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In July, Partners Group Listed Investments SICAV – Listed Infrastructure increased in value. Positive earnings announcements were the main performance driver during the reporting period. Further, Brazilian, Chinese and UK infrastructure operators were also able to recover from their lows in the past month. On a sectoral basis, waste management, as well as railway operators, performed well. For instance, Canadian National Railway has been a positive performer. The Canadian railway operator published favorable earnings development in July. Its semi-annual revenues were above estimates and cargo volume increased
year-on-year. The company also raised guidance for earnings for the financial year 2018. The strongest performer this month has been John Laing Infrastructure, a diversified infrastructure investment vehicle
with focus on social infrastructure assets. The company’s share price rose, driven by news about a buyout offer from an asset manager. This offer represents roughly a 20% premium to John Laing’s closing price before the announcement. Another positive contributor to the Fund’s performance was the Chinese airport operator Beijing Capital International. Passenger growth remained positive during the past months and the company announced that it could take up operational duties at the second airport, without having to make any financial commitment for the project. Finally, Cellnex provided positive results for the first half-year. The European tower operator reported an acceleration in revenues and EBITDA growth, representing an increase of +14.7% respectively +21.7% for the first quarter year-on-year. For the full year, the company confirms the positive outlook.

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