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| Strategy | |
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| Latest Return | |
| Latest 6 Months | |
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| FUM (millions) | |
| 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 portfolio performer was Chinese gas distributor China Resources Gas Group, up +11.1%. The weakest performer was global port operator DP World, down -10.1%. 4D believe the fall in DP World was due to increasing investor concern of a slowing global economy, however, their view is that the recent sell off has been overdone and is not supported by their solid diversified earnings base. Despite a slowing global macro environment, the portfolio remains in positive territory and supportive of 4D's overweight positioning to user pay assets which, they note, have a direct correlation to macro. However, 4D remain cautious of ongoing geo-political issues and have positioned accordingly. |
| More Information |
