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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.
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.
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.
Mergers and acquisitions activity within the global listed infrastructure asset class has been strong in 2025 and looks set to continue.
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.
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.
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.
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.
