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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 August was US water operator American Water Works (AWK), up +11.4% for the month. 4D noted AWK is a strong regulated utility benefiting from a pipeline of replacement spend and a market flight to safety. The weakest performer was global port operator DP World (DPW), down -9.1% on the back of global concerns of slowing growth, middle-east conflict and increased US/China trade tensions. 4D's view is that DPW's global footprint offers strong diversified exposure and they believe it is now offering some of the most attractive value within the universe after being completely oversold. 4D noted that, despite a slowing global macro environment, they believe it remains supportive of the Fund's overweight to user pay assets. However, they also believe ongoing geopolitical issues see the Fund avoiding certain markets until issues are resolved (e.g. Brexits). |
| More Information |
