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Investing in water: tapping into a source of resilient growth


Impax has been researching and investing in listed water and water-related companies since 1999, and running a dedicated water strategy since 2008. Over this period, the number of companies in the water value chain has increased significantly and, in the main, these companies have grown rapidly.

The water opportunity is surprisingly diverse and resilient with risk characteristics comparable to equity markets. It runs through the global economy; across many end markets, sectors and regions. Water also provides attractive opportunities through the full economic cycle encompassing both defensive and cyclical businesses.

This paper highlights some of the interesting new developments and technologies in the rapidly growing water industry. It discusses the drivers of this market, catalysts for further change and the impact of tightening global water and water-related regulations.

Please note that articles may contain technical language. For this reason, they may not be suitable for readers without professional investment experience. Any views expressed here are those of the author as of the date of publication, are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may take different investment decisions for different clients. This document does not constitute investment advice. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Past performance is no guarantee for future returns. Investing in emerging markets, or specialised or restricted sectors is likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity or due to greater sensitivity to changes in market conditions (social, political and economic conditions). Some emerging markets offer less security than the majority of international developed markets. For this reason, services for portfolio transactions, liquidation and conservation on behalf of funds invested in emerging markets may carry greater risk.

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