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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 September was Brazilian Rail operator Rumo (+9.1%) on the back of the ANTT recommendation for the early renewal of one of its concessions. The weakest performer was global port operator DP World (-11.6%), impacted by increasing global trade tensions. 4D believe that, despite the ongoing posturing between China and the US, the trade talks will ultimately resolve. They also believe that, despite a softening in the global macro outlook, it does remain positive across the board and supportive of global port volumes. 4D remain fundamental buyers of DP World. Given the generally positive global macro environment, 4D 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 utilities. |
| More Information |
