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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 Fund returned -0.73% in August. The strongest portfolio performer during the month was Mexican airport operator GAP, up +10.5%. The stock was up post the Mexican elections and also received a boost from the US/Mexico Agreement on trade late in the month. The weakest performer in August was Italian toll road operator Atlantia, down -27.9% after the tragic collapse of the Atlantia operated bridge in Genoa. 4D Infrastructure noted that, despite Atlantia's continued assertions that it had been maintaining the structure in line with the concession's technical standards, increasing noise from political factions around the termination of the Italian road concession framework significantly pressured the stock. 4D believe Atlantia has been oversold on the noise, however, they believe the stock will remain under pressure for some time. As such, 4D will continue to hold a position without increasing it at the present time. Given the generally positive 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. |
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