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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 September was Mexican Tower operator Telesites (+20.5%). 4D noted communication infrastructure remains in favour, providing strong resilience of earnings in a very uncertain economic climate. The weakest performer was US midstream operator Targa Resources (-17.5%). 4D's view is that the sector is oversold on the weaker commodity pricing, increased talk of Energy Transition calling in question asset lives, and increased election volatility. They added that, despite share price weakness, the earnings of these assets are proving to be relatively resilient and are offering very attractive value at these levels. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they look to capitalise on the raft of opportunities currently on offer. |
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