In short: Jain (January pick, keeps all — "particularly like" this one): a water utility with nothing to do with power generation; underlying growth intact. 20–21x isn't a bargain, but 8–9%/yr EPS growth for five years running and continuing makes it "almost like a bond."
The largest listed U.S. water utility — and Jain's favorite among his defensive keeps precisely because it has nothing to do with the power-generation frenzy. Water rates grind higher, earnings compound 8–9% a year like clockwork, and at 20–21x earnings he calls it "almost like a bond" — the sleep-at-night asset for a market he thinks is led by unsustainable cyclicals.
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