In February, Partners Group Listed Investments SICAV – Listed Infrastructure continued to increase in value following a solid performance in January. Similar to last month, about 90% of the portfolio’s underlying stocks posted positive returns over the reporting period. The portfolio’s best performing company this month was APA Group. The share price of the Australian gas pipeline operator increased in value after the publication of strong financial results. Moreover, APA’s recent M&A investigations in the US are viewed rather positively in light of the ongoing regulatory scrutiny in Australia. One of the very few negative contributors in the portfolio was the Spanish tower operator Cellnex. As the company has announced to increase its capital by EUR 1.2bn in order to facilitate future acquisitions of already existing towers, the share price dropped.
Finally, the share price of the French toll road operator Vinci recorded a favorable development. The company impressed with financial results that exceeded investors’ expectations. In particular, the company benefited from the financial income from toll roads and the steadily growing airport business. Additionally, Vinci continues to preserve healthy liquidity levels, which can be deployed for future business opportunities.