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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 | Top performers for the month include US tower operator SBA Communications (+11.6%), Mexican tower operator Telesites (+8.1%), Crown Castle (+7.8%) and Sydney Airport (+10%). The weakest performer in August was NZ fibre play Chorus (-10.3%). Bennelong believes Chorus remains undervalued, but that investors may need to wait for clarity on regulation before they realise their upside. The Fund continues to be overweight in user pays and underweight regulated utilities, however, given the rise in geopolitical tensions, the Fund retains a core holding in defensive names offering solid yields which should insulate on the downside. Bennelong has a positive outlook for global listed infrastructure over the medium term. The Fund's latest report notes 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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