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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 | The strongest performer in May was Chinese gas distributor ENN Energy (+17.4%), driven by continued strong gas demand across China as they continue to promote the move from coal to gas. The second strongest performer was US LNG shipper Cheniere (+14.6%) who is capitalising on this theme, working the meet the strong Chinese and global demand for LNG. The weakest performer was Brazilian toll road operator Ecorodovias (-15.9%), with the stock caught up in the Brazilian trucking strike. 4D Infrastructure noted that, given the global macro environment, they remain overweight user pay assets which have a direct correlation to macro strength. However, ongoing geo-political concerns plus near-term elections sees 4D Infrastructure maintain core exposure to quality defensive utility assets. |
| More Information |
