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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 for May was US midstream operator Targa Resources, up +38% rebounding from a very oversold position following the March double shock of commodity price declines and COVID-19. The weakest performer was Mexican tower operator Telesites, down -9.9%. 4D noted Telesites held up remarkably well during the March sell-off and expect the May correction was attributable to both rebalancing and an increase in Mexican sovereign risk as the government interferes in the energy sector. 4D continue to maintain a relatively high cash position awaiting core economic data and stabilisation of the contagion as they look to capitalise on the opportunities currently on offer. |
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