[SCHEDULE 13G] SJW Group SEC Filing

Rhea-AI Filing Summary

Amundi and Amundi Asset Management report beneficial ownership of 1,998,181 shares of H2O AMERICA common stock, equal to 5.85% of the class. The filing shows shared voting power on 1,542,999 shares and shared dispositive power on all 1,998,181 shares, with no sole voting or sole dispositive power.

The disclosure is a Schedule 13G indicating the position is held in the ordinary course of business and not for the purpose of changing control. The issuer CUSIP is 784305104, the issuer address is listed as 110 West Taylor Street, San Jose, CA, and the filing contains the filer certification that the securities were not acquired to influence control.

Positive

• Material institutional stake disclosed: Amundi holds 1,998,181 shares, representing 5.85% of the class, demonstrating significant institutional interest.
• Filed as Schedule 13G with certification: The filing states the position is held in the ordinary course and not to influence control, signaling passive intent and regulatory compliance.

Negative

• No sole voting or dispositive power: The filers report 0 shares with sole voting or sole dispositive power, limiting their unilateral influence.
• Shared voting power less than full position: Shared voting power covers 1,542,999 of the 1,998,181 shares, indicating partial voting influence only.

Insights

Securities Analyst

TL;DR: Amundi discloses a passive, >5% stake in H2O AMERICA (1,998,181 shares), signaling institutional interest without control intent.

Amundi and Amundi Asset Management report a combined 5.85% ownership under Schedule 13G, which typically denotes a passive investment held in the ordinary course of business. The filing shows 0 sole voting and dispositive power and 1,542,999 shared voting power, indicating limited direct control. For investors, the key takeaway is that a large, reputable asset manager holds a material economic exposure while affirming no intent to influence corporate control.

Corporate Governance Expert

TL;DR: The 13G format and certification point to a non‑control position; shared voting power may still allow engagement but not control.

The document is a Schedule 13G with an explicit certification that the position was not acquired to change or influence control, consistent with passive ownership rules. The reporting persons are organized in France and identify subsidiaries and related entities. While a 5.85% stake is material and could trigger dialogue with management, the absence of sole voting or dispositive power and the 13G filing form indicate no immediate governance threat or takeover intent.

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)

784305104

(CUSIP Number)

06/30/2025

(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 No. 784305104

1

Names of Reporting Persons

AMUNDI

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

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,542,999.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,998,181.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,998,181.00

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)

5.85 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 784305104

1

Names of Reporting Persons

AMUNDI ASSET MANAGEMENT

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

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,542,999.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,998,181.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,998,181.00

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)

5.85 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: H2O AMERICA
(b)	Address of issuer's principal executive offices: 110 West Taylor Street, San Jose, CA 95110
Item 2.
(a)	Name of person filing: Amundi Amundi Asset Management
(b)	Address or principal business office or, if none, residence: Amundi: 91-93 boulevard Pasteur, 75015 Paris, France Amundi Asset Management: 91-93 boulevard Pasteur, 75015 Paris, France
(c)	Citizenship: Both Amundi and Amundi Asset Management are organized under the laws of the Republic of France.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 784305104
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: 1,998,181
(b)	Percent of class: 5.85%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,542,999
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,998,181
Item 5.	Ownership of 5 Percent or Less of a Class.
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Amundi Asset Management AMUNDI IRELAND LIMITED KBI Global Investors (North America) Ltd KBI Global Investors Ltd
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

AMUNDI

Signature:	John M. Malone
Name/Title:	John M. Malone | Chief Compliance Officer | Power of Attorney
Date:	08/13/2025

AMUNDI ASSET MANAGEMENT

Signature:	John M. Malone
Name/Title:	John M. Malone | Chief Compliance Officer | Power of Attorney
Date:	08/13/2025

FAQ

Who filed the Schedule 13G for H2O AMERICA?

The filing was made by Amundi and Amundi Asset Management, both organized in France.

How many H2O AMERICA shares does Amundi beneficially own?

The report shows beneficial ownership of 1,998,181 shares, representing 5.85% of the class.

Does Amundi have voting control over these shares?

No; the filers report 0 shares with sole voting power and 1,542,999 shares with shared voting power.

Was the position acquired to influence control of H2O AMERICA?

No; the Schedule 13G includes a certification stating the securities were acquired and are held in the ordinary course of business and not to change or influence control.

What is the issuer CUSIP and principal address listed in the filing?

The issuer CUSIP is 784305104 and the principal executive office is listed as 110 West Taylor Street, San Jose, CA 95110.

When was the filing signed?

The signature on the filing is dated 08/13/2025 and the event date requiring the filing is listed as 06/30/2025.