Fund Objective

The Fund aims to achieve a total investment return consistent with income and long term capital growth.

View on Past Performance

Global listed infrastructure was not immune from global equity market volatility in October. Japan was the strongest performing region as the appreciation of the Yen and falling energy prices reduced the input costs of Japanese utilities.At a stock level, Tokyo Electric Power and Osaka Gas outperformed on currency appreciation and declining input prices. The fund's performance was adversely impacted by holdings in airport operators BBA Aviation, Flughafen Wien and Macquarie Airports as passenger traffic and airline capacity continues to fall. We sold our position in Enel as we reduced our quality score and valuation.

Future Expectations

Earnings forecasts for global listed infrastructure continued to hold up well in a rapidly slowing economy. Despite capital markets being effectively closed for the last quarter, we continue to see selective corporate activity around deeply discounted but highly valuable infrastructure companies. The defensive nature of the global listed infrastructure sector places the asset class in a strong position to weather a weak global economy.

Fund Details