The Global Listed Infrastructure Equity strategy applies fundamental research to identify essential infrastructure assets with attractive valuations worldwide. It seeks total return through capital appreciation and income from companies operating critical physical networks.
Global infrastructure
Portfolio companies own/operate physical assets – energy and water utilities, toll roads, airports, and other infrastructure
Research-driven process
Fundamental analysis and forecast of long-term cash flows identify investments with attractive valuations
Specialized team
Team based in the US, Australia and Europe provides a broad set of localized insights into potential investment opportunities
Global listed infrastructure (GLI) companies own and operate physical infrastructure assets providing services that are essential for daily life and the growth of economies – energy and water utilities, toll roads, airports, and energy and communication infrastructure, for example.
Bottom-up analysis helps identify companies with a specific set of characteristics that are distinct from other asset classes and aims to deliver attractive risk-adjusted returns over time.
Focus on “pure” infrastructure companies aims to create long-term value from a well-diversified portfolio built from long-term cash flow forecasts.
Continuous review and analysis of GLI opportunities helps the team define the investment universe.
In-depth research is conducted by research teams in the US, Australia, and Europe before an infrastructure asset enters a portfolio.
The portfolio is diversified across countries, infrastructure sectors, and regulatory regimes.
Integrity of the investment case for all stocks under coverage is evaluated daily as new information arrives.
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Risk Disclosures
Investing involves risk, including the possible loss of principal.
Investments in small and/or mid-cap companies may be more volatile than those of larger companies.
International investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Investing in emerging markets involves greater risk than investing in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments, information about issuers may be less available or of a lesser quality, and securities markets may be smaller, less liquid, and subject to greater price volatility.
Investments in derivatives may involve additional expenses and are subject to significant loss if they perform differently than anticipated. Derivatives are also subject to the risk that the counterparty may fail to perform its obligations.
Diversification may not protect against market risk.
Companies in the infrastructure industry may be subject to a variety of factors that could adversely affect their business or operations, including high interest costs in connection with capital construction programs, high degrees of leverage, costs associated with governmental, environmental and other regulations, the level of government spending on infrastructure projects, and other factors.
Market risk is the risk that all or a majority of the securities in a certain market — like the stock market or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.
Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect performance.
Industry and sector risk is the risk that the value of securities in a particular industry or sector (such as the infrastructure industry) will decline because of changing expectations for the performance of that industry or sector.
Investing with a focus on companies that exhibit a commitment to sustainable practices may result in the Fund investing in certain types of companies, industries or sectors that the market may not favor. The securities of such companies may underperform the stock market as a whole and, the criteria used to select companies for investment may result in the Fund investing in securities that underperform securities of companies that do not exhibit such a commitment to sustainability.
Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them. To the extent that a portfolio holds fixed income securities in smaller “odd lot” sizes, such positions may be less liquid and harder to sell. Odd lots may trade at lower prices than institutional round lot sizes, which may affect a portfolio’s ability to accurately value its investments.
Fluctuations in exchange rates between currencies may cause the value of an investment to decline. Some currencies may have low liquidity which may prevent the Strategy from effecting positions at favorable rates, thus subjecting the Strategy to substantial losses.
Equity securities are subject to price fluctuation and possible loss of principal.
Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and
political uncertainties.
New project risk: Where an infrastructure issuer invests in new infrastructure projects, it is likely to retain some residual risk that the project will not be completed within budget, within the agreed time frame and to the agreed specification.
Operation risk: Should an infrastructure issuer fail to maintain and operate the assets efficiently, the ability to maintain payments of dividends or interest to shareholders may be impaired. Failure by the infrastructure issuer to carry adequate insurance or to operate the asset appropriately could lead to significant losses and damages.
Preferred stocks may be subject to interest rate risk and call risk and may be less liquid than many other securities.
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s investments cannot be readily sold within seven calendar days at approximately the price at which the fund or strategy has valued them.