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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 | Despite a slowing global environment, 4D remain confident in their overweight exposure to user pays assets, although ongoing geopolitical issues are of concern to certain regions such as the UK and Hong Kong. 4D maintain a very positive outlook for global listed infrastructure over the medium term, given the number of powerful macro forces at play which will continue to support the sector, including a huge underinvestment in infrastructure around the world over the past 30 years. In addition, the world's population is expected to grow by 53% by the end of this century, which will be accompanied by an emerging middle class, especially in Asia, which combined will compel new, improved and expanded infrastructure around the world. At the end of October, the Fund held 26% exposure to North America, 35% to Developed Europe, and 32% to Emerging Markets, and 7% in cash. |
| More Information |
