Showing 1 to 19 of 19 results.
Japan’s volatility reflects Bank of Japan’s (BOJ) policy normalisation, not fiscal stress. Fundamentals remain solid, with strong external assets, contained deficits, and continued fiscal discipline. Market moves are being driven by technical flows as Japan exits yield suppression.
Last quarter I visited infrastructure companies in Tokyo, Osaka and Nagoya. The trip included visits to ten corporate head offices and three site tours. This paper seeks to share some of the key findings from my meetings with Japanese passenger rail and utility companies.
The war involving Iran has raised concerns that Asia will be among the hardest‑hit regions, due to its dependence on imported energy. Consumers are already feeling the impact through higher fuel and electricity prices. Looking ahead, however, the economic fallout will vary sharply across countries, reflecting differences in energy security, policy tools, and underlying economic strength.
2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.
Market volatility intensified in March as the escalation of the Iran conflict and disruptions to Middle Eastern oil supply reignited inflation concerns. The sharp selloff in rates eclipsed the growth slowdown narrative that had dominated the early part of 2026.
There were a number of structural trends leading up to the Covid pandemic that were all very well understood. And the pandemic has given rise to some newer emerging trends. And what is central to the majority of these trends is the rapid advancement and continued adoption of technology which is driving societal change.
The cascading impacts of climate change and society’s overexploitation of the land and sea is giving rise to unprecedented devastation of nature and biodiversity. In the last 50 years, there has been a devastating 69% drop in wildlife populations[1]. The unfolding crisis is risking the very foundations of our economy, society and life itself, impacting humankind’s food security and access to clean water and air.
For over twenty years, the global listed infrastructure asset class (GLI) has consistently generated dividend yields in the 3%-4% range. As valuation multiples have declined in the past few years, dividend yields have expanded into the upper half of this range.
Mergers and acquisitions activity within the global listed infrastructure asset class has been strong in 2025 and looks set to continue.
Head of Asian Fixed Income, Nigel Foo provides an outlook into 2025 for the strategy.
Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.
Recently I attended the largest US utility conference, the 2024 Edison Electric Institute (EEI) Financial Conference, in Hollywood, Florida. I met with management teams from 26 regulated electric and gas utility companies.
The global political economy is rapidly evolving. The rules, norms and institutions that govern interactions between nation states are being upended, and the nature of capitalism is changing again. Having evolved in the past from laissez‑faire to Keynesianism to free market neoliberalism, it is now turning to nationalism with more state intervention.
Rebecca Sherlock, Portfolio Manager Global Listed Infrastructure, sat down for a fireside chat with Brian Savoy, Chief Financial Officer of Duke Energy, one of the largest regulated utilities in the United States.
AI and data centres are reshaping electricity demand, creating both powerful growth opportunities and complex challenges for utilities. In this video interview, Rebecca Sherlock, Portfolio Manager Global Listed Infrastructure, speaks with Brian Van Abel, CFO of Xcel Energy, on how they are responding to this shift.
2024 was a year marked by global inflation and economic growth concerns against a backdrop of worldwide elections. As we head into 2025, volatility will remain an enduring constant.
After decades of flat electricity demand for US utilities, the industry is now seeing unprecedented demand as growth in data centers / AI, electrification, onshoring and electric vehicles outweighs energy efficiency gains. One utility executive stated: “Seeing all these customers wanting 24/7 load and willing to pay for it – it is every utility’s dream”.
Over the last decade the electricity sector has been at the forefront of decarbonisation, ahead of transport, industry and agriculture.
The energy crisis in Europe has boosted global demand for LNG. Global listed infrastructure companies pioneered the US LNG industry, investing US$50 billion since 2010. The energy crisis is providing an opportunity for LNG to secure its role as a transition fuel. With reliability and security of supply increasingly front of mind, US LNG exporters stand to gain market share, underpinning a further US$50 billion of investment over the next decade. An increased need for natural gas infrastructure will also benefit the broader North American midstream sector.
