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| 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 strongest performer was Brazilian toll road operator Ecorodovias (+13.7%), while the weakest performer was American tower operator Crown Castle (-8%). Given the ongoing global growth environment, the Fund remains overweight user pay assets which have a direct correlation to macro strength. The Manager also noted that, while they are underweight utilities ('bond proxies'), ongoing geo-political concerns as well as a number of near-term elections sees the Fund maintain core exposure to quality defensive utility assets. 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. |
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