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| Fund Overview | The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund. |
| Manager Comments | The Fund's overweight to the European and Emerging Markets was a major contributor to the April performance. The Chinese diversified infrastructure player, Shenzhen International, was the strongest performer for April, up 13% for the month. Other positive contributors included the rail operator Groupe Eurotunnel (up 11.1%), Spanish airport operator Aena (up 11.3%), and Vienna airport (up 12.9%). The weakest performer was OHL Mexico, down 12.4%. The Fund remains overweight Europe and Emerging Markets at the expense of the USA and utilities. The investment team continues to have a positive outlook for global listed infrastructure (GLI) over the medium term, due to a number of powerful macro forces that support the sector. |
| More Information |
