EBLU — Tortoise Global Water ESG Fund
Data updated: 2025-07-24
EBLU — Tortoise Global Water ESG Fund. Global (incl. US) Mid Cap Blend / Core Thematic Equity · $54.27M AUM. Holdings, fees, performance and SEC filings.
EBLU Fund Overview
EBLU — Tortoise Global Water ESG Fund is a US ETF managed by Managed Portfolio Series, categorised as Global (incl. US) Mid Cap Blend / Core Thematic Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Managed Portfolio Series
- Category: Global (incl. US) Mid Cap Blend / Core Thematic Equity
- Assets under management: $54.27M
- 1-year return: 10.7%
- Ticker: EBLU
- SEC CIK: 0001511699
- SEC series ID: S000056225
- Share class ID: C000177004
EBLU Investment Objective and Strategy
Tortoise Global Water ESG Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Managed Portfolio Series.
Investment objective
The Tortoise Global Water ESG Fund (the Fund) seeks investment results that correspond (before fees and expenses) generally to the price and distribution rate (total return) performance of the Tortoise Global Water ESG Net Total Return Index SM (the Underlying Index).
Principal investment strategy
The Fund is an exchange-traded fund (ETF) and employs a passive management or indexing investment approach designed to track the performance of the Underlying Index. The Underlying Index is a proprietary rules-based, modified market capitalization weighted, float adjusted index designed to track the overall performance of equity securities of global Water Companies listed on developed country exchanges. A list of developed market exchanges is below. The Underlying Index is comprised of companies operating in one of two primary water-related industries: water infrastructure or water equipment and/or services (the Water Industries). Water infrastructure companies are those whose principal business is providing public water distribution or supporting/enhancing water distribution infrastructure via engineering, construction and/or consulting.
Water infrastructure is comprised of two sub-industries: utilities and engineering & construction. Water equipment and/or services companies are those whose principal business is producing water equipment, such as pipes, valves, pumps and water efficiency products, or providing water services, such as filtration, treatment, and testing of water. Water equipment and/or services companies often provide technologies or products that manage or facilitate the management of water distribution and usage, including the fields of water efficiency, water treatment, and irrigation. Water equipment and/or services is comprised of two sub-industries: pipes, pumps & valves and filtration, treatment & testing (together with utilities and engineering & construction, the Water Sub-Industries).
The Fund will normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the types of securities suggested by its name ( i.e. , Water Companies). A Water Company is a company that (i) derives at least 50% of revenues from the Water Industries; or (ii) derives at least 40% of its revenues from the Water Industries, is ranked in the top five companies by total revenue derived from any one of the Water Sub-Industries, and whose principal source of revenue comes from the Water Industries. To be included in the Underlying Index, a company must be a Water Company that is listed on a developed country stock exchange. Tortoise Index Solutions, LLC (the Adviser), the Funds investment adviser, considers Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States to be developed countries.
Under normal market conditions, the Fund anticipates investing at least 40% of its assets in companies organized in multiple countries outside of the United States, in companies whose principal listing exchange is outside the United States, or in companies doing a substantial amount of business outside the United States. The Underlying Index may include small and medium capitalization companies. Eligible constituents must also have a total equity market capitalization of at least $400 million at the time of inclusion in the Underlying Index. In order to remain in the Underlying Index, a company must maintain an average equity market capitalization of at least $300 million for a minimum of 20 trading days prior to the rebalance of the Underlying Index. In addition, eligible constituents must obtain a minimum liquidity turnover of 0.15 to enter the Underlying Index and must retain a minimum liquidity turnover of at least 0.10 to remain in the Underlying Index.
Liquidity turnover is calculated by dividing a companys three-month average daily trading volume in U.S. dollars by the companys total U.S. dollar market cap at the end of the three-month period. Lastly, eligible constituents must have a minimum Environmental, Social and Governance (ESG) score as determined by the index committee that governs the Underlying Index (the Tortoise Index Committee). The Fund will invest at least 80% of its net assets, plus the amount of any borrowing for investment purposes, in companies that have the minimum ESG score required by the Underlying Index methodology. ESG scores are provided by Sustainalytics, with which the Adviser has a contractual relationship. Sustainalytics is an independent global provider of ESG and corporate governance research. The Underlying Index methodology currently requires a minimum ESG score of 48 for inclusion in the Underlying Index and a minimum score of 40 to remain in the Underlying Index.
Companies that meet all other criteria but have not been rated by Sustainalytics may be included, but will be limited to 20% of the overall market capitalization of the Underlying Index. The Underlying Index methodology provides that any existing constituent that drops below the existing ESG score threshold for inclusion for three consecutive quarters will be removed from the index and any constituent that drops more than 8 points below the existing threshold will be removed at the next rebalance. Additionally, the Underlying Index methodology provides that current constituents will be dropped from the Underlying Index if they fail to meet a minimum of 0.10 liquidity turnover for two consecutive quarters. Any constituent that does not meet at least a 0.05 liquidity turnover will be dropped from the Underlying Index at the next rebalance.
The Underlying Index will include a minimum of 30 securities. Should the number of securities that meet the index inclusion criteria fall below 30, the Underlying Index may include additional securities that fall below the ESG score or the liquidity turnover threshold otherwise required for inclusion. This will ensure the index remains investible and diversified. For the Underlying Index as a whole, no individual security may be more than 7.5% of the total float adjusted market cap of the Underlying Index. Should the weighting of any individual security be more than 7.5% of the total index market cap as of the reference date for the next rebalance, excess market cap will be distributed evenly to other constituents of the Underlying Index that do not currently exceed the 7.5% threshold. Additionally, only six securities may comprise over 4% of the Underlying Index at the reference date.
In seeking to achieve its objective as an index fund, the Fund will invest at least 80% of its net assets (excluding any collateral held from securities lending) in common stocks and American depository receipts (ADRs) of Water Companies that comprise the Underlying Index. ADRs are negotiable receipts issued by a U.S. bank or trust company that evidence ownership of securities in a foreign company which have been deposited with such bank or trust companys office or agent in a foreign country. The Fund may also invest in Global Depositary Receipts (GDRs), European Depositary Receipts (EDRs), and International Depositary Receipts (IDRs) (collectively, with ADRs, Depositary Receipts). Under normal conditions, the Fund generally will invest in substantially all of the securities that comprise the Underlying Index in proportion to their weightings in the Underlying Index; however, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Underlying Index in those weightings.
In those circumstances, the Fund may purchase a sample of the securities in the Underlying Index or utilize various combinations of other available investment techniques in seeking performance that corresponds to the performance of the Underlying Index. As of the March 16, 2018 rebalance, the Underlying Index was comprised of 36 constituents. The Underlying Index will rebalance quarterly in March, June, September and December. No constituents will be added to the Underlying Index between rebalance dates. Constituents are reviewed annually, at the March rebalance, to determine that they continue to meet the definition of a Water Company under the Underlying Index methodology. Constituents in the Underlying Index may be deleted from the Underlying Index due to corporate events such as mergers, acquisitions, bankruptcies, takeovers, or delistings.
Underlying Index constituent changes and updates as well as any changes to the methodology will be posted to www.tortoiseadvisors.com. The Underlying Index was established in 2018 and is owned by the Adviser. The Adviser (also referred to herein as the Index Provider) provides the Underlying Index for use by the Funds at no cost to the Fund. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index concentrates in an industry or group of industries. The Underlying Index and the Fund will be concentrated in the water industry. The Fund has elected to be, and intends to qualify each year for treatment as a regulated investment company (RIC) under subchapter M of the Internal Revenue Code of 1986, as amended (the Code).
EBLU Holdings
Top 10 holdings of Tortoise Global Water ESG Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Geberit AG | 7.84% |
| Ecolab Inc | 7.16% |
| Veolia Environnement SA | 7.13% |
| Pentair PLC | 4.89% |
| Stantec Inc | 4.60% |
| United Utilities Group PLC | 4.56% |
| Ferguson Enterprises Inc | 4.29% |
| Severn Trent PLC | 4.21% |
| IDEX Corp | 4.09% |
| Veralto Corp | 3.88% |
EBLU Portfolio Allocation
Asset-class allocation of Tortoise Global Water ESG Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.0% |
| Cash & Equivalents | 0.5% |
EBLU Performance
Total returns for EBLU (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 10.7% |
| 3 years (annualised) | 12.2% |
| 5 years (annualised) | 12.6% |
EBLU Risk Information
Risk metrics for EBLU, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 13.5%
EBLU Costs and Fees
EBLU costs about $40 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.40%
- Gross expense ratio: 0.40%
- Portfolio turnover: 55%
- Brokerage commissions: 3.77 bps of average net assets (SEC N-CEN)
EBLU Cashflows
Over the 12 months to 2025-05, Tortoise Global Water ESG Fund had net outflows of $4.68M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-05 | $0 |
| 2025-04 | −$2.46M |
| 2025-03 | $0 |
| 2025-02 | $0 |
| 2025-01 | −$2.40M |
| 2024-12 | −$25.48K |
EBLU Debt Constituents
No individual debt constituents are reported in Tortoise Global Water ESG Fund's latest SEC N-PORT filing.
EBLU Prospectus and SEC Filings
Official Tortoise Global Water ESG Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-03-31
- Prospectus (485BPOS) — filed 2024-03-28
- Prospectus (485BPOS) — filed 2023-03-30
- Portfolio holdings (N-PORT) — filed 2025-07-24
- Portfolio holdings (N-PORT) — filed 2025-04-14
- Portfolio holdings (N-PORT) — filed 2025-01-27
- Annual census (N-CEN) — filed 2024-02-13
- Annual census (N-CEN) — filed 2023-02-09
Related Funds
Other Global (incl. US) Mid Cap Blend / Core Thematic Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.