Future Fund (HTO) reports 2.6M shares, 6.23% stake in H2O America (HTO)

Rhea-AI Filing Summary

H2O America reports that Future Fund Board of Guardians disclosed beneficial ownership of 2,603,878 shares of common stock, representing 6.23% of the class as of 03/03/2026.

The filing states the shares are held indirectly through The Northern Trust Company as custodian for the reporting person. The filer is domiciled in Australia and supplied an authorized signature on 03/06/2026.

Insights

Institutional Ownership Analyst

Significant passive stake: a foreign sovereign investor holds a mid-single-digit stake.

The Future Fund Board of Guardians reports beneficial ownership of 2,603,878 shares (6.23%). This is a disclosure of holdings rather than an active transaction and is typical for institutional investors tracking large positions.

Ownership is held indirectly via The Northern Trust Company as custodian. Subsequent filings could show changes in voting or disposition if the fund alters its position.

Corporate Governance Specialist

Filing confirms sole voting and dispositive power over the reported shares.

The schedule lists sole voting power 2,603,878 and sole dispositive power 2,603,878, with no shared powers reported. That indicates the reporting person has direct control over voting and disposition of the position.

Because this is a Schedule 13G disclosure, it reflects passive or passive‑reporting posture under beneficial‑ownership rules rather than an intent to influence corporate control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

H2O AMERICA

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

03/03/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

Future Fund Board of Guardians

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,603,878.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,603,878.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,603,878.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.2 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: H2O AMERICA
(b)	Address of issuer's principal executive offices: 110 W. TAYLOR STREET, SAN JOSE, CALIFORNIA, 95110.
Item 2.
(a)	Name of person filing: Future Fund Board of Guardians
(b)	Address or principal business office or, if none, residence: Level 14, 447 Collins Street, Melbourne VIC 300 Australia
(c)	Citizenship: Australia
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 7843051043
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,603,878 shares of common stock The shares of common stock are held indirectly by Future Fund Board of Guardians through its custodian, The Northern Trust Company, a company incorporated in the State of Illinois, in its capacity as custodian for the Reporting Person, of the ownership interests reported herein in H2O America.
(b)	Percent of class: 6.23%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,603,878
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,603,878
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Future Fund Board of Guardians

Signature:	/s/ Tamara Fisher
Name/Title:	Authorized Signatory
Date:	03/06/2026

Signature:	/s/ Andrew Pearse
Name/Title:	Authorized Signatory
Date:	03/06/2026

FAQ

What stake does Future Fund Board of Guardians hold in H2O America (HTO)?

The Future Fund holds 2,603,878 shares, equal to 6.23% of H2O America's common stock as reported. The filing lists sole voting and dispositive power over those shares, held indirectly through a custodian.

How are the H2O America shares held by Future Fund Board of Guardians?

The shares are held indirectly through The Northern Trust Company acting as custodian for the reporting person. The Schedule 13G states the custodian holds the ownership interests on behalf of the Future Fund.

Does the filing show shared voting or disposition power for the reported shares?

No. The Schedule 13G reports 0 shared voting power and 0 shared dispositive power, and lists 2,603,878 as sole voting and sole dispositive power amounts.

Is this Schedule 13G an active purchase or voting change by Future Fund (HTO)?

This filing is a beneficial‑ownership disclosure showing the fund's holdings, not an announced purchase or change in control strategy. It reports position size and voting/dispositive powers as of the referenced date.

Where is the reporting entity for this H2O America disclosure located?

The reporting entity, Future Fund Board of Guardians, is located at Level 14, 447 Collins Street, Melbourne VIC 300 Australia, and is listed as an Australian citizen/entity in the filing.