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Rivco Australia (ASX:RIV), formerly Duxton Water, is the only ASX-listed company investing solely in water entitlements, according to Seneca. In May 2026, Seneca said it owns Rivco, which trades at a 21% discount to net tangible assets, noting there are few ways to invest in water and highlighting its southern Murray-Darling Basin water entitlements. In January 2026, Seneca named Rivco its sixth pick, seeing it as a potential takeover target given its unique assets. Rivco Australia operates in the Utilities sector within the Water Utilities industry, and Thesis Tracker has captured 3 comments from 1 fund manager, Seneca Financial Solutions. Rivco Australia owns a portfolio of permanent water entitlements in the southern Murray-Darling Basin and provides water supply solutions to agricultural irrigators through leasing, forward allocation sales and spot sales, giving investors exposure to the value of water as a scarce resource.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Seneca Financial Solutions have invested in Rivco Australia Ltd (ASX:RIV).
Seneca highlights a 21% discount to net tangible assets, unique exposure to water entitlements and potential takeover interest.
The available commentary does not detail specific risks, though Rivco's value depends on water prices, which fluctuate with rainfall and irrigation demand.
Rivco Australia Ltd. provides water distribution services to the agricultural industry, including irrigators, through a water entitlement leasing system. It offers perpetual entitlement exclusive access to a share of water from a government-designated water pool. The company operates through Permanent Water and Temporary Water segments. Rivco Australia was founded on April 20, 2016, and is headquartered in Unley, Australia.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.