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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 European tower operator Cellnex (+22.2%), rallying strongly post a successful capital raise which paves the way for Cellnex's participation in any tower sector M&A across Europe. The weakest performer was Brazilian toll road operator CCR (-17.5%) which 4D believe can be attributed to further press reports of penalties to be paid in the state of Parana, as well as some profit-taking after a very strong price appreciation. They noted that, despite a slowing global macro environment, it remains in positive territory and supportive of the Fund's bias towards user pay assets which have a direct correlation to macro. 4D also believe with Fed rate hikes stalled, emerging markets should see a recovery. However, they remain cautious of ongoing geo-political issues and have positioned accordingly. |
| More Information |
