Investment Products

Upon completion of the research and analysis process, Aqua Terra management considers appropriate position size and sector weighting. Stock selection, position size and weighting serve to create an appropriate level of diversification within the global water sector. Sell discipline and diversification comprise the foundation for managing risk within our investment portfolios. Individual position size in the separately managed accounts (SMA) is generally limited to 6% of the market value of the total portfolio. Average position size approximates 3%-5%. Sector weightings generally result from our bottom-up stock selection process and are not water sub-sector or geographic bets. SMA portfolios normally maintain between 20 and 40 positions, depending on the size of the account and the investment goals of the client. Aqua Terra management closely follows each individual company purchased. The team meets frequently to discuss company news and industry events, and to monitor sector weights and position sizes. From a risk management perspective, companies become candidates for sale under the following conditions:

The stock reaches the price target and there is no reason to increase the target
A company's outlook deteriorates or the firm consistently fails to meet its financial or operational goals
The stock's weighting within the portfolio exceeds Aqua Terra tolerances

Form ADV Part II

Uniform Application for Investment Advisor Registration (ADV Part II)