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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 the month was Canadian renewable player Boralex (+14.8%) with the market reacting well to the Q3 results and positive momentum in their project pipeline. The weakest performer was Indonesian toll road operator Jasa Marga (-9.4%). In 4D's view, this weakness was a buying opportunity with all November news supporting the Jasa Marga investment thesis. As at the end of November, the Fund had an exposure of 35% to Developed Europe, 32% to Emerging Markets, 27% to North America and held 6% in cash. 4D noted that, despite a slowing global macro environment, it remains supportive of their overweight positioning to user pay assets. However, ongoing geo-political issues see them limiting exposure to certain regions (e.g. UK). |
| More Information |
