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| Manager | |
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| Strategy | |
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| Latest Return | |
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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 for May was Brazilian toll road operator CCR (+17.2%). 4D noted this stock was oversold in April on an ongoing flow of corruption rumours and they believe the rebound in May was well justified. The weakest performer was global port operator DP World (-14.5%) as the US/China trade wars remain an overhang on the port story creating volatility. 4D noted that, despite a slowing global macro environment, they believe it remains in positive territory and supportive of the Fund's bias towards user pay assets. They also expect emerging markets to see a recovery with Fed rate hikes stalled. They remain cautious of ongoing geo-political issues and have positioned accordingly, avoiding certain markets until issues are resolved (e.g. Brexit). They are also seeing certain markets move ahead of fundamentals and are looking to take a more defensive stance in these regions. |
| More Information |
