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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 November was German airport group, Fraport, up +52% on the back of the vaccine news and hopes that planes will be back in the sky soon. Airports had been oversold during the worst of the COVID pandemic and 4D maintained core positions which contributed strongly to the November out-performance. The weakest performer during the month was UK utility, National Grid, down -5.9% due in part to regulatory overhang and Brexit concerns, as well as utilities in general being relatively weaker as investors looked for recovery stocks. 4D continue to position for the prevailing economic outlook and infrastructure as a means of recovery as they continue to capitalise on the raft of opportunities currently on offer. |
| More Information |
