What smart money is saying about H2O America
1 fund in our archive has pitched H2O America — most recently Schafer Cullen Water Impact Strategy in September 2025.
H2O America, through its subsidiaries, provides water utility and other related services in the United States. The company engages in the production, purchase, storage, purification, distribution, wholesale, and retail sale of water and wastewater services; and supplies groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from Santa Clara Valley Water District. It also offers non-tariffed services, including water system operations, maintenance agreements, and antenna site leases; contracted services, sewer operations, and other water related services; and a Linebacker protection plan for public drinking water customers in Connecticut and Maine. In addition, the company provides water services to approximately 232,000 connections that serve approximately one million people residing in portions of the cities of San Jose and Cupertino and in the cities of Campbell, Monte Sereno, Saratoga and the Town of Los Gatos, and adjacent unincorporated territories in the County of Santa Clara in the State of California; water service to approximately 142,000 service connections, which serve a population of approximately 463,000 people in 81 municipalities with a service area of approximately 275 square miles in Connecticut and Maine and approximately 3,000 wastewater connections in Southbury, Connecticut; approximately 29,000 service connections that serve approximately 88,000 people in a service area comprising more than 271 square miles in the region between San Antonio and Austin, Texas and approximately 1,000 wastewater connections. Further, it owns undeveloped land in California; and commercial properties and parcels of land in Connecticut. The company was formerly known as SJW Group and changed its name to H2O America in May 2025. H2O America was incorporated in 1985 and is headquartered in San Jose, California.
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Position history
Between Q3 2025 and Q2 2026, 1 fund letter reported a position in H2O America — 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 1 | 0 | 1 | 0 |
| Q3 2025 | 0 | 0 | 0 | 1 |
Fund activity · 1 position · 1 move
- June 2026
“Stocks We Eliminated from Your Portfolio (Second Quarter 2026): Calavo Growers, Inc. (CVGW): CVGW is a leading distributor of avocados in the U.S. We exited the position due to the company being acquired by Mission Produce, Inc. (AVO). Daikin Industries, Ltd. (DKILY): DKILY is the world’s largest manufacturer of air conditioning equipment and supplies with leading market share positions across most of its geographical segments. Following outperformance in the stock, we exited our position in favor of better risk reward opportunities elsewhere. Estee Lauder Companies Inc. (EL): EL is a leading producer of beauty products, including facial moisturizers, makeup, and lip products, among others. In March 2026, EL confirmed rumors that it was exploring a merger with Puig Brands, S.A. (PUIG), a leader in premium fragrances. This created some uncertainty in terms of what type of valuation the company would need to pay to acquire PUIG, and uncertainty around what the balance sheet would look like in terms of leverage. We exited the position in favor of better risk reward opportunities. Globe Life Inc. (GL): We have exited our position in GL after a successful holding period as the company’s share price exceeded our estimate of fair value. GL remains one of our favorite companies within the Insurance industry due to its favorable competitive position and strong balance sheet relative to peers. We will look for future opportunities to invest in GL shares at a more attractive risk reward. H2O America (HTO): HTO is the second-largest pure play water utility holding company in the United States with operations primarily in California, Texas, and Connecticut. Following a favorable Fair Market Value (FMV) determination and successful capital raise for the company’s acquisition of Quadvest, shares outperformed and we exited our position in favor of more attractive risk rewards elsewhere.”
H2O America
Fund coverage · 1 thesis
- Schafer Cullen Water Impact StrategySeptember 2025
H2O America is investing in growth by expanding its operations in fast-growing regions of Texas, enhancing its valuation after a decade and improving its long-term growth outlook.
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