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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 for December was Mexican airport operator GAP, up +13.1%, recovering from an oversold position in November. The weakest performer was US rail operator Norfolk Southern, down -11.2%, which was part of an overall weak end to the year for US equities as fears of a 2019 economic slowdown, coupled with concerns the Fed made a mistake in raising rates in December, weighed heavily on stocks. Despite the expectation of a slowing global macro environment, 4D believe it remains in positive territory and supportive of the Fund's overweight position in user pay assets which have a direct correlation to macro performance. However, ongoing geo-political concerns see the Fund maintain core exposure to quality defensive utilities. |
| More Information |
