On the first place is American Water Works Company Inc (NYSE: AWK ), of which the fund owns 148,900 shares, down by 78,200 shares over the quarter. The value of the stake amounts to $6,76 million. The company has recently increased its dividend by 11% to $0.31 per share. In addition, the company has acquired Yankeetown Water, an Indiana water utility company. Its stock added almost 10% so far in 2014 and trails a P/E of around 23, in line with the industry average. Israel Englander 's Millennium Management is also bullish on American Water Works Company, holding 871,500 shares (up by 70% on the quarter) as at the end of 2013. Ashland Inc (NYSE: ASH ), comes as second-largest holding in terms of value, with Mr. Dickerson's fund owning 57,400 shares, worth $5.7 million, down by over 40% on the quarter. The stock of the $7.5 billion company edged down by 0.4% year-to-date. Ashland is a specialty chemical company, which operates in several segments, one of which is related to the water industry.