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After the positive performance of 2017, the infrastructure sector recorded a negative development in the first month of 2018, which also influenced Listed Infrastructure in a negative manner. In January, the US tax reform resulted in a poor performance for regulated utilities, although most other sectors benefited from it. Furthermore, the British stock market developed unfavorably due to disappointed investor expectations about the progression of the Brexit negotiations. Nevertheless, the portfolios fundamental figures remain unaltered. Besides that, satellite operators also performed negatively due to a technical error that caused two new satellites to be launched to an unplanned position in space. On the other hand, European airports have started the year on a positive note, led by Flughafen Zurich, which already
experienced a performance uplift last year. A few brokers upgraded the sector with the expectation that the airport operators will generate rising earnings due to ongoing passenger growth and disciplined cost control. In addition, Flughafen Zürich has a solid balance sheet as well as relatively large planned investments combined with strong growth. Finally, the Brazilian water and waste management company, Sabesp was another positive contributor during the reporting period. The regulators announced a clear timeline for the completion of the tariff revision.

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