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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 performer in April was US midstream operator Targa Resources (+89%) recovering some of its March losses. The weakest performer was US utility CMS (-2.8%). 4D expect utilities to offer relative resilient earnings over coming months as economic deterioration plays around the globe. 4D expect investors' focus to turn to not only the shape of the economic recovery but also whether the huge monetary and fiscal stimulus measures are inflationary as we move into phase 2 of the pandemic (as defined by the IMF). 4D noted the stimulus could lead to inflation if demand exceeds supply for a sustained period. |
| More Information |
