Company Overview and Strategy - NWPX Infrastructure, Inc is rebranding to highlight growth potential in water infrastructure[11] - The company has a 50%+ market share in the water transmission systems (WTS) market[11] - NWPX acquired two precast entities to enter the concrete and environmental solutions market[11] - The company intends to use Northwest Pipe Company name for WTS segment[11] Market and Financial Performance - The addressable market for Water Transmission Systems is $450 - $650 million, with NWPX's share at $338 million (~52%)[32] - The addressable market for Precast Infrastructure and Engineered Systems is $14 billion, with NWPX's share at $155 million (~1%)[32] - The company's Water Transmission Systems backlog is $301 million[63] - The Precast Infrastructure and Engineered Systems order book is $55 million[63] Growth and Capital Allocation - NWPX is pursuing a product spread strategy to produce and ship ParkUSA products out of legacy Northwest Pipe plants[47] - The company is seeking accretive acquisitions in the precast-related space[48] - NWPX repurchased approximately 577,000 shares for approximately $22 million since November 2023[57] Environmental, Social, and Governance (ESG) - The company's 2024 total recordable incident rate is 1.25, and the days away rate is 0.14[71] - NWPX published its first third-party verified Environmental Product Declaration (EPD) for water transmission systems[77]

Core Viewpoint - The Invesco S&P Global Water Index ETF (CGW) is designed to provide investors exposure to companies involved in water-related technology and management, with a focus on large-cap constituents and a total asset under management of $1.01 billion [2][3]. Group 1: ETF Overview - CGW was launched on May 14, 2007, and is a passively managed sector ETF that tracks the S&P Global Water Index [3]. - The ETF has substantial liquidity, with an average daily trading volume of $1.91 million and a low bid/ask spread of 10 basis points [3]. - The S&P Global Water Index includes companies operating in water-related businesses, requiring a minimum market cap of $300 million and a float-adjusted market cap of $100 million [4]. Group 2: Geographic and Sector Exposure - The portfolio is geographically diversified, with approximately 60% in the US, 11.80% in the UK, 8.33% in Brazil, and 7.33% in Switzerland [5]. - Sector exposure is primarily in industrials (46.74%) and utilities (43.35%), making it a potential portfolio diversifier [7][9]. Group 3: Holdings and Performance - CGW utilizes a sampling method with 64 holdings, where the top 10 holdings account for 55% of the total portfolio weight [12]. - The ETF offers a distribution rate of $1.23 per share, yielding 1.91% on a trailing twelve-month basis, which is higher than the 1.08% yield of the S&P 500 [13]. - Compared to peer ETFs, CGW has a higher concentration in its top holdings, with the First Trust Water ETF (FIW) having a lower concentration at 40.88% for its top 10 holdings [16][18]. Group 4: Investment Strategy and Comparison - The water sector is experiencing secular growth trends, driven by increasing demand for water in various industries, making CGW suitable for both tactical positioning and long-term holding [15]. - CGW is one of the larger water sector ETFs, but FIW may offer a more optimal investment strategy due to its lower expense ratio and relative performance [16][18]. - CGW is best utilized as a satellite position within a diversified portfolio, providing differentiated exposure compared to broader market indices [23].

Company Overview and Strategy - Northwest Pipe Company (NWPX) is positioned to meet North America's growing needs for water distribution, management, infrastructure, and sustainability [7] - The company's growth strategy involves organic growth through "Product Spread" and accretive acquisitions in the precast-related space [56, 57] - NWPX prioritizes organic growth, debt repayment, accretive acquisitions, and stock repurchases in its capital allocation strategy [59, 60, 61, 62, 63] Market and Financial Performance - The total addressable market for steel pressure pipe is estimated at $450 to $650 million, with NWPX holding approximately $338 million (~52%) market share [38, 39] - The total addressable market for concrete pipe & precast is estimated at $14 billion, with NWPX holding approximately $155 million (~1%) market share [40] - The company's backlog including confirmed orders for the Engineered Steel Pressure Pipe segment was $289 million in Q1 2025 [72] - The order book for the Precast Infrastructure and Engineered Systems segment was $64 million in Q1 2025 [72] Acquisitions and Innovation - NWPX acquired Geneva Pipe and Precast on January 31, 2020, for $49.4 million (~7.5x EBITDA) [50, 96] - NWPX acquired ParkUSA on October 5, 2021, for $90.2 million (~6.2x EBITDA) [50, 100] - The company is a leader of innovation in water infrastructure, with recently developed technologies like the Radial Bending Joint and InfraShield Joint System [52, 55] Demand Drivers and Market Dynamics - Key demand drivers include aging water and wastewater systems, rising demand on developed water sources, drought conditions, and increasingly stringent regulatory policies [29, 30, 31] - Utility level projects funded by the Infrastructure Investment and Jobs Act ("IIJA") total $3.3 billion through state revolving fund ("SRF") and non-SRF programs [35] - The EPA divides and allots US $23.2 B for DWSRF and US $19.5 B for other programs among states, territories, and tribes every fiscal year [44]