Global Listed Infrastructure

Global listed infrastructure refers to publicly traded companies that own, operate or manage essential infrastructure assets that support modern economies and everyday life.

These assets typically include:

• Utilities such as electricity, gas and water networks
• Communications infrastructure such as mobile towers and data centers
• Transport infrastructure such as toll roads, airports and railways
• Energy infrastructure such as oil and natural gas storage and transportation.

Because these assets provide services that communities and businesses rely on every day, infrastructure companies can benefit from resilient demand, long asset lives and predictable revenue streams. As a result, global listed infrastructure has become an increasingly recognised asset class for investors seeking long-term growth and diversification.

Like all investments, global listed infrastructure investments involve risk.

Key risks include:

Yes. Global Listed Infrastructure is widely recognised as a distinct asset class by institutional investors, investment consultants and asset managers.

Listed infrastructure provides investors with exposure to infrastructure businesses that are listed as publicly traded securities on stock exchanges. While infrastructure investing has been established for decades, listed infrastructure has evolved into a dedicated asset class with its own risk and return characteristics.

Unlike broader equity markets, infrastructure companies are typically supported by unique characteristics, including:

• Essential service provision
• Long-life physical assets
• Inflation-linked revenue structures
• Regulated or contracted cash flows
• Long-term structural growth drivers.

These characteristics can create risk and return profiles that differ from traditional global equities, making global listed infrastructure a valuable source of portfolio diversification.

Global listed infrastructure offers exposure to businesses that provide essential services while benefiting from long-term structural growth trends.

Potential benefits include:

• Access to essential infrastructure assets
• Exposure to global infrastructure companies across multiple sectors
• Diversification from traditional equity investments
• Inflation-linked revenue characteristics in many infrastructure businesses
• Long-term demand supported by population growth, digitalisation and electrification.

Infrastructure companies may also benefit from ongoing investment in energy networks, communications infrastructure and transportation systems around the world.

Infrastructure can play several roles within a diversified portfolio. Investors may use listed infrastructure to:

• Diversify equity exposure
• Compliment traditional global equity allocations
• Gain exposure to infrastructure trends and long-term structural growth opportunities
• Access a liquid alternative to unlisted infrastructure investments.

Because infrastructure companies are often supported by long-term contracts, regulated assets or essential service demand, they may behave differently from broader equity markets over time.

Infrastructure is typically considered a long-term investment rather than a short-term tactical position.

Because infrastructure assets provide essential services across economic cycles, many investors use infrastructure as a strategic allocation within a diversified portfolio. Infrastructure exposure may be considered at various stages of the market cycle, depending on an investor's objectives, risk tolerance and investment timeframe.

Investors should seek professional financial advice when determining whether infrastructure is appropriate for their individual circumstances.

Many global equity funds have exposure to infrastructure companies, but that exposure is often relatively limited.

Broad global equity portfolios may contain only modest allocations to infrastructure assets and may be concentrated in a small number of large utility companies.

A dedicated global listed infrastructure fund provides targeted exposure to infrastructure sectors including:

• Utilities
• Mobile towers
• Data centers
• Toll roads
• Airports
• Rail networks
• Waste management companies
• Energy infrastructure.

Dedicated infrastructure managers can also access a broader investment universe and identify opportunities in specialist infrastructure companies that may receive limited attention from traditional global equity managers.

No. While infrastructure can exhibit defensive characteristics due to the essential nature of many infrastructure services, the asset class is also supported by long-term growth drivers.

Examples include:

• Digital connectivity: Growing demand for data consumption, cloud computing and mobile connectivity continues to support investment in mobile towers and data centres.
• Electrification and the energy transition: Investment in electricity transmission, distribution networks and renewable energy infrastructure is increasing as economies transition to lower-carbon energy systems.
• Urbanisation and population growth: Expanding cities and growing populations continue to drive demand for transport infrastructure, utilities and communications networks.
• Infrastructure investment programs: Governments and private operators worldwide continue to invest in upgrading and expanding essential infrastructure assets.

As a result, global listed infrastructure can provide exposure to both essential services and long-term structural growth opportunities.

Global listed infrastructure portfolios typically invest in companies that own, operate or develop essential infrastructure assets. Examples include:

• Electric, gas and water utilities
• Mobile tower operators and data centers
• Toll road operators
• Airports and railway companies
• Waste management companies
• Energy infrastructure.

These companies play a critical role in supporting economic activity and delivering services that communities rely on every day.