its eighth birthday later this year, is up about 11 percent year-to-date.

	While the ratings on these ETFs are not jaw-dropping, S&amp;P does point out some favorable long-term trends.

	"Meanwhile, the cost of water continues to rise, as budget-strapped municipalities pass the costs for upgrades and repairs on to consumers," said the research firm. "However, water reuse is growing in popularity for irrigation and other uses that don't really require the same costly treatment as for potable water. More municipalities are seeking reuse and desalination projects, as technology continues to become more cost efficient. Thus, we think long-term prospects are very favorable for flow control and filtration related water treatment companies."

	The $210 million The PowerShares Global Water Portfolio (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>) was not mentioned in the S&amp;P note. At the country level, PIO is somewhat comparable to CGW, the aforementioned Guggenheim ETF. PIO allocates a little more than 40 percent of its weight to U.S. stocks with the U.K. and France combining for more than 31 percent of the fund's weight.

	PIO was up 6.6 percent year-to-date heading into Monday's session. The ETF is more expensive than its domestic counterpart with annual fees of 0.75 percent compared to 0.62 percent for PHO.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Analyst Color

Short Ideas

Global

Analyst Ratings

Say 'Happy World Water Day' With These ETFs

Matt Damon won’t flush the toilet until everyone in the world has clean water.

	Or, so the actor says in a new <a href="https://www.youtube.com/watch?v=yX3Cyu_sfgk">YouTube video</a> released yesterday and well on its way to going viral according to the <a href="http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-damons-water-charity-hopes-video-campaign-will-go-viral-20130211,0,7630750.story">L.A. Times</a>.

	Damon’s threat is all part of a humorous three-minute spoof released by his nonprofit group, Water.org designed to draw attention to the worldwide water crisis and the first in a series of videos shot at YouTube studios in Playa Vista, Calif.

	In the video, Damon holds a mock news conference to announce that he won't use the toilet until people pay more attention to the water crisis and fields comical questions from a room filled with “actor” reporters.

	Damon directs people to Strikewithme.org, where they can learn more about the water crisis, donate money and sign up to integrate their social media accounts with the effort.

	While Damon’s threat is satire, the water crisis is real. According to Damon, 780 million people worldwide lack access to clean water. In addition, <a href="http://moneymorning.com/2013/02/06/water-stocks-dont-overlook-this-1-trillion-opportunity/">Money Morning</a> reports that most water delivery systems throughout the world are badly in need of repair or replacement. In the United States alone, estimates of water infrastructure needs run as high as $1 trillion.

	The problem extends beyond the United States. The World Water Council says that current annual infrastructure spending of about $80 billion will double just within the next several years.

	The effort that goes into making water available to billions of people -- storage, making it potable, getting it to users reliably – isn’t just about profit opportunities – it’s about humanitarian needs as well. That’s the message Damon and his organization are trying to spread.

	Investors interested in both making a profit and helping improve the world’s water supply may want to consider:

	Xylem Inc. (NYSE: <a class="ticker" href="/stock/xyl#NYSE">XYL</a>), where water infrastructure accounts for half of the company’s revenue, was up nearly 2 percent on Tuesday to close at $27.95. It also pays a 1.5 percent dividend.

	Danaher Corp (NYSE: <a class="ticker" href="/stock/dhr#NYSE">DHR</a>) makes water instrumentation and disinfection systems. It closed up 0.5 percent pays a dividend of 0.2 percent.

	Northwest Pipe Co. (NASDAQ: <a class="ticker" href="/stock/nwpx#NASDAQ">NWPX</a>), is pure water play manufacturing large-scale pipes for drinking water systems. This small cap stock has an average volume of only 34,700 shares but is in a perfect position for capitalizing on increased infrastructure expenditures.

	Investing in water isn't confined to stocks. Water ETFs include:

	PowerShares Global Water Portfolio (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>), an ETF that focuses on water treatment companies, but includes stocks in emerging markets as well as the U.S.

	Guggenheim S&amp;P Global Water Index (NYSE: <a class="ticker" href="/stock/cgw#NYSE">CGW</a>) tracks the Standard &amp; Poor's Global Water Index.

	First Trust ISE Water Index Fund (NYSE: <a class="ticker" href="/stock/fiw#NYSE">FIW</a>) is based on an index significantly levered to potable and wastewater industries.

Events

NWPX

Matt Damon's Pledge to Not Flush the Toilet May Boost Water Stocks

It is fair to say that ETF experts and casual followers of the asset class alike now know that Vanguard is changing indexes on 22 of its funds. The news <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/10/2960202/vanguard-dropping-vwos-msci-index">jolted the ETF world last week</a> as Vanguard said it is ditching 22 MSCI indexes in favor of FTSE indexes for six of its ETFs and new benchmarks developed by the University of Chicago's Center for Research in Security Prices (CRSP).

The move by Vanguard, the third-largest U.S. ETF sponsor, was treated as earth-shattering because it applies to marquee funds such as the Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>), the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>) and the Vanguard Total Stock Market ETF (NYSE: <a class="ticker" href="/stock/vti#NYSE">VTI</a>).

Vanguard said the index changes are designed to lower costs for investors. There is no doubt investors like lower fees, but the more important question is how index changes benefit (or hinder) returns. Fortunately, Vanguard is not the first ETF issuer to drop one set of indexes in favor of another. Here is a look back at how some ETFs performed after being tied to new benchmarks.

Global X NASDAQ China Technology ETF (NASDAQ: <a class="ticker" href="/stock/qqqc#NASDAQ">QQQC</a>)
In December 2011, the Global X NASDAQ China Technology ETF dropped the Solactive China Technology Index in favor of the NASDQ OMX Technology Index. The index change took place on December 15. Since then, QQQC has jumped 5.2 percent. Of course, there are other factors to consider such as market environment, risk appetite, sector preferences at the time and others, but QQQQ down 16.6 from the start of 2011 through the day before the ETF changed indexes.

PowerShares Global Water Portfolio (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>)
The PowerShares Global Water Portfolio switched to the NASDAQ OMX Global Water Index from the Palisades Global Water Index <a href="http://www.invescopowershares.com/products/overview.aspx?ticker=PIO">in early March</a>. In just over seven months since the index switch, PIO has dropped almost 1.9 percent. 

Again, other factors have to be considered, but it is worth noting PIO jumped 12.3 percent from October 2011 through the day the index change was made in March 2011.

PowerShares Water Resources Portfolio (NYSE: <a class="ticker" href="/stock/pho#NYSE">PHO</a>)
Like its globally focused cousin, PIO, the PowerShares Water Resources Portfolio switched to a Nasdaq index in early March from a Palisades index. From October through the day of the index switch PHO was on fire, gaining almost 23 percent. Since the index change, PHO has gained five percent. 

Combine that small gain with PIO's post-index change lethargy and it is evident that these two funds have probably been impacted more by some wind coming out of the sails of water stocks ore than index changes.

Five SPDRs Funds
In late October 2011, five SPDRs funds dropped KBW indexes in favor of Standard &amp; Poor's indexes. The affected funds are now known as the SPDR S&amp;P Bank ETF (NYSE: <a class="ticker" href="/stock/kbe#NYSE">KBE</a>), SPDR S&amp;P Capital Markets ETF (NYSE: <a class="ticker" href="/stock/kce#NYSE">KCE</a>), SPDR S&amp;P Insurance ETF (NYSE: <a class="ticker" href="/stock/kie#NYSE">KIE</a>), SPDR S&amp;P Mortgage Finance ETF (NYSE: <a class="ticker" href="/stock/kme#NYSE">KME</a>), SPDR S&amp;P Regional Banking ETF (NYSE: <a class="ticker" href="/stock/kre#NYSE">KRE</a>).

In the case of all five of these ETFs, it would appear the index switches proved efficacious. The average gain for these funds since late October 2011 is almost 24 percent. However, it must be noted that financials services stocks have been on fire since then with the Financial Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlf#NYSE">XLF</a>) gaining 22 percent.

Another interesting factoid is the performance of the PowerShares ETFs that took on the KBW indexes dropped by State Street (NYSE: <a class="ticker" href="/stock/stt#NYSE">STT</a>). The PowerShares KBW Bank Portfolio (NYSE: <a class="ticker" href="/stock/kbwb#NYSE">KBWB</a>), PowerShares Regional Banking Portfolio (NYSE: <a class="ticker" href="/stock/kbwr#NYSE">KBWR</a>), PowerShares Capital Markets Portfolio (NYSE: <a class="ticker" href="/stock/kbwc#NYSE">KBWC</a>) and the PowerShares Insurance Portfolio (NYSE: <a class="ticker" href="/stock/kbwc#NYSE">KBWC</a>) have an average gain of 20.3 percent since November 2011 when the funds came out using the KBW indexes.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Broad U.S. Equity ETFs

New ETFs

Emerging Market ETFs

KBWB

KBWC

KBWR

QQQC

Do ETF Index Changes Impact Returns?

If one owns the right calendar, then one knows that hardly a day goes by when some obscure holiday or day of recognition doesn't occur. To that end, we'd like to wish our readers a very happy United Nations World Water Day.

World Water Day does serve as a reminder that there is a global water shortage, water is a commodity and there is an <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2394552/are-you-ready-for-water-to-become-a-globally-traded-commodity">investment thesis behind H20</a>. In fact, Fidelity recently asked email recipients "Are you ready for water to become a globally traded commodity?" 

Last year, Citigroup went so far as to say that in the future, water will be traded and transported similarly to how oil and natural gas are traded and transported today. Global demographic trends may see to it that that is NOT the boldest of proclamations.

Still, the water investment thesis can be a mix of tricky and rewarding. There are four water ETFs on the market and all are celebrating World Water Day by trading lower by roughly 1% apiece. That's not celebrating in style, but all three have offered impressive year-to-date returns. This is the lineup:

PowerShares Global Water Portfolio (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>)
At the start of trading today, the PowerShares Global Water Portfolio was up over 14% year-to-date. Volume is decent with this fund at over 66,000 shares per day and with almost $251 million in assets under management, PIO is arguably larger than most investors realize. It has also been the best performer of the water ETF quartet in 2012. Resistance is stiff for PIO in the $18-$19 area, but should the ETF break through, it could tack on another 10% this year. 

PowerShares Water Resources Portfolio (NYSE: <a class="ticker" href="/stock/pho#NYSE">PHO</a>)
We're not sure why one ETF sponsor needs to have two water ETFs, but that's the case with PowerShares. PHO isn't the firm's "other" water ETF. It is THE PowerShares Water ETF. Pick your poison between PIO and PHO. PIO has been the better performer in 2012, but PHO has an expense ratio of 0.66%, which is cheaper than PIO's fees of 0.75%. PHO is also far larger with almost $880 million in AUM. PHO also has better volume at over 211,000 shares per day.

First Trust ISE Water Index Fund (NYSE: <a class="ticker" href="/stock/fiw#NYSE">FIW</a>)
The First Trust ISE Water Index Fund is one arguably the most unheralded member of the water ETF quartet, but it's also the second-best performer behind PIO and with an expense ratio of 0.6%, FIW is cheaper than its PowerShares rival. Looking at FIW's chart, there are two ways to play the fund at the moment. Wait for a pullback or a strong volume breakout above $24. Keep in mind that 25,000-30,000 shares could constitute "strong volume" for this ETF.

Guggenheim S&amp;P Global Water Index ETF (NYSE: <a class="ticker" href="/stock/cgw#NYSE">CGW</a>)
We're not knocking the Guggenheim S&amp;P Global Water Index ETF, but it is the worst performer of this group year-to-date. Then again, that's saying something about water ETFs in general because CGW was up almost 11% this year at the start of trading today. CGW is another prime example of an ETF that a lot of folks don't realize just how big it is. Believe it or not, CGW has almost $193 million in AUM.

CGW offers exposure to 10 different countries with the U.S. representing almost 39% of the ETF's weight. There's some slight emerging markets exposure as well with China and Brazil combing for 7% of CGW's country weight.

Technicals

Happy Water Day? Maybe For Water ETFs (PIO, PHO, CGW)

I couldn't help but notice a new ad on Yahoo! Mail from Fidelity Investments that boldly asks, "Are you ready for water to become a globally traded commodity?" Given the world's economic climate, geopolitical issues, and the planet's track record with oil, I personally would say, "No, I am not ready for water to become a globally traded commodity." I don't want to even imagine living in a society where grocery stores advertise the price per gallon of water on big signs by the side of the road that you can see from the highway. Nevertheless, there are factors that suggest that water will be the world's most sought-after commodity in a handful of decades. <a href="http://thinkingbig.fidelity.com/?immid=00503&amp;imm_pid=77862594&amp;imm_aid=a254070222&amp;buf=99999999">The video accompanying the Fidelity Investments ad</a> is as thought-provoking as it is ominous. The video discusses the respective costs in water to make items like a slice of bread, a cup of coffee, and a hamburger. From the video: "With global population expected to increase by 30 percent by 2050 and more developing nations transitioning to higher standards of living, regional water shortages and peak water issues will become more widespread." The issue of water becomes more complicated in considering the accessibility and availability of drinking water in the years to come. From the video: "Global consumption of water is expected to increase by 40 percent over the next 20 years. And according to some estimates, more than half of the world's population could be living under conditions of water stress by 2025." Thus, the video suggests that water stress could intensify geopolitical affairs and "border disputes" related to the water supply. 
	Even worse, "as water constraints rise, so will food costs." The video portends that as everyone needs water and as the quantity of water on the planet is fixed, the world will need to rely on desalinization efforts, water reuse, and conservation in the future. From the video: "Water...becoming a more costly and regionally more scarce resource will have massive economic, ecological, and geopolitical implications. Think about it." After watching the video, to be honest, I am not too certain as to whether Fidelity Investments wants us to make use of their investing services or run and hide in a doomsday bunker. 
	Whereas water will likely be an issue in the coming decades and whereas water may become a globally traded commodity one day, I'm not sure if it was the intent of Fidelity Investments or not, but after watching the video, I couldn't help but feel a Kafkaesque chill in the air...enough to cloud even the mind of a bullish investor. It's as if one would ask, "If water scarcity is going to lead to the next world war in a future global dystopia, what is the point in investing in anything?" Seriously, after watching that video, I'm kind of wondering, "So are you saying that we should we be investing in water purification and desalinization technology and conservation, or are you saying that we should be investing in <a href="http://www.telegraph.co.uk/science/space/7935505/Stephen-Hawking-mankind-must-move-to-outer-space-within-a-century.html">space colonization efforts</a>?" 
	In any event, I asked in an article late January, "Oil is currently the centerpiece commodity of world trading, but with the fears of a possible water crisis, might water be the world's next oil?" In terms of possible trading and investment ideas, I previously mentioned PowerShares Water Resource ETF (NYSE: <a class="ticker" href="/stock/pho#NYSE">PHO</a>) and American Water Works Co., Inc. (NYSE: <a class="ticker" href="/stock/awk#NYSE">AWK</a>). In terms of ETFs, other possible trading opportunities include the PowerShares Global Water Portfolio (NYSE: <a class="ticker" href="/stock/pio#NYSE">PIO</a>), Guggenheim S&amp;P Global Water Index (NYSE: <a class="ticker" href="/stock/cgw#NYSE">CGW</a>) and First Trust ISE Water Index Fund (NYSE: <a class="ticker" href="/stock/fiw#NYSE">FIW</a>). 
	As for water stocks, traders can take a look at Aqua America Inc. (NYSE: <a class="ticker" href="/stock/wtr#NYSE">WTR</a>), the York Water Company (NASDAQ: <a class="ticker" href="/stock/yorw#NASDAQ">YORW</a>), California Water Service Group (NYSE: <a class="ticker" href="/stock/cwt#NYSE">CWT</a>), American States Water Company (NYSE: <a class="ticker" href="/stock/awr#NYSE">AWR</a>), and SJW Corp. (NYSE: <a class="ticker" href="/stock/sjw#NYSE">SJW</a>). Water could prove to be quite a lucrative commodity in terms of trading and investing in the not-so-distant future. That being said, the downsides of scarce water should not be overlooked. One has to wonder what human civilization would look like on a planet where half of the global population (numbered in the billions) is living in a state of water stress. Such prospects seem to raise questions regarding the viability of humanity going forward -- and in light of pollution and environmental issues, perhaps questions of the legitimacy of humanity as well. With hope, developments in technology and an emerging Zeitgeist of humanistic economic maturity will work to ensure that there is enough drinkable water for the planet's population.

ACTION ITEMS: Bullish: Traders who believe that believe that water will become a globally traded commodity in the near future might want to consider the following trades: 

<ul><li>Go long on the ETFs and water stocks mentioned above.</li></ul>

<ul><li>Traders could also check out possible real estate investments related to key geographical locations for water.</li></ul>

Bearish: Traders who believe that the global economy will utterly collapse bringing about the fall of human civilization before water even gets a chance to become a globally traded commodity may consider alternate positions: 

<ul><li>You could short the above, or you could always store up bottles of water in the basement. Technically, one might still consider that an investment in water. </li></ul>

Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

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