Tareno Global Water Solutions Fund Quarterly Update, October 2026

Market Volati­lity and Invest­ment Oppor­tu­ni­ties in the Third Quarter

Geopo­li­tical uncer­tain­ties, rising oil prices, and higher interest rates weighed on the stock markets during the reporting period. The Tareno Global Water Solutions Fund was also unable to fully escape these trends and posted a decline of about 4 percent in the third quarter of 2026 (W EUR share class).

Despite the challen­ging market environ­ment, the long-term growth drivers of the water sector remain intact. The fund manage­ment team is sticking to its tried-and-tested selec­tion process and conti­nues to focus on specia­lised small- and mid-cap compa­nies. It currently sees parti­cu­larly attrac­tive invest­ment oppor­tu­ni­ties in industrial compa­nies and European water stocks. The fund manage­ment team also believes that the lower valua­tions in the water sector open up intere­sting long-term prospects.

Using the portfolio compa­nies Gorman-Rupp and SABESP as examples, Katja von Krannich­feldt explains why short-term share price movements do not always reflect long-term business prospects. Another key focus is the rising demand for water from data centres and the semicon­ductor industry – a topic we recently highlighted in our finance guide.

Measurable Impact Thanks to Our Impact Share Class

To conclude, our fund manager presented the Impact share class. Through this share class, 25 percent of the manage­ment fee goes toward finan­cing drinking water projects. Since its launch in 2021, 17 projects have already been funded. These projects provide over 17,500 people with access to clean drinking water and treat appro­xi­m­ately 166,000 liters of water daily.