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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 the portfolio in June was Indonesian toll road operator, Jasa Marga, up +24.4% as it rebounded from an oversold position as traffic starts to recover and the government pledges continued support for the growth of the sector. The weakest performer in June was German airport group, Fraport, down -13.2% as flights remain grounded, COVID-19 continues to spread and expectations of a return to normal travel environments get pushed out further. 4D believe the weak environment has been completely priced into the current share price. 4D noted infrastructure investment delivers a significant economic multiplier when capital is efficiently allocated. Their view is that the prospect of increased need for investment, together with stretched government balance sheets, will inevitably lead to a longer-term trend of increased privatisations and more investment opportunities in infrastructure for the private sector. |
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