ETF Evaluator:
Tortoise Global Water Fund (TBLU)
Follow This ETF
(as of Aug 05)
Best Performing in Natural Resources Over the Last Year
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ETF Details
Tortoise Global Water Fund Overview
Tortoise Global Water Fund (TBLU) is a passively managed Sector Equity Natural Resources exchange-traded fund (ETF). Tortoise Capital Advisors, LLC launched the ETF in 2017.
The investment seeks investment results that correspond generally to the price and distribution rate (total return) performance of the Tortoise Global Water Net Total Return Index.
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). The 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. The fund is non-diversified.
About Tortoise Global Water Fund (TBLU)
There are 4 members of the management team with an average tenure of 3.08 years: Andrew Serowik (2023), Gabriel Tan (2023), Todd Alberico (2023) and Brian Cooper (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Tortoise Global Water NR USD index with a weighting of 100%. Tortoise Global Water Fund has 64 securities in its portfolio. The top 10 holdings constitute 57.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Tortoise Global Water Fund is part of the Equity global asset class and is within the Sector Equity ETF group. Tortoise Global Water Fund has 39.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 59.8% There is 39.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Tortoise Global Water Fund has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $55 million in total assets, which is below the $1 billion average for the Natural Resources category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TBLU Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Tortoise Global Water Fund expense ratio is average compared to funds in the Natural Resources category. Tortoise Global Water Fund has an expense ratio of 0.40%, which is 25% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Tortoise Global Water Fund has a portfolio turnover rate of 63%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Natural Resources category.
Recently, in the month of June 2026, Tortoise Global Water Fund returned 4.9%, which earned it a grade of A, as the Natural Resources category had an average return of -7.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Tortoise Global Water Fund has a trailing yield of 3.44%, which is above the 2.28% category average.
The fund normally distributes its income semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Tortoise Global Water Fund Grades
Year to date, the ETF has returned 2.6%, 5.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 1.4% over the past year (grade of F), 10.2% over the past three years (grade of C) and 5.1% per year over the past five years (grade of D).
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TBLU Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TBLU Return (NAV) | 4.9% | 4.3% | 1.4% | 10.2% | 5.1% | na |
| TBLU Return (Price) | 4.5% | 3.3% | 0.9% | 10.0% | 5.1% | na |
| NAV +/- Price Return | 0.374% | 0.964% | 0.422% | 0.145% | 0.071% | na |
| Natural Resources Avg | -7.3% | -1.7% | 40.6% | 12.4% | 8.1% | 11.1% |
| TBLU Grade (NAV) | A | B | F | C | D | na |
| +/- Category (NAV) | 12.2% | 6.0% | -39.2% | -2.2% | -3.0% | na |
| TBLU Tax-Cost Ratio | na | na | 1.4% | 0.8% | 0.7% | na |
TBLU Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TBLU Return (NAV) | 2.6% | 11.5% | 9.2% | 20.1% | -24.9% | 29.5% | 15.4% | 36.6% | -11.9% | na | na |
| TBLU Return (Price) | 2.6% | 11.8% | 8.5% | 20.9% | -26.0% | 28.9% | 15.8% | 38.7% | -12.8% | na | na |
| NAV +/- Price Ret | -0.034% | 0.032% | -0.071% | 0.039% | 0.043% | -0.019% | 0.022% | 5.8% | 7.9% | na | na |
| Natural Resources Avg | 8.4% | 43.5% | -6.0% | 9.9% | -7.3% | 30.1% | 22.9% | 18.4% | -16.7% | 25.1% | 28.4% |
| TBLU Grade (NAV) | D | F | A | A | F | B | D | A | B | na | na |
| +/- Category | -5.8% | -32.0% | 15.2% | 10.3% | -17.6% | -0.6% | -7.5% | 18.2% | 4.8% | na | na |
| Risk Measures | |
| Beta: | 0.89 |
| R-Squared: | 50% |
| Standard Deviation: | 15.9% |
| Category Risk Index: | 0.66 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.31 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 55 Mil |
| Share Class Assets: | $ 55 Mil |
| Turnover: | 63.0% |
| Expense Ratio: | 0.40% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Semi-Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Serowik Andrew (2023), Tan Gabriel (2023), Alberico Todd (2023), Cooper Brian (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 64 |
| % in Top 10 Holdings: | 57.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 39.4% |
Portfolio Allocation |
|
| Domestic Stock: | 59.8% |
| Foreign Stock: | 39.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.5% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Tortoise Capital Advisors, LLC |
| Phone Number: | 844-874-6339 |
| Website: | |
| Inception Date: | February 14, 2017 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.54% |
