September, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) underperformed the benchmark in the September quarter.
Contributing to the Fund’s underperformance was poor stock selection within the airports sector. This included underweights to Japan Airport Terminal Co. and Germany’s Fraport AG Frankfurt Airport Services Worldwide; operator of Frankfurt Airport. Stock selection amongst gas and multi utilities also weighed on returns; notably ex-benchmark holdings in Hong Kong-listed ENN Energy and Danish multinational energy company Ørsted A/S. Both stocks fell sharply over the period. Performance was further impacted by an underweight to marine ports. In contrast, the Fund benefited from positive stock selection within the energy space, including overweights to US names Targa Resources, Cheniere Energy and Kinder Morgan. Partly offsetting this was our broader underweight to the sector, which climbed after Saudi Arabia and Russia announced plans to extend oil production cuts. In terms of strategic factor performance, our underweight to size detracted from returns as small caps underperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on overall performance.
Moving forward, the Fund is overweight North America, Continental Europe, the UK and Japan, and underweight Australia, Asia Pacific ex Japan and emerging markets. The Fund also maintains material underweights to airports, energy and multi utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-5-1.pdfAugust, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) underperformed the benchmark in August.
Currency hedging weighed the most on performance over the period. A material overweight to the poor-performing gas utilities sector also detracted from returns; notably our holding in Hong Kong-listed ENN Energy, which fell more than 32% amid declining revenue and sales volumes. Performance was further impacted by an underweight to the energy space, which outperformed the broader market as oil prices extended their gains. However, this positioning was more than offset by stock selection within the sector, including overweights to US names Targa Resources and Cheniere Energy. The Fund also benefited from stock selection within the transportation space. This included underweights to Spanish airport operator Aena and France’s Getlink SE, which manages and operates the infrastructure of the Channel Tunnel between France and England. Stock selection amongst electric utilities also added value; notably an overweight to US name NextEra Energy, which fell almost 8.5% for the month. In terms of strategic factor positioning, our underweight to size added further value in August as small caps outperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on overall performance.
Moving forward, the Fund is overweight Continental Europe, the US, the UK and Japan and underweight Canada, Asia ex Japan, Australia and emerging markets. The Fund also maintains material underweights to multi utilities, energy and airports. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-3-1.pdfJuly, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in the June quarter. However, the Fund did deliver negative absolute returns over the period. Contributing to the Fund’s outperformance was strong stock selection amongst US utilities, including underweights to poor-performing names like American Electric Power, Eversource Energy and Consolidated Edison. Stock selection amongst airports also added value over the period; notably material underweights to Mexico’s Grupo Aeroportuario del Pacífico S.A.B. de C.V. and Grupo Aeroportuario del Sureste S.A.B. de C.V.; both of which fell sharply amid heightened political turmoil in the country. In contrast, an underweight to the energy space detracted from overall performance; including an underweight to US name The Williams Companies. Other notable positions to impact returns were underweights to French multinational utility company Engie SA and Italian electricity and gas distributor Enel S.p.A. In terms of strategic factor performance, our underweight to size detracted from returns as small caps underperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on performance.
Moving forward, the Fund is overweight North America, Continental Europe, the UK, Japan and Australia and underweight Asia Pacific ex Japan and emerging markets. The Fund also maintains material underweights to airports, energy and multi utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-13.pdfJune, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in the June quarter. However, the Fund did deliver negative absolute returns over the period.
Contributing to the Fund’s outperformance was strong stock selection amongst US utilities, including underweights to poor-performing names like American Electric Power, Eversource Energy and Consolidated Edison. Stock selection amongst airports also added value over the period; notably material underweights to Mexico’s Grupo Aeroportuario del Pacífico S.A.B. de C.V. and Grupo Aeroportuario del Sureste S.A.B. de C.V.; both of which fell sharply amid heightened political turmoil in the country. In contrast, an underweight to the energy space detracted from overall performance; including an underweight to US name The Williams Companies. Other notable positions to impact returns were underweights to French multinational utility company Engie SA and Italian electricity and gas distributor Enel S.p.A. In terms of strategic factor performance, our underweight to size detracted from returns as small caps underperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on performance.
Moving forward, the Fund is overweight North America, Continental Europe, the UK, Japan and Australia and underweight Asia Pacific ex Japan and emerging markets. The Fund also maintains material underweights to airports, energy and multi utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-2-1.pdfMay, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) narrowly outperformed the benchmark in May. However, the Fund did deliver negative absolute returns for the month.
Strong stock selection amongst electric utilities contributed positively to performance over the period. This included underweights to poor-performing US names like American Electric Power, NextEra Energy and Duke Energy. Stock selection amongst multi utilities also added value; notably an ex-benchmark holding in Singapore-listed engineering services company Sembcorp Industries. Underweights to US names Dominion Energy and Sempra Energy were also positive. An ex-benchmark exposure to waste added further value in May, including our holdings in Waste Connections – North America’s thirdlargest waste management company – and Australia’s Cleanaway Waste Management. In terms of strategic factor positioning, our underweight to size added value in May as small caps outperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on overall performance. In contrast, an ex-benchmark exposure to communications detracted from overall performance in May; notably our holdings in US names SBA Communications, American Tower Corp. and Crown Castle. All three stocks posted sharp declines for the month. Moving forward, the Fund is overweight Continental Europe, the US and Japan and underweight the UK, Canada, Asia ex Japan, Australia and emerging markets. The Fund also maintains material underweights to multi utilities, energy and airports. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-1-1.pdfApril, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in April. An ex-benchmark exposure to the strong-performing toll roads sector contributed positively to performance over the period. This included our holding in Brazil’s CCR S.A., which climbed almost 10% for the month. The toll roads sector outperformed on the back of some strong earnings results and an encouraging outlook for traffic volumes. Stock selection amongst electric utilities also added value in April; notably underweights to Spain’s Iberdrola SA and US names NextEra Energy and Eversource Energy.
Stock selection amongst marine ports and our long-held underweight to airports added further value over the period. In contrast, an ex-benchmark exposure to communications infrastructure detracted from overall fund performance in April; notably our holding in US telecommunications company Crown Castle, which fell almost 7.0% for the month. Other notable positions to impact performance were underweights to Italy’s Enel S.p.A. and Australia’s Qube Holdings. In terms of strategic factor positioning, our underweight to size detracted from returns in April as small caps underperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on overall performance. Moving forward, the Fund is overweight Continental Europe, the US, the UK and Australia and underweight Canada, Asia ex Japan, emerging markets and Japan. The Fund also maintains material underweights to multi utilities, energy and airports. We remain underweight size due to our strategic preference for smaller companies within the index.
File:March, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in the March quarter. Contributing to the Fund’s outperformance was strong stock selection in Continental Europe, including ex-benchmark holdings in France’s VINCI SA and Spanish wireless telecommunications company Cellnex Telecom SA.
Stock selection amongst electric utilities also added value over the period; notably underweights to US names The Southern Company, American Electric Power and Duke Energy. An ex-benchmark exposure to toll roads added further value in the first quarter, including our holdings in Brazil’s CCR S.A. and Mexico’s Promotora y Operadora de Infraestructura SAB de CV. Other notable positions to add value were underweights to US names The Williams Companies and Constellation Energy Corp.; both of which fell sharply over the period.
In terms of strategic factor performance, our underweight to size added value as small caps outperformed their larger counterparts over the period. Meanwhile, momentum, value, volatility and quality had no material impact on performance. In contrast, an underweight to airports and poor stock selection amongst gas utilities detracted from overall returns; the latter including ex-benchmark holdings in Canada’s AltaGas and Australia’s APA Group. Moving forward, the Fund is overweight North America, Continental Europe and the UK and underweight Asia Pacific ex Japan, emerging markets and Japan.
The Fund also maintains material underweights to airports, energy and multi utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-12.pdfFebruary, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in February. However, the Fund did deliver negative absolute returns for the month.
Stock selection within electric utilities contributed positively to performance over the period, including underweights to poor-performing US names NextEra Energy, Duke Energy and The Southern Company. The Fund also benefited from positive stock selection amongst industrials; notably underweights to Hong Kong-listed COSCO Shipping Ports and Shenzhen International Holdings. An underweight exposure and positive stock selection within the energy space added further value over the period, including underweights to Canada’s Enbridge and the US’ Williams Companies. In terms of strategic factor positioning, our underweight to size added further value in February as small caps outperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on overall returns. In contrast, an exbenchmark exposure to the real estate sector detracted from returns. This included overweights to US names SBA Communications, Crown Castle and American Tower Corp.
Other notable positions to impact performance were underweights to Australia’s Qube Holdings and the UK’s National Grid. Moving forward, the Fund is overweight Continental Europe, the US, the UK and Australia and underweight Canada, Asia ex Japan, emerging markets and Japan. The Fund also maintains material underweights to multi utilities, energy and airports. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-11.pdfJanuary, 2023
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in January. An ex-benchmark exposure to communications drove much of the Fund’s outperformance over the period; notably our holding in Spain’s Cellnex Telecom S.A., which jumped almost 14% on reports that American Tower REIT and Brookfield Asset Management were weighing a takeover bid for the company. Our positioning amongst toll roads also added value, including ex-benchmark holdings in Mexico’s Promotora y Operadora de Infraestructura, S.A.B. de C.V. and Brazil’s CCR S.A. Other notable positions to contribute positively to performance were an ex-benchmark holding in France’s VINCI SA and an underweight to American Electric Power.
In terms of strategic factor positioning, our underweight to size added further value in January as small caps outperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on overall returns. In contrast, a material underweight to the airports space detracted from overall performance. This included underweights to Germany’s Frankfurt Airport and Mexican names Grupo Aeroportuario del Pacífico, S.A.B. de C.V. and Grupo Aeroportuario del Sureste, S.A.B. de C.V. All three stocks posted strong gains on the back of rising travel demand. Moving forward, the Fund is overweight Continental Europe, the US and the UK and underweight Canada, Asia Pacific ex Japan, emerging markets and Japan. The Fund also maintains material underweights to multi utilities, energy and airports. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-10.pdfDecember, 2022
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) underperformed the benchmark in the December quarter. However, the Fund did deliver positive absolute returns for the period. Contributing to the Fund’s underperformance was poor stock selection amongst electric utilities, including underweights to Italy’s Enel S.p.A and US names Duke Energy and American Electric Power. An underweight to airports also weighed on returns; notably underweights to Mexico’s Grupo Aeroportuario del Sureste S.A.B. de C.V. and Grupo Aeroportuario del Pacífico S.A.B. de C.V. Both stocks posted strong gains for the quarter amid pent-up demand for leisure travel. Performance was further impacted by an underweight to marine ports and an ex-benchmark exposure to the poor-performing communications space. In terms of strategic factor performance, our underweight to size detracted from returns as small caps underperformed their larger counterparts over the period. Meanwhile, momentum, value, volatility and quality had no material impact on performance. In contrast, the Fund benefited from an ex-benchmark exposure to toll roads, including an underweight to Italy’s Atlantia S.p.A. Other notable positions to add value were an ex-benchmark holding in France’s VINCI SA and an overweight to Spain’s Aena SME S.A. Moving forward, the Fund is overweight North America, Continental Europe and the UK and underweight Asia Pacific ex Japan, emerging markets and Japan. The Fund also maintains material underweights to airports, energy and multi utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-9.pdfNovember, 2022
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) narrowly underperformed the benchmark in November. However, the Fund did deliver positive absolute returns for the month. Stock selection in the US detracted from performance over the period, including overweights to Cheniere Energy and NextEra Energy. Stock selection in emerging markets also weighed on returns; notably underweights to Hong Kong-listed names Shenzhen International Holdings and COSCO Shipping Ports. Performance was further impacted by our broader underweight to the region. At the sector level, stock selection was weakest within electric, gas and multi utilities; the latter including underweights to US names Consolidated Edison and WEC Energy Group. Other notable positions to impact returns were underweights to Hong Kong-based China Merchants Port Holdings Co. and Canada’s Enbridge. In contrast, the Fund benefited from stock selection in Asia Pacific ex Japan, including holdings in Auckland International Airport and Australia’s Qube Holdings.
An underweight exposure to Japan also added value. Our underweight to size added further value in November as small caps outperformed their larger counterparts over the period. Momentum, value, volatility and quality had no material impact on overall returns. Moving forward, the Fund is overweight North America and the UK and underweight Japan, Continental Europe, Asia Pacific ex Japan and emerging markets. The Fund also maintains material underweights to airports, energy and electric utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-8.pdfOctober, 2022
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in October. Contributing to the Fund’s outperformance was strong stock selection in Continental Europe, including an underweight to Italy’s Atlantia SpA and an ex-benchmark exposure to France’s VINCI SA. Stock selection in the UK and an underweight to the poorperforming Asia Pacific ex Japan region also added value.
At the sector level, an underweight to marine ports and strong stock selection amongst airports contributed positively to performance; the latter including overweights to Mexican names Grupo Aeroportuario del Sureste, S.A.B. de C.V. and Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Both stocks posted double-digit gains for the month. Other notable positions to add value were overweights to US names Targa Resources and DT Midstream. In terms of strategic factor performance, our underweight to size added value as small caps outperformed their larger counterparts in October. Momentum, value, volatility and quality had no material impact on overall returns.
In contrast, stock selection in Japan detracted from performance in October. Ex-benchmark exposures to communications and waste also weighed on returns. Moving forward, the Fund is overweight North America and the UK and underweight Japan, Continental Europe, Asia Pacific ex Japan and emerging markets. The Fund also maintains material underweights to airports, energy and multi and electric utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-7.pdfSeptember, 2022
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in the September quarter. However, the Fund did deliver negative absolute returns for the period. Contributing to the Fund’s outperformance was strong stock selection within the electric utilities space, including overweights to US names NextEra Energy and Xcel Energy. An ex-benchmark exposure to railroads also added value; notably our holdings in East Japan Railway Co. and West Japan Railway Co. Stock selection within the energy sector added further value over the period, including overweights to US names Cheniere Energy and Targa Resources. Other notable positions to contribute positively to performance were exbenchmark holdings in Mexican airport Grupo Aeroportuario del Sureste, S.A.B. de C.V. and US waste company Waste Connections. In contrast, an ex-benchmark exposure to the communications space detracted from overall returns. In terms of strategic factor performance, our underweight to size detracted from returns as small caps underperformed their larger counterparts over the period. Meanwhile, momentum, value, volatility and quality had no material impact on performance. There were no material changes to either the Fund’s structure or manager line up during the quarter. Moving forward, the Fund is overweight North America and Asia Pacific ex Japan and underweight Continental Europe, the UK, Japan and emerging markets. The Fund also maintains material underweights to airports, energy and multi and electric utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-6.pdfAugust, 2022
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) narrowly underperformed the benchmark in August. Contributing to the Fund’s underperformance was a material underweight to the strongperforming airports space; notably underweights to Mexico’s Grupo Aeroportuario del Sureste, S.A.B. de C.V. and Japan Airport Terminal Co. An ex-benchmark exposure to communication services also weighed on returns, including our holdings in Infrastrutture Wireless Italiane S.p.A. and Spain’s Cellnex Telecom. Performance was further impacted by poor stock selection within the gas utilities sector. In contrast, the Fund benefited from an underweight exposure and positive stock selection within the marine ports sector, including underweights to Hong Kong-based names like China Merchants Port Holdings and COSCO Shipping Ports. Both stocks posted sharp declines in August.
An underweight to energy and an ex-benchmark exposure to waste also added value over the period; the latter including our holdings in US names Waste Connections and Republic Services. In terms of strategic factor performance, our underweight to size added value as small caps outperformed their larger counterparts in August. Momentum, value, volatility and quality had no material impact on overall returns. Moving forward, the Fund is overweight North America and Asia Pacific ex Japan and underweight Continental Europe, the UK, Japan and emerging markets. The Fund also maintains material underweights to airports, energy and multi and electric utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-5.pdfJuly, 2022
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in July. Contributing to the Fund’s outperformance was an underweight exposure to the airports space; though this was partly offset by poor stock selection within the sector, including an overweight to Spain’s Aena SME S.A. An underweight to seaports also added value over the period; notably an underweight to China Merchants Port Holdings Company. Other key positions to add value in July were underweights to Targa Resources (US) and Italy’s Enel S.p.A. In contrast, stock selection within the multi utilities sector detracted from overall performance, including underweights to France’s ENGIE SA and Germany’s E.ON SE. Both stocks posted strong gains for the month. Stock selection within electric utilities also weighed on returns; notably underweights to Southern Company (US) and Spain’s Iberdrola SA. Other key holdings to impact performance were underweights to US energy firm The Williams Companies and German multinational energy company RWE AG. In terms of strategic factor performance, our underweight to size detracted from returns as small caps underperformed their larger counterparts in July. Momentum, value, volatility and quality had no material impact on overall returns. Moving forward, the Fund is overweight North America and Asia Pacific ex Japan and underweight Continental Europe, the UK, Japan and emerging markets. The Fund also maintains material underweights to airports, energy and multi and electric utilities. We remain underweight size due to our strategic preference for smaller companies within the index.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-3.pdfJune, 2021
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in the June quarter.
Contributing to the Fund’s outperformance was strong selection within the multi and electric utilities sectors; the latter including underweights to Italy’s Enel S.p.A and Spanish multinational Iberdrola SA. An ex-benchmark exposure to communications infrastructure also added value, including our holdings in US names American Tower Corp. and SBA Communications. Other notable positions to add value were underweights to Japan Airport Terminal Co. and Danish multinational power company, Ørsted A/S. In terms of strategic factor performance, our underweight to size added value as small caps outperformed their larger counterparts over the period. Meanwhile, momentum, value, volatility and quality had no material impact on overall performance. In contrast, our underweight to the energy space weighed the most on returns, including Canada’s Enbridge.
There were no material changes to either the Fund’s structure or manager line up during the quarter. Moving forward, the Fund is overweight North America, Continental Europe and Asia Pacific ex Japan and underweight the UK, emerging markets and Japan. The Fund also maintains material underweights to airports, pipelines and electric and multi utilities. We remain underweight size due to our strategic preference for smaller companies within the index
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-4.pdfMay, 2021
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in May.
Contributing to the Fund’s outperformance was strong stock selection in Continental Europe; notably an underweight to Spain’s Iberdrola SA and an overweight to French airport operator, Groupe ADP. At the sector level, stock selection within the transportation space added the most value. In addition to Groupe ADP, this included an ex-benchmark holding in Mexico’s Grupo Aeroportuario del Sureste S.A.B. de C.V. An underweight exposure and positive stock selection within the electric utilities sector also added value, including an underweight to US name NextEra Energy. Our underweight to size was also positive in May as small caps outperformed their larger counterparts over the period.
Momentum, value, volatility and quality had no material impact on overall performance. In contrast, stock selection in Switzerland and Hong Kong detracted from returns; the latter including an underweight to China Resources Gas Group. Other key positions to impact returns were underweights to Denmark’s Ørsted A/S and US names Kinder Morgan and Williams Companies.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-2.pdfApril, 2021
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) outperformed the benchmark in April. Contributing to the Fund’s outperformance was strong stock selection within the industrials space; notably airport-related names. Ex-benchmark exposures to several US waste management companies were also positive. Stock selection within the energy space added further value over the period, including an overweight to Magellan Midstream Partners (US). However, this was partly offset by our broader underweight to the sector. Other notable positions to add value were an underweight to Denmark’s Ørsted A/S and ex-benchmark holdings in France’s VINCI SA and Eiffage SA. Our underweight to size was also positive as small caps outperformed their larger counterparts over the period. In contrast, an overweight to gas utilities detracted from returns, albeit modestly.
This included an overweight to France’s Rubis SCA. Other key positions to weigh on performance were an underweight to Canada’s Enbridge and an ex-benchmark exposure to Australia’s Aurizon.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD-1.pdfDecember, 2020
The Russell Investments Global Listed Infrastructure Fund (AUD hedged) underperformed the benchmark in the December quarter. However, the Fund did deliver strong absolute returns for the period.
Contributing to the Fund’s underperformance was our ex-benchmark exposure to communications infrastructure, including US names SBA Communications Corp. and American Tower Corp. Both stocks, which rank amongst our largest overweights, recorded sizable declines for the quarter. An underweight to airports also weighed on returns; notably zero exposures to Mexico’s Grupo Aeroportuario del Pacifico SAB de CV and Grupo Aeroportuario del Sureste SA de CV.
Other notable positions to impact performance were underweights to Danish multinational power company Ørsted A/S and US energy firm ONEOK, Inc. In contrast, an underweight exposure to the poor-performing multi-utilities space contributed positively to performance. In particular, the Fund benefited from underweights to US names Consolidated Edison and WEC Energy Group. Other key holdings to add value were underweights to US electric utilities American Electric Power Company and Duke Energy.
Our underweight to size added further value as small caps outperformed their larger counterparts over the period. Moving forward, the Fund is overweight North America, Japan and Continental Europe and underweight the UK, emerging markets and Asia Pacific ex Japan. The Fund also maintains material underweights to airports, pipelines and multi-utilities.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Russell_Investments_Global_Listed_Infrastructure_Fund_-_A_Hedged-Class_A-English-RetIntEq-AUD.pdfasset_class: Property and Infrastructure
asset_category: Global Listed Infrastructure
peer_benchmark: Property - Global Listed Infrastructure Index
broad_market_index: Global Infrastructure Index
manager_contact_details: Array
ticker: RIM0042AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://russellinvestments.com/au/financial-advisers/investments/by-funds/sector-funds/RGLIFHA
Fund Factsheet
fund_features:
Russell Global Listed Infrastructure $A Hedged aims to provide a total return, before costs and tax, higher than the fund’s benchmark over the long term by providing exposure to a diversified portfolio of predominantly global listed infrastructure securities, largely hedged into Australian dollars. The Fund invests predominantly in infrastructure and infrastructure related securities listed on stock exchanges in developed and emerging markets (such as countries included in the S&P Global Infrastructure Index).The Fund may also invest in unlisted securities on a limited basis. Foreign currency exposures are largely hedged back to Australian dollars.
structure: Managed Fund