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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 July was Brazilian toll road operator Ecorodovias which was up +9.5%. 4D noted this was note driven by stock specific news but rather the entire Brazilian infrastructure space was up as Bolsonaro executes on reforms. The weakest performer was US midstream operator Williams, down -12.1% on the back of concerns that key counterparties are cutting production targets which will flow through to Williams' volumes and earnings. 4D believe the sell-off was overdone. Despite a slowing global macro environment, 4D's view is that it remains supportive of the Fund's overweight to user pay assets. However, ongoing geopolitical 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, increasing their exposure to defensive yield stories. |
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