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TWST: Give us an overview of what you are covering.
Ms. McCann: I cover stocks in the water sector including water
utilities, treatment, equipment and service companies and a couple of
water and wastewater infrastructure firms. It is a broad sector and
sometimes difficult to define. We also follow some of the diversified
industrials that have acquired water companies and built a water
platform such as ITT (ITT), GE (GE) and Danaher (DHR). TWST: Looking from the top down, what is it about the water space that
is interesting at this point?
Ms. McCann: Water is hot ' so hot, in fact, that it has been tough to
find value in the sector. Our water index ' an equal-weighted index that
tracks 25 US and international water stocks ' is up about 17% this year
compared with pretty dismal performance for the broader indices. Our
index is up around 35% from the beginning of 2005 and, if you look at it
dating back to the beginning of 2001, it is up nearly 300%. So we have
seen phenomenal gains, but again, that makes it hard to find value these
days.
Tickers included in this excerpt: AMN, AWR, BMI, BWTR, CCC, CDZI, CWT, DHR, GE, INSU, ITRI, ITT, LAYN, MMM, MWA, NWPX, PCYO, PICO, PLL, PNR, PWEI, RWEOY, TTEK, WTR, WTS
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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