| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 Manager noted the strong AUD, up +3.15% for the month, was responsible for much of the Fund's underperformance. The strongest performer in January was Brazilian rail operator Rumo (+10%). The weakest performer was Indonesian toll road operator Jasa Marga (-10.9%). The Manager noted Jasa Marga has been a strong performer in recent months and they believe this weakness can be attributed to some profit taking. The Manager briefly highlighted the spike in US Treasury Bond yields early in the month, attributing it to press reports (which the Manager noted were subsequently denied) suggesting China was going to reduce its purchases of US Treasury Bonds. The Manager believes this episode illustrated the potential global financial clout China now retains. The Manager also mentioned Donald Trump's infrastructure plan outlined in his State of the Union address, noting that news sources indicated the administration will seek to offer US$200 billion in grants over 10 years to leverage investment from state, local, and private sources, hoping to spur about US$1 trillion total in spending. |
| More Information |
