September, 2023
The Fund has an overweight allocation to Electric Utilities, Rail/ Other transportation, Water, Seaports, Electricity Transmission, Communications and Electricity Generation sectors. It has an underweight allocation to Electricity and Gas Distribution and the Energy infrastructure, Toll roads, Airports and Diversified sectors.
In local terms, relative to the benchmark and stripping out the effect of any currency movements, the Fund produced above benchmark contributions from the Communications Infrastructure, Rail/Other transportation and Diversified Infrastructure sectors. The main below benchmark contributions came from the Energy Infrastructure sector, Electric Utilities and Electricity and Gas Distribution sectors.
The top three individual contributors to relative performance in the period were from underweight allocations to American Water works and SBA Communications Corp and an overweight allocation to American Tower corp.
The bottom three individual contributors to relative performance during the period were from underweight positions in Williams Inc and overweight to Essential Utilities and Crown Castle.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ-8.pdfAugust, 2023
The Fund has an overweight allocation to Electric Utilities, Rail/ Other transportation, Water, Seaports, Electricity Transmission, and Electricity Generation sectors. It has an underweight allocation to Communications, Electricity and Gas Distribution and the Energy infrastructure, Toll roads, Airports and Diversified sectors.
In local terms, relative to the benchmark and stripping out the effect of any currency movements, the Fund produced above benchmark contributions from the Electricity and Gas Distribution, Toll Roads, and Rail/Other transportation. The main below benchmark contributions came from the Energy Infrastructure sector, Communications and Water sectors.
The top three individual contributors to relative performance in the period were from overweight allocations to Aleatica and East Japan Railway and an underweight allocation to ENN Energy Holdings.
The bottom three individual contributors to relative performance during the period were from underweight positions in Williams Inc and Targa resources and overweight to Essential Utilities.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ-7.pdfJuly, 2023
The Fund has an overweight allocation to Electric Utilities, Rail/ Other transportation, Water, Seaports, Electricity Transmission, and Electricity Generation sectors. It has an underweight allocation to Communications, Electricity and Gas Distribution and the Energy infrastructure, Toll roads, Airports and Diversified sectors.
In local terms, relative to the benchmark and stripping out the effect of any currency movements, the Fund produced above benchmark contributions from the Communications Infrastructure, Water and Electricity and Gas distribution sectors. The main below benchmark contributions came from the Energy Infrastructure, Toll Roads and Electricity generation sectors.
The top three individual contributors to relative performance in the period were from overweight allocations to Essential Utilities and CLP Holdings and an underweight allocation to SBA Communications Corporation.
The bottom three individual contributors to relative performance during the period were from underweight positions in Williams Inc and Targa resources and overweight to SSE Plc.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ-6.pdfJune, 2023
The Fund has an overweight allocation to Electric Utilities, Rail/ Other transportation, Water, Seaports, Electricity Transmission, and Electricity Generation sectors. It has an underweight allocation to Communications, Electricity and Gas Distribution and the Energy infrastructure, Toll roads, Airports and Diversified sectors.
In local terms, relative to the benchmark and stripping out the effect of any currency movements, the Fund produced above benchmark contributions from the Airport, Toll Roads, Electricity transmission and Rail/Other transportation. The main below benchmark contributions came from the Energy sector, Electricity and Gas Distribution, Airports and Water sectors.
The top three individual contributors to relative performance in the period were from overweight allocations to, CLP Holdings and Sacyr and an underweight allocation to Consolidated Edison, The bottom three individual contributors to relative performance during the period were from underweight positions in Williams Inc and Targa resources and overweight to Severn Trent.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ-5.pdfMay, 2023
The Fund has an overweight allocation to Electric Utilities, Rail/ Other transportation, Water, Seaports, Electricity Transmission, and Electricity Generation sectors. It has an underweight allocation to Communications, Electricity and Gas Distribution and the Energy infrastructure, Toll roads, Airports and Diversified sectors.
In local terms, relative to the benchmark and stripping out the effect of any currency movements, the Fund produced above benchmark contributions from Communications Infrastructure, Electricity transmission and Rail/Other transportation. The main below benchmark contributions came from the Electricity and Gas Distribution, Airports and Water sectors.
The top three individual contributors to relative performance in the period were from overweight allocations to benchmark stock, SSE and Terna and an underweight allocation to SBA Communications Corp, The bottom three individual contributors to relative performance during the period were from underweight positions in Ferrovial, PG&E and Tokyo Gas.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ-4.pdfApril, 2023
The Fund has an overweight allocation to Electric Utilities, Rail/ Other transportation, Water, Seaports, Electricity Transmission, and Electricity Generation sectors. It has an underweight allocation to Communications Infrastructure, Electricity and Gas Distribution and the Energy infrastructure, Toll roads, Airports and Diversified sectors.
In local terms, relative to the benchmark and stripping out the effect of any currency movements, the Fund produced above benchmark contributions from Communications Infrastructure, Airports, Seaports, Electricity Transmission, Rail/Other Transportation, Water, Energy Infrastructure, Electricity Generation and Diversified Infrastructure sectors. The main below benchmark contributions came from the Electricity and Gas Distribution, and Toll Road sectors.
The top three individual contributors to relative performance in the period were from overweight allocations to benchmark stocks Cellnex Telecom and Vopak, as well as ENAV SpA.
The bottom three individual contributors to relative performance during the period were from underweight positions in benchmark stocks Ferrovial, Getlink and PG&E Corp.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ-3.pdfFebruary, 2023
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Hedged-Index-Global-Infrastructure-Securities-Fund-Performance-Report-PRRP-MHGIF-ANZ.pdfDecember, 2022
The Fund has an overweight allocation to Electric Utilities, Rail/ Other transportation and water sectors. It has an underweight allocation to communications, Electricity and Gas distribution and the Energy infrastructure sector.
In local terms, relative to the benchmark and stripping out the effect of any currency movements, the Fund produced above benchmark contributions from Electric utilities, Water and Toll Road sectors. Below benchmark contributions came from the Electricity and Gas Distribution and Electricity Transmission sectors.
The top three individual contributors to relative performance in the period were from overweight positions in SSE PLC, CLP Holdings and PPL corp. SSE PLC, an operator of electricity transmission and renewable energy production, rose slightly as the market appreciated its attractive collection of assets and reasonable valuation.
The bottom three individual contributors to relative performance during the period were from an underweight position in PG&E Corp, Hong Kong China Gas and American water works.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ-2.pdfNovember, 2022
The Fund has an overweight allocation to diversified, airports, and water sectors. It has an underweight allocation to communications, transmission & distribution, oil, gas storage & transportation, toll roads and ports.
In local terms, relative to the benchmark and stripping out the effect of any currency movements, the Fund produced above benchmark contributions from transmission and distribution, oil, gas storage & transportation, diversified, communications, water, airports, and toll road sectors. Below benchmark contributions came from the ports sector.
From a stock selection perspective, there were positive effects from oil, gas storage & transportation, transmission, and distribution, diversified, water and airports. There were negative effects from the Communications sector. There was a neutral effect from the ports and toll roads sector.
The top three individual contributors to relative performance in the period were from overweight positions in Royal Vopak NV in the oil, gas storage & transportation sector and ENAV in the Airports sector and an underweight position in PG&E in the transmission and distribution sector. Vopak, performed well after announcing Q3 2022 results that were better than expected and the company upgraded its FY 2022 guidance, which was a big surprise given the prevailing narrative in the oil market.
The bottom three individual contributors to relative performance during the period were from an underweight position in ENN Energy in the Oil and Gas Storage and Transportation sector and Consolidated Edison in the Transmission and distribution sector and an overweight position in Cellnex Telecom in the communications sector.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ-1.pdfOctober, 2022
From a stock selection perspective, there were positive effects from airports, communications, oil, gas storage & transportation and toll roads sectors There were negative effects from diversified, transmission & distribution, and water sectors. There was a neutral effect from the ports sector.
The top three individual contributors to relative performance in the period were from overweight positions in Archaea Energy and underweight positions in American Tower and ENN Energy. Archaea Energy, an industry-leading renewable natural gas company rose after it announced that it has agreed to be acquired by bp for approximately $26 per Archaea Class A and Class B share in cash, or a total enterprise value of approximately $4.1 billion, including approximately $800 million of net debt. The cash consideration represents an approximately 38 percent premium to Archaea’s volume weighted average share price for the 30 days ending October 14, 2022. The bottom three individual contributors to relative performance during the period were from and underweight position in PG&E and Williams Inc. and an overweight position in CLP Holdings. CLP, a Hong Kong utility, fell on the back of rising interest rates which make its fixed return construct relatively less attractive.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Macquarie-Global-Infrastructure-Securities-Fund-Hedged-Class-A-PRRP-MGISFHA-ANZ.pdfMarch, 2022
The Fund underperformed the index during March on a total return local basis.
At a sector level, the Fund is overweight in oil, gas storage & transportation, toll roads, diversified, rail, and airports; and is underweight in transmission & distribution, water, communications, and ports. Overall positive contributions to relative returns came from diversified, oil, gas storage & transportation, and ports; whilst water, toll roads, communications, airports, rail, and transmission & distribution detracted.
From an asset allocation perspective, positive contributions to relative returns came from transmission & distribution, toll roads, ports, and airports; whilst there were negative contributions from diversified, communications, rail, oil, gas storage & transportation, and water.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-13.pdfFebruary, 2022
The Fund outperformed the index during February on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, toll roads, diversified, rail, and airports; and is underweight in transmission & distribution, water, communications, and ports. Overall positive contributions to relative returns came from communications, oil, gas storage & transportation, transmission & distribution, water, rail, and diversified; whilst toll roads, airports, and ports detracted.
From an asset allocation perspective, positive contributions to relative returns came from communications, oil, gas storage & transportation, toll roads, water, rail, airports, and transmission & distribution; whilst there were negative contributions from diversified and ports. At a stock selection level, positive contributions came from communications, transmission & distribution, oil, gas storage & transportation, water, and diversification; whilst there was a negative effect from toll roads and airports. There was a neutral effect from ports and rail.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-12.pdfJanuary, 2022
The Fund outperformed the index during January on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, toll roads, diversified, rail, and airports; and is underweight in transmission & distribution, communications, water, and ports. Overall positive contributions to relative returns came from communications, oil, gas storage & transportation, toll roads, water, airports, rail, and diversified; whilst transmission & distribution, and ports detracted. From an asset allocation perspective, positive contributions to relative returns came from communications, oil, gas storage & transportation, water, diversified, airports, and rail; whilst there were negative contributions from toll roads, transmission & distribution, and ports.
At a stock selection level, positive contributions came from communications, toll roads, oil, gas storage & transportation, airports, water, and transmission & distribution; whilst there was a negative effect from diversified. There was a neutral effect from ports and rail. The top three individual contributors to relative performance in the period were from underweight positions in Crown Castle International and SBA Communications (where we held no positions in both) in communications; and an overweight position in Plains GP Holdings in oil, gas storage & transportation. Crown Castle International and SBA Communications were both Fund Performance International and SBA Communications were both weighed down by concerns of rising interest rates and inflation. Plains GP Holdings benefited from the increase in prices for crude oil and natural gas, in addition to the potential for tighter Permian takeaway following recent discussions on repurposing an existing crude pipe to gas.
The bottom three individual contributors to relative performance during the period were from underweight positions in Kinder Morgan (where we held no position) in communications, and Vinci in diversified; and an overweight position in Infrastrutture Wireless Italiane in communications. Kinder Morgan experienced strong performance following its investor day during which the management team highlighted its stable asset base, and commitment to capital discipline. Vinci performed well during the period and had no change to its fundamental outlook. Infrastrutture Wireless Italiane was weighed down by concerns of rising interest rates and inflation in addition to concerns the KKR deal would not proceed or have a divestment option.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-11.pdfDecember, 2021
The Fund underperformed the index during December on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, diversified, toll roads, rail, and airports; and is underweight in transmission & distribution, communications, water, and ports. Overall positive contributions to relative returns came from airports, and diversified; whilst communications, toll roads, water, rail, oil, gas storage & transportation, transmission & distribution, and ports detracted. From an asset allocation perspective, positive contributions to relative returns came from diversified; whilst there were negative contributions from oil, gas storage & transportation, communications, rail, water, toll roads, transmission & distribution, and ports. There was a neutral effect from airports. At a stock selection level, positive contributions came from oil, gas storage & transportation, and airports; whilst there were negative contributions from communications, toll roads, water, transmission & distribution, and diversified. There was a neutral effect from ports and rail.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-10.pdfNovember, 2021
The Fund underperformed the index during November on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, diversified, toll roads, rail, and airports; and is underweight in transmission & distribution, communications, water, and ports. Overall positive contributions to relative returns came from diversified, communications, toll roads, and ports; whilst water, oil, gas storage & transportation, rail, transmission & distribution, and airports detracted.
From an asset allocation perspective, positive contributions to relative returns came from toll roads, communications, ports, and airports; whilst transmission & distribution, oil, gas storage & transportation, water, diversified, and rail detracted. At a stock selection level, positive contributions came from diversified, transmission & distribution, oil, gas storage & transportation, and communications; whilst there were negative contributions from airports, toll roads, and water. There was a neutral effect from ports and rail.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-9.pdfOctober, 2021
The Fund underperformed the index during October on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, diversified, toll roads, rail, and airports; and is underweight in transmission & distribution, communications, water, and ports. Overall positive contributions to relative returns came from oil, gas storage & transportation, toll roads, and ports; whilst communications, diversified, rail, transmission & distribution, water, and airports detracted. From an asset allocation perspective, positive contributions to relative returns came from ports, water, diversified, and oil, gas storage & transportation; whilst rail, toll roads, transmission & distribution, airports, and communications detracted.
Our outlook for North American oil, gas storage & transportation remains positive as a cyclical recovery with strong commodity prices favours cash flow growth and deleverage. Commodity prices continue to recover, driven by robust demand and limited supply growth. In the long term, low-cost North American production will continue to drive export growth as overall demand recovers. The outlook for transportation remains focused on global vaccination rates as an important signpost for traffic recovery. Although government restrictions remain, we are seeing much more political support for cross-border travel than at prior points in the pandemic and increasing 'market opening' for international travel. Domestic travel recovery is much more advanced, with toll road traffic continuing to benefit from a marginal shift away from public transport. We will continue to be selective in our positioning, favouring highly discounted valuations based on conservative forecasts and robust financial structures.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-8.pdfSeptember, 2021
The Fund outperformed the index during September on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, diversified, toll roads, airports, and rail; and is underweight in transmission & distribution, communications, water, and ports.
Overall positive contributions to relative returns came from communications, oil, gas storage & transportation, airports, water, and transmission & distribution; whilst toll roads, diversified, ports, and rail detracted. From an asset allocation perspective, positive contributions to relative returns came from communications, oil, gas storage & transportation, airports, water, transmission & distribution, toll roads, rail and diversified; whilst ports, and rail detracted. At a stock selection level, positive contributions came from communications, oil, gas storage & transportation, airports, and water; whilst there were negative contributions from toll roads, diversified, and transmission & distribution. There was a neutral effect from ports and rail.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_h-1-1.pdfAugust, 2021
The Fund underperformed the index during August on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, diversified, toll roads, airports, and rail; and is underweight in transmission & distribution, communications, water, and ports. Overall positive contributions to relative returns came from toll roads, water, and rail; whilst diversified, oil, gas storage & transportation, communications, transmission & distribution, ports, and airports detracted. From an asset allocation perspective, positive contributions to relative returns came from rail and toll roads; whilst oil, gas storage & transportation, transmission & distribution, communications, water, ports, diversified, and airports detracted. At a stock selection level, positive contributions came from toll roads, water, transmission & distribution, and rail; whilst there were negative contributions from diversified, oil, gas storage & transportation, communications, and airports. There was a neutral effect from ports.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_h-1.pdfJuly, 2021
The Fund underperformed the index during July on a total return local basis.At a sector level, the Fund is overweight in oil, gas storage & transportation, diversified, toll roads, rail, and airports; and is underweight in communications, transmission & distribution, water, and ports.
Overall positive contributions to relative returns came from diversified, transmission & distribution, and ports; whilst water, oil, gas storage & transportation, airports, communications, toll roads, and rail detracted. From an asset allocation perspective, positive contributions to relative returns came from airports and ports; whilst water, rail, oil, gas storage & transportation, communications, diversified, toll roads, and transmission & distribution detracted. At a stock selection level, positive contributions came from diversified, and transmission & distribution; whilst there were negative contributions from airports, oil, gas storage & transportation, water, toll roads, and communications. There was a neutral effect from ports and rail.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-7.pdfMay, 2021
The Fund outperformed the index during May on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, diversified, toll roads, airports, and rail; and is underweight in transmission & distribution, communications, water, and ports.
Overall positive contributions to relative returns came from oil, gas storage & transportation, transmission & distribution, toll roads, water, airports, diversified, rail, ports, and communications. From an asset allocation perspective, positive contributions to relative returns came from transmission & distribution, oil, gas storage & transportation, diversified, rail, ports, water, and communications; whilst toll roads and airports detracted. At a stock selection level, positive contributions came from oil, gas storage & transportation, transmission & distribution, toll roads, airports, water, and communications; whilst there was a negative contribution from diversified. There were neutral effects from rail and ports.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-6.pdfApril, 2021
The Fund outperformed the index during April on a total return local basis.
At a sector level, the Fund is overweight in oil, gas storage & transportation, diversified, toll roads, airports, and rail; and is underweight in transmission & distribution, communications, water, and ports.
Overall positive contributions to relative returns came from oil, gas storage & transportation, transmission & distribution, airports, diversified, and toll roads; whilst negative relative contributions came from communications, water, rail, and ports. From an asset allocation perspective, positive contributions to relative returns came from transmission & distribution, diversified, and toll roads; whilst communications, rail, airports, oil, gas storage & transportation, water, and ports detracted. At a stock selection level, positive contributions came from oil, gas storage & transportation, airports, transmission & distribution, diversified, and toll roads; whilst there were negative contributions from communications and water. There were neutral effects from ports and rail.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-5.pdfMarch, 2021
The Fund underperformed the index during March on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, airports, toll roads, diversified, and rail; and is underweight in transmission & distribution, communications, water, and ports. Overall positive contributions to relative returns came from diversified, oil, gas storage & transportation, and ports; whilst negative relative contributions came from communications, airports, transmission & distribution, rail, toll roads, and water. From an asset allocation perspective, positive contributions to relative returns came from oil, gas storage & transportation, water, and ports; whilst rail, airports, toll roads, transmission & distribution, diversified, and communications detracted. At a stock selection level, positive contributions came from diversified, oil, gas storage, & transportation, and toll roads; whilst there were negative contributions from communications, transmission & distribution, airports, and water. There was a neutral effect from ports and rail.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-4.pdfFebruary, 2021
The Fund outperformed the index during February on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, airports, diversified and rail; and is underweight in transmission & distribution, communications, water, and ports. Overall positive contributions to relative returns came from airports, transmission & distribution, water, rail, toll roads, and communications; whilst negative relative contributions came from diversified, oil, gas storage & transportation, and ports. From an asset allocation perspective, positive contributions to relative returns came from transmission & distribution, water, rail, airports, oil, gas storage & transportation, communications, diversified, and toll roads; whilst ports detracted. At a stock selection level, positive contributions came from airports, toll roads, water, and transmission & distribution; whilst there were negative contributions from diversified, oil, gas storage & transportation, and communications. There was a neutral effect from rail and ports. The top three individual contributors to relative performance in the period were from overweight positions in Gibson Energy Inc in oil, gas storage & transportation, Eiffage in toll roads, and Flughafen Zurich in airports. Gibson Energy Inc recovered following the quarterly release and management's commentary on growth opportunities in 2021. Fund Performance commentary on growth opportunities in 2021. Eiffage has seen strong performance following a positive second half 2020 in contracting. A positive working capital profile is also likely to support the company's valuation. For Flughafen Zurich, the company is well-positioned for reopening post pandemic due to its strong balance sheet, good traffic mix and catchment area. The bottom three individual contributors to relative performance during the period were from an overweight position in RAI Way in communications, an underweight position in Vinci in diversified, and an overweight position in CenterPoint Energy Inc in diversified. RAI Way was weaker on the back of the rise in bond rates as it has been perceived as a bond proxy. Vinci released strong full-year 2020 results including: a strong working capital position due to prepayments by public authorities in December, robust contracting margins in the second half of 2020, a higher than consensus dividend and better than expected autoroute traffic. CenterPoint Energy Inc has been impacted by inflation fears, the increase in bond rates, and the recent cold weather in Texas. The potential impact of inflation is still uncertain, as is the likely level of government intervention and/or legislative support.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-1.pdfJanuary, 2021
The Fund underperformed the index during January on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, airports, diversified, toll roads, and rail; and is underweight in transmission & distribution, communications, water, and ports. Overall positive contributions to relative returns came from transmission & distribution, rail, and oil, gas storage & transportation; whilst negative relative contributions came from communications, airports, diversified, water, ports, and toll roads. From an asset allocation perspective, positive contributions to relative returns came from oil, gas storage & transportation, transmission & distribution, and rail; whilst airports, diversified, toll roads, water, ports, and communications detracted. At a stock selection level, positive contributions came from airports, toll roads, transmission & distribution, diversified and water; whilst there were negative contributions from communications, and oil, gas storage & transportation. There was a neutral effect from ports and rail. The top three individual contributors to relative performance in the period were from overweight positions in The Williams Companies and Plains GP.
Holdings in oil, gas storage & transportation, and an underweight position in PG&E Corp in transmission & distribution. The Williams Companies continues to perform well as its environmental, social, and governance profile and related communications were viewed positively by the market. Plains GP Holdings performed well on expectations of higher Permian Basin volumes. PG&E Corp came under pressure in January as wildfires continued beyond the usual December end to the season. Otherwise, the company received its wildfire safety certificate from the regulator; however, there were numerous areas of concern raised which will remain a focus in subsequent proceedings. The bottom three individual contributors to relative performance during the period were from overweight positions in RAI Way in communications, Aeroports de Paris in airports, and Gibson Energy in oil, gas storage & transportation. RAI Way was down in January on limited newsflow. Aeroports de Paris was impacted by rising pandemic cases across the European Union which drove airport share prices weaker. Gibson Energy Inc was impacted by poor expectations for marketing cash flows.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-3.pdfDecember, 2020
The Fund outperformed the index during December on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, airports, diversified, toll roads, and rail; and is underweight in communications, transmission & distribution, water, and ports.
Overall positive contributions to relative returns came from toll roads, communications, transmission & distribution, and airports; whilst oil, gas storage & transportation, water, diversified, ports, and rail detracted. From an asset allocation perspective, positive contributions to relative returns came from communications, airports, oil, gas storage & transportation, and toll roads; whilst water, transmission & distribution, diversified, and rail detracted. At a stock selection level, positive contributions came from toll roads, transmission & distribution, and communications; whilst there were negative contributions from oil, gas storage & transportation, diversified, water, and airports. There was a neutral effect from ports and rail. The top three individual contributors to relative performance in the period were from overweight positions in Zhejiang Expressway in toll roads and Plains GP Holdings in oil, gas storage & Fund Performance Plains GP Holdings in oil, gas storage & transportation; and an underweight position in Crown Castle International Corp in communications.
Zhejiang Expressway's traffic continued to recover strongly while the company also acquired two roads in the Zhejiang province at reasonable prices. Plains GP Holdings benefitted from increased inflation expectations, which assists future revenue streams for companies in the sector, together with strong midstream seasonality. Crown Castle International Corp continued its consolidating price action in December, as investors rotated out of US towers on the back of reduced expectations for US leasing growth in 2021.
The bottom three individual contributors to relative performance during the period were from an overweight position in CenterPoint Energy in diversified; and underweight positions in ONEOK and ENN Energy Holdings in oil, gas storage & transportation. CenterPoint Energy held its analyst day during the period and disappointed the market's expectations it might exit its midstream investment, Enable Midstream Partners LP. Instead the company stated it would provide another update, suggesting it might not progress a full sale. ONEOK has recently outperformed its peers, supported by positive earnings and the potential for ethane recovery in 2021. ENN Energy Holdings performed well due to higher than expected retail gas sales volumes.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a-2.pdfNovember, 2020
The Fund outperformed the index during November on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, airports, diversified, toll roads, and rail; and is underweight in communications, transmission & distribution, water, and ports.
Overall positive contributions to relative returns came from airports, communications, transmission & distribution, toll roads, water, and rail; whilst oil, gas storage, & transportation, diversified, and ports detracted. From an asset allocation perspective, positive contributions to relative returns came from airports, diversified, transmission & distribution, communications, oil, gas storage & transportation, water, rail, and toll roads; whilst ports detracted. At a stock selection level, positive contributions came from toll roads, airports, and communications; whilst there were negative contributions from diversified, oil, gas storage & transportation, transmission & distribution, and water. There was a neutral effect from ports and rail.
The top three individual contributors to relative performance in the period were from overweight positions in Flughafen Zurich in airports, Plains GP Holdings in oil, gas storage & transportation, and Grupo Aeroportuario del Sureste in airports. Flughafen Zurich saw strong performance after it positive, as we believe that low-cost US production will continue to drive export growth as overall demand recovers in the long term.
We also held an overweight position to the transportation sector. We do not believe the share price movements caused by the COVID-19 pandemic in the sector are fully reflecting changes in fundamental profit expectations and we remain reliant on our long-term time horizon to search for dislocations in value.
We also retained a considerable underweight position in the communications sector. Although we are positive on the tailwinds for the sector, valuations have become even more stretched on the back of the flight to safety due to COVID-19 concerns.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/ffs-wgish_a.pdfOctober, 2020
The Fund underperformed the index during November on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, airports, diversified, rail, and toll roads; and is underweight in communications, transmission & distribution, water, and ports. Overall positive contributions to relative returns came from diversified, communications, airports, and ports; whilst oil, gas storage & transportation, toll roads, water, and transmission & distribution detracted. From an asset allocation perspective, positive contributions to relative returns came from communications, oil, gas storage & transportation, and ports; whilst transmission & distribution, water, airports, diversified, rail, and toll roads detracted. At a stock selection level, positive contributions came from diversified, airports, and transmission & distribution; whilst there were negative contributions from oil, gas storage & transportation, toll roads, water, and communications. There was a neutral effect from rails and ports.
The top three individual contributors to relative performance in the period were from an overweight position in CenterPoint Energy in diversified, an underweight position in Crown Castle International Fund Performance underweight position in Crown Castle International Corp in communications, and an overweight position in Plains GP Holdings in oil, gas storage & transportation. CenterPoint Energy saw strong performance on more optimistic expectations from the business review being undertaken, particularly in relation to its investment in Enable Midstream Partners. Crown Castle International Corp was lower on the back of a weak set of results that translated into reduced guidance for leasing growth for 2021. Plains GP Holdings benefitted from constructive fundamentals in the Permian Basin and a stronger balance sheet. The company also announced strong third quarter results and raised full-year guidance, announcing a US$500 million buyback. The bottom three individual contributors to relative performance during the period were from an overweight position in Gibson Energy Inc in oil, gas storage & transportation, and underweight positions (the Fund had no holdings) in ONEOK Inc in oil, gas storage & transportation, and Cellnex Telecom in communications. For Gibson Energy Inc, tighter West Canadian Select differentials have negatively impacted the performance of the marketing segment. ONEOK Inc delivered strong third quarter results, with natural gas liquid volumes exceeding pre-pandemic levels. Cellnex Telecom performed well as it announced a new acquisition and there was also speculation regarding acquiring the large was also speculation regarding acquiring the large tower portfolio from CK Hutchinson Group Telecom.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/new-.pdfAugust, 2020
Fund Review
The Fund outperformed the index during August on a total return local basis. At a sector level, the Fund is overweight in oil, gas storage & transportation, airports, diversified, and rail; and is underweight in communications, transmission & distribution, water, ports, and toll roads. Overall positive contributions to relative returns came from airports, oil, gas storage & transportation, transmission & distribution, rail, communications, and water; whilst toll roads, diversified, and ports detracted. From an asset allocation perspective, positive contributions to relative returns came from airports, diversified, transmission & distribution, rail, water, communications, oil, gas storage & transportation, and toll roads; whilst ports detracted. At a stock selection level, positive contributions came from oil, gas storage & transportation, airports, and communications; whilst there were negative contributions from diversified, toll roads, water, and transmission & distribution. There was a neutral effect from rail and ports. The top three individual contributors to relative performance in the period were from overweight positions in Flughafen Zurich in airports, and positions in Flughafen Zurich in airports, and Gibson Energy Inc and The Williams Companies in oil, gas storage & transportation. Flughafen Zurich reported much better than expected financial results, demonstrating resilience in certain nonaviation revenues and strong cost reductions. Gibson Energy Inc has seen management continue to execute on the growth plan, taking advantage of the positive cash flows. The Williams Companies performed well as strong performance from natural gas has reduced counterparty risk for the gathering and processing segment. The bottom three individual contributors to relative performance during the period were from overweight positions in Pinnacle West Capital Corp in diversified, and Plains GP Holdings and NiSource in oil, gas storage & transportations. Pinnacle West Capital Corp was impacted by risks of a negative outcome from its pending rate case. Plains GP Holdings was impacted by continued concerns on takeaway overcapacity in the Permian Basin which impacted share price performance. NiSource Inc was impacted by market worries on the equity required to execute management's strategic plan.
Portfolio Positioning
We maintained a sizeable overweight allocation to the North American oil, gas storage & transportation segment. Our outlook for the energy segment remains positive, as we believe that low-cost US production will continue to drive export growth as overall demand recovers. We also hold an overweight allocation to the transportation segment. We do not believe the recent share price movements in the segment are fully reflecting changes in fundamental profit expectations and we remain confident on our longterm time horizon to search for dislocations in value. We retained an underweight allocation to the utilities segment due to relatively unattractive valuations. However, the recent market correction has resulted in increased volatility within the segment. As the segment is relatively insulated from the economic cycle this has created opportunities, allowing us to selectively add companies when value emerges. We also retained an underweight position to the communications segment. Although we are positive on the theme of digitalisation, connectivity and data usage for the segment, valuations have become even more stretched on the back of the flight to safety due to COVID-19 concerns.
ticker: AMP1595AU
commentary_block: Array
factsheet_url:
https://www.macquarieim.com/resources/fund-performance-reports#listedInfrastructure
release_schedule: Monthly
fund_features:
AMP Capital Global Infrastructure Securities Fund focuses on infrastructure businesses delivering an attractive combination of stable yields and ongoing growth in mature OECD markets.
- Targeting a gross IRR of 12–15%, including a cash yield of 4–6%.
- The fund invests in assets across Europe, North America and other OECD countries, regions with a strong flow of opportunities and mature legal, tax and accounting frameworks.
- The transport, energy, utilities and communications infrastructure sectors offer the largest number of opportunities and the best relative value in the current market.
manager_contact_details: Array
asset_class:
asset_category:
peer_benchmark:
broad_market_index:
structure: Managed Fund