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| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
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| 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 strongest portfolio performer was Sempra, a US-regulated utility, up +3.3%. The weakest performer was Brazilian toll road operator CCR, falling -20% after it was named in a Car Wash scandal as part of a plea bargain for disgraced financial operator Adir Assad. The Manager noted CCR was quick to prove its innocence, and that, while this has yet to be resolved, on balance the Manager believes in CCR's corporate governance and thinks the stock was oversold and is very cheap at current levels. The Manager's outlook for global listed infrastructure over the medium term remains positive. They noted 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. In their latest report, the Manager briefly discussed US President Trump's announcement regarding his plan to rebuilt America's infrastructure and noted it explicitly targets the private sector for the majority of funds. |
| More Information |
