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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 portfolio benefited from overall market upside, with the outperformance relative to the market being driven by strong performance from Brazil as well as the US midstream sub-sector. The strongest performer for January was Brazilian toll road operator CCR (+32.9%), driven by general positive sentiment towards Brazil's new government as well as sector specific news regarding concession extensions. The weakest performer in January was China Resources Gas Group (-1.4%), driven by concerns of a slowing Chinese economy and potential negative implications for gas demand. 4D Infrastructure remain confident in the long-term domestic demand story. Despite a slowing global macro environment, 4D noted it remains in positive territory and supportive of the Fund's overweight positioning towards user pay assets which have a direct correlation to macro. However, they remain cautious of ongoing geo-political issues and have positioned accordingly. |
| More Information |
