In June, the Partners Group Listed Investments SICAV – Listed Infrastructure increased in value and performed in line with global equity markets after the outperformance last month. Global markets recovered after the US Fed and the ECB resorted to a more dovish tone on rates and a possible resumption of the trade talk between the US and China at G20. The primary beneficiaries of easing trade concerns were the Asia-Pacific markets, which rose strongly this month, led by Australia. Among sectors, Airports were the best performing, while more defensive sectors also performed well. Top performer within the portfolio was Malaysia Airport. The Malaysian Airport operator rose in value after the regulator improved clarity on regulated return, which removed some overhang on the stock. Nevertheless, the final decision regarding the regulated return will only be taken in October and should be implemented in January next year. Australian equities in the portfolio had also a positive impact during the month. The Australian equity market performed strongly, benefiting from lower trade concerns between the US and China. Especially APA and Transurban performed well in June. The former, a gas pipeline operator, was upgraded by a few brokers citing its long term
revenue visibility and strong cash flow generation, while the latter, a toll road operator, has benefited particularly from a traffic ramp-up on its New South Wales roads. Earlier this year, Transurban had acquired the Westconnex project in Sydney, which is a series of three new motorways running through the most important residential and commercial districts in and around the city.  Finally, the US utility company Edison performed well as the company provided its 2019 guidance, which was materially higher than analyst estimates. Towards the end of the month, the company’s performance was complemented by progress on Californian wildfire legislation. The governor of California has proposed helping utilities create a fund of up to USD 21 bn to compensate future victims of wildfires sparked by the companies’ equipment