29 Aug 2018 - Performance Report: 4D Global Infrastructure Fund

The 4D Global Infrastructure Fund rose +1.38% in July, outperforming its benchmark by +0.67% and taking annualised performance since inception in March 2018 to +11.70%. The strongest performer for July was Indonesian toll road operator Jasa Marga, up +12.2% for the month. The weakest performer was Chinese infrastructure conglomerate Shenzhen International, down -11%. Read their latest report for their thoughts on the markets over the past month.

Given the global macro environment, 4D Infrastructure remain overweight user pay assets which have a direct correlation to macro strength. However, ongoing geo-political concerns, plus near-term elections, sees them 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.