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Over the reporting period, the broad equity market recorded an increased volatility. This development had a significant impact on the performance of Listed Infrastructure, which from the asset managers’ point of view, cannot be attributed to the fundamental development of the portfolio companies for various reasons. Especially the long-term regulated cash flows of the underlying companies as well as inflation protection measures such as inflation-linked earnings should counteract the NAV-development of the previous months. During the reporting month, various portfolio companies published positive annual results. For example, the French
toll road operator, Vinci, has increased its revenues over the last year and is expecting a solid business-development for 2018. Despite the company’s negative performance in February, its share price managed to recover after the announcement of its positive business development. Furthermore, Italian distributors also contributed negatively to the month’s performance, as investors showed concerns regarding the uncertain outcome of the parliamentary elections on the 4th March. On the other hand, the French satellite operator, Eutelsat influenced the fund in a positive manner. The company published favorable half-year results with an improved operating profit margin, due to good progress in cost control and cash flow generations.

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