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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 January was Chinese port operator, China Merchants Port Holdings, up +14% as throughput numbers beat expectations and improving signs of demand recovery with the company talking up the outlook for yields. The weakest performer was Spanish conglomerate, Ferrovial, down -12.4% as restrictions imposed as a result of the second wave of COVID shut down economies and reduced movement across their infrastructure assets. 4D believe the stock has been oversold and is positioned well to capitalise on the recovery phase. 4D continue to position the portfolio for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalise on the opportunities currently on offer. |
| More Information |
