In December, the Partners Group Listed Investments SICAV – Listed Infrastructure outperformed the global equity markets, but still posted a negative performance. Overall, in 2018, the Fund underpinned the portfolio’s stabilizing properties, particularly in the second half of the year, and showed lower volatility. The continued volatility in December was mainly affected by the current trade disputes between China and the US.
In addition, concerns about a possible global slowdown and the Fed’s more hawkish stance contributed to the decline in valuation multiples. Nevertheless, the globally diversified portfolio and the lower GDP sensitivity of infrastructure investments was able to contribute to a more stable performance. Malaysia Airports, for example, made a positive contribution. In December, the share price rose by around 8%, mainly as a result of positive news about the solid growth in passenger numbers this month and plans to put into operation ten new airlines at various airports in Malaysia next year.