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

Key highlights - as at November 2016


  • A challenging month for Listed Infrastructure as political change and a sharp rise in bond yields dampened returns. These two key risks for the sector are now better reflected in valuations, providing an attractive entry point for long-term investors.
  • In USD terms, the First State Listed Infrastructure Fund (the “Fund”) was relatively well positioned and outperformed by 220 basis points, falling -2.0% compared to a benchmark return of -4.2%.
  • US freight rail and energy pipelines increased on the prospect of a more supportive legislative / regulatory environment and corporate tax cuts. Rising bond yields weighed on mobile towers and utilities. A weaker yen drove Japanese infrastructure stocks higher while the UK and Latin America underperformed.



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