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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 | July's negative performance can largely be attributed to the strength of the A$, which was up 4% in the month. With only 6% of the Fund held in A$, the strength of the currency negatively impacted more than 90% of the portfolio. The Fund's weakest performer for July was US rail operator Norfolk Southern (-7.5%), however, the Manager continues to see fundamental value in this investment. The Fund remains overweight in European user pays and emerging markets, but Bennelong have been reallocating some profits from those regions to increase exposure to quality names in North America which have underperformed year to date. Bennelong's outlook for global listed infrastructure is positive over the medium term, noting that there has been a significant underinvestment in infrastructure around the world over the past 30 years, and that public sector fiscal and debt constraints will limit governments' ability to respond, meaning that there will be an increasing need for private sector capital as part of the funding solution. Bennelong believes that new, improved and expanded infrastructure around the world will be compelled by the world's growing population which will be accompanied by an emerging middle class, particularly in Asia. |
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