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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 | Positive performers in September included Brazilian rail operator Rumo (+15.1%), Canadian pipeline operator Pembina (+11.2%) and US gas transporter Cheniere (+9%). Negative contributors included UK satellite operator Inmarsat (-8.1%) and Spanish airport operator AENA (-4.5%). The Fund remains overweight in user pays and underweight regulated utilities, and the Manager noted they are beginning to allocate cash to high quality, fundamentally attractive stocks that have lagged over the past few months. The Manager has a positive outlook for global listed infrastructure over the medium term. They note 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, resulting in an increasing need for private sector capital as part of the funding solution. |
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