In this study, polyamide 12 (PA12)/untreated halloysite nanotubes (HNTs) nanocomposites are prepared in a semiindustrial scale extruder using a non-traditional "one step" water-assisted extrusion process. A morphological study is carried out using a combination of scanning electron microscopy and transmission electron microscopy analyses to evaluate the influence of water injection and filler content on the quality of clay dispersion. The use of water injection slightly improves the nanoscale dispersion at low HNTs content (<8 wt.%), while this effect is more pronounced at higher filler loading (16 wt.%). A mechanism explaining the physico-chemical action of water during extrusion is proposed. The materials are characterized with respect to their mechanical, thermo-mechanical, thermal and fire properties. A strong correlation is found between nanostructure and physical properties; the more uniform dispersion of the clay nanotubes, the higher mechanical reinforcement, thermal stability and fire retardancy of PA12 nanocomposites. Tensile tests results are interpreted in terms of three mechanical models: the Halpin-Tsai's model for stiffness and the interfacial strength model and the Pukanszky's equation for yield strength. Linear fits of the experimental data confirm that the superior reinforcement of nanocomposites prepared using water injection results from improved clay dispersion and better interfacial adhesion between PA12 and HNTs. In view of these promising results, the proposed direct melt compounding method could be easily scaled-up towards the production of PA12-HNTs nanocomposites at an industrial scale.