In June, the broad equity market recorded an increased volatility and closed with a negative performance. In contrast, Partners Group Listed Investments SICAV – Listed Infrastructure was able to keep its value steady and reach a positive performance for Q2 2018. The main reason for the volatility was the escalating trade tensions between the US and China. One of the strongest performers during the reporting period was Enbridge. The shares of the Canadian pipeline operator rose following an announcement by the regulator from Minnesota that it had approved the Line 3 project. This is a replacement project, which will increase the capacity of the existing 1,660 km pipeline between Hardisty (Canada) and Superior (USA). On the other hand, stocks from airports operators performed negatively, after the sector had developed positively YTD thanks to rising passenger numbers. The asset manager used the attractive valuation of the sector and began building up a new position in Beijing Capital Airport. Finally, APA Group performed positively during the reporting period. The Australian pipeline operator received an acquisition bid from CKI Group. The Hong Kong domiciled group is offering a premium of over 30% on the share price of 12 June. The company will carry out its due diligence on APA on a non-exclusive basis, and then finalize whether to make the bid.