A monthly review and outlook of the Global Listed Infrastructure sector.

Market review - as at March 2017

Global listed infrastructure continued its strong start to 2017, helped by well-received earnings numbers and positive investor sentiment.  

The best performing sector was Satellites, which continued its recovery as investors took the view that some satellite stocks had reached oversold levels. We remain cautious of the structural headwinds facing this sector over the medium term. 

The worst performing sector was Railroads which paused for breath in March, having rallied in recent months on hopes of a continued economic revival and a business friendly regulatory environment. 

The best performing region was Europe ex-UK. Volume-sensitive airports and toll roads were supported by traffic growth, positive economic indicators, higher inflation and improved growth forecasts from the European Central Bank for 2017 and 2018. 

The worst performing region was North America. Pipeline and railroad stocks lagged after proposed amendments to US health care legislation failed to pass through Congress. This raised concerns that other policy initiatives on the Trump administration’s agenda such as corporate tax cuts and revival of the energy sector may also face headwinds.



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