Global Infrastructure Securities Strategy
Global Infrastructure Securities Strategy

Global Infrastructure Securities Strategy

 
 
 
Summary

The Global Infrastructure Securities Strategy seeks attractive long-term, risk-adjusted returns by investing in the equity securities of publicly traded infrastructure companies worldwide. The investment team utilizes proprietary research to drive a value-oriented, fundamental investment process that combines bottom-up and top-down analyses.

 
 
Investment Approach
Philosophy

The Global Listed Real Assets team believes that the performance of infrastructure securities is most highly correlated with the underlying value of their assets. In aiming to achieve core infrastructure exposure in a cost-effective manner, the team utilizes proprietary research to invest in the equity securities of publicly listed infrastructure companies that it views as offering the best value relative to their underlying assets and growth prospects.

 
Differentiators
Beyond Asset Focus

The team is biased towards those companies that can maintain a stable cash flow profile over time through high barriers to entry.

Secular vs. Cyclical Bias

We look for investment opportunities that work well in both weak and strong economic environments. More cyclical assets like ports or rails tend to have a higher “burden of proof,” or require greater discounts to intrinsic value. Look for mispriced assets that work with “zero growth.”

Approach

Focus on total return with less emphasis on income/dividend yield. Long-term investment approach has resulted in low portfolio turnover and helps limit trading costs.

 
 
 
Investment Process

The Global Infrastructure Securities Strategy is actively managed, utilizing internal proprietary research to implement a value-oriented, fundamental investment process that combines bottom-up and top-down research.

Bottom-Up Analysis

  • Information gathering: Through a review of public information and meetings with company management, the team evaluates each company’s historical operating results, accounting practices, and business goals and strategies. In order to better understand a company’s portfolio, the team may visit selected company-owned  and comparable assets.
  • Security evaluation and selection: Using proprietary valuation models, the investment team seeks to assemble a portfolio comprised of individual securities that it believes provide the best value relative to the companies’ underlying assets and growth prospects. The team maintains a disciplined focus on net asset value (NAV) or intrinsic value analysis as the primary valuation metric for evaluating companies within the investable universe. Results from this proprietary modeling are triangulated versus private infrastructure valuations and/or acquisition multiples to the extent available. The team believes that understanding private infrastructure value is vital, as publicly listed infrastructure  assets represent only a small portion of the overall universe.

Top-Down Analysis

  • Evaluation of cyclical factors: The team examines cyclical factors affecting infrastructure markets in order to determine which countries and sectors are most attractive on a relative basis. The supply and demand drivers of each physical infrastructure market within each country are analyzed to determine the potential risk/return characteristics of the companies’ underlying assets. The team also examines sector-specific factors and transaction activity.
  • Global allocation by sector and country: The output of the team’s top-down research is an asset-allocation framework that provides a suggested optimal exposure to each major economic infrastructure sector and country, with an overweighting to sectors and countries that the team believes offer the best relative value.
 
 
Portfolio Managers
Head of Global Listed Real Assets Investing
31 years industry experience
Managing Director
18 years industry experience
 
 
 
 

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