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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 | 4D Infrastructure noted June was a difficult month for the Fund's emerging market exposure, hit by currency concerns on the back of rising US rates as well as geo-political issues around trade wars and elections. However, 4D Infrastructure's opinion is that the fundamentals for these names remain solid. The strongest performer for June was China Resources Gas, up +19.3% as the gas conversion theme continues to develop in China. The weakest performer was Chinese toll road operator Anhui Expressway, down -13.7% which the manager expects was driven by concerns around the trade wars with the USA. Given the global macro environment, 4D Infrastructure remain overweight user pay assets which have a direct correlation to macro strength. However, the Fund maintains core exposure to quality defensive utility assets due to ongoing geo-political concerns. |
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