About

An unconstrained bottom‑up investment process designed to deliver above‑market returns whilst simultaneously addressing real‑world challenges to invest in civilization. Creating value alongside meaningful change.

Broad Global Universe

We invest in up to 400 globally listed companies across 30+ countries, representing around US $2 trillion in market capitalisation.

High-Conviction Diversified Portfolio

Our focused selection of 35–50 stocks combines attractive upside potential with strong risk/return characteristics, offering significant diversification benefits and minimal overlap with traditional globe equity portfolios* (no exposure to technology or pharmaceuticals).

Unique, Thematic Perspective

By analysing the full water and waste value chains, we identify the best global opportunities unconstrained by traditional sector or industry biases.

The Story

It’s a story about civilization and economic progress and we think of water and waste companies as one single universe. Water is essential for life on earth and is precious yet underappreciated and an undervalued resource. Our focus is purity; we only invest in companies where at least 40% of their revenue is driven by water and waste solutions.

 

Most importantly these are structural trends that are here to stay irrespective of short-term macro noise, offering a differentiated investment opportunity for long-term investors.

Water and Waste: The Story of Civilization

Underlying Long-Term Relative Performance

Why Invest

Investing in the Foundations of Civilization with Regnan

Stable and Resilient Foundations

The fund invests in companies with strong balance sheets, reliable cash flow, and long-duration assets - providing resilience and stability through changing market cycles.

We're not Defined by Sectors

We focus on companies beyond the reach of large banks and underrepresented in traditional global portfolios, where roughly 85% attract limited or no sell-side coverage. That's where we uncover opportunity others overlook. 

Flexible, High-Purity Approach

Unconstrained by sector limits, the portfolio typically comprises around 60% water and 40% waste, targeting over 80% thematic purity - ensuring each investment meaningfully contributes to the water and waste theme. 

Transparent and Aligned with Sustainability Standards

The strategy has an Irish domiciled fund which is SFDR Article 9 classified and a UK domiciled fund which was among one of the first to have completed the requisite FCA process to use a label under the Financial Conduct Authority’s (FCA) sustainability disclosure requirements (SDR). The strategy offers clarity and confidence for investors seeking authentic, transparent sustainability outcomes.

Bertrand Lecourt
"It’s a true global diversifier. While typical global equity funds are heavily concentrated in technology, financials, communications and consumer sectors, our pioneering twin theme of integrated water and waste provides a differentiated allocation and meaningful diversification away from widely held sectors."
Bertrand Lecourt
Senior Fund Manager

Our Team

Co‑managed by Senior Fund Manager Bertrand Lecourt and Fund Manager Saurabh Sharma, the team operates within a flat, collaborative structure that brings together complementary experience and expertise. Together, they also lead the Regnan Global Mobility & Logistics strategy (launched 2021) and previously managed the Fidelity Sustainable Water and Waste Fund (launched 2018).

Bertrand Lecourt

Senior Fund Manager

Saurabh Sharma

Fund Manager

Insights

Regnan

Brazil’s Largest Water Utility Accelerates Modernisation Efforts

A major infrastructure upgrade by Brazil’s largest water utility is reshaping the future of sanitation and water quality in São Paulo. At the ETE Parque Novo Mundo wastewater facility, new high-efficiency treatment technology, rising capacity, and expanded service to underserved communities are strengthening the region’s environmental resilience while supporting long-term social and economic development.

Bertrand Lecourt

Saurabh Sharma

Oshadee Siyaguna

Rebecca Sly

Regnan

Year in Review and 2026 Outlook

Global markets enter 2026 on solid footing as inflation eases and monetary policy turns supportive. This outlook examines late-cycle dynamics, diversification opportunities, and where water and waste companies are positioned to benefit from infrastructure spend, operational execution, and resilient demand.

View all insights

Related Funds

Powered by a thematic, bottom‑up approach to uncover under‑researched companies with strong fundamentals and growth potential across the global mobility and logistics value chain.

Regnan Global Mobility and Logistics

Invests in companies efficiently moving goods, services, and people.

How can we help?

From our very first conversation to ongoing support, our teams of experts are here to answer your investment needs.

This is a disclaimer.

This is a marketing communication. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.