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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 | In October, the Fund returned -0.97%. The strongest performers throughout the month were Brazilian toll road operators CCR (+34.7%) and Ecorodovias (+32%) following a positive outcome in the Brazilian elections which saw investors find favour in Brazil again. 4D noted these stocks had been considerably oversold over the past few months and they expect further re-rating as the market gains comfort with Bolsonaro. The weakest performer in October was Mexican airport operator GAP (-17.9%), following AMLCO's cancellation of the Mexican City Airport after a farce referendum which raised concerns about his leadership and influence over the infrastructure sector. 4D noted that, given the generally positive global macro environment, they remain overweight user pay assets which have a direct correlation to macro strength. However, due to ongoing geopolitical concerns they're maintaining core exposure to quality defensive utilities. |
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