In April, Listed Infrastructure increased in value at a lower volatility than the broader equity market. The majority of sectors contributed favorably to the Funds` performance in particular the operators of toll roads, transmission grids and satellites. The strongest performer in the reporting period was the French satellite operator Eutelsat. The company realized its stake in Hispasar for over EUR 300 million and ordered more satellite capacity to enhance its broadband and in-flight capabilities. Furthermore, Eutelsat`s share price has been positively impacted by the better than expected quarterly
results of its competitor SES. Besides that, the Italian gas distributor, Italgas, performed positively for the second month in a row and is expected to publish favorable quarterly results in May. Additionally, the CEO stated that the firm continues with its consolidation strategy. Another positive performer was the Italian toll road operator, Atlantia, following the announcement that its main concession was extended by another four years and inflation-indexed.