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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 portfolio performer for June was Brazilian toll road operator Ecorodovias, up +18.9% for the month as part of a buoyant Brazilian market. The weakest performer was Mexican tower operator Telesites, down -10.9% as a result of ongoing political concerns surrounding AMLO's policy execution. 4D Infrastructure believe the economy remains supportive of the Fund's overweight positioning to user pay assets, despite a slowing global macro environment. They also believe emerging markets will remain solid with the Fed likely easing rates. However, they add ongoing geo-political issues see them avoiding certain markets until issues are resolved (e.g. Brexit). They are also seeing certain markets move ahead of fundamentals and have taken a more defensive stance in these regions. |
| More Information |
