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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 in November included US Tower operator SBA Communications (+15.7%) and Spanish airport operator AENA (+10.3%). The weakest performer was again UK satellite operator Immarsat, down 18.1% as the market becomes increasingly concerned about Immarsat's guidance and the execution of its maritime strategy. The Manager believes the sell-off has been overdone and expect the long-term investment fundamentals to remain intact and differentiate it from the broader satellite sector. The Manager's outlook for global listed infrastructure over the medium term remains positive. 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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