Manager Comment November 2018 – Listed Infrastructure Fund

In November, Listed Infrastructure recorded a positive performance. Following its very solid performance last month, when global equity markets fell sharply, the fund performed in line with the recovery of the broad equity market in November. One of the positive contributions to the portfolio was the North American pipeline operator Enbridge. The company’s share price responded positively to the publication of the quarterly report, which showed a 10% increase in EBITDA over the same period last year. Moreover, Enbridge made regulatory progress on two major pipeline projects. At the end of November, the share price of the Californian electric utility company Edison International was severely impacted by the California forest fires. The company operates in an area where the Woolsey fire has been reported. Consequently, investors expect significant infrastructure damage and compensation payments. A positive factor for Edison’s shareholders is that the company has a special forest fire insurance. Finally, Cellnex Telecom contributed positively to the performance of the portfolio. According to analysts, the Spanish telecommunication tower operator is well positioned to benefit from the growth of the mobile radio tower industry. The company continues to expand its presence in Europe and further strengthens its role as a leading telecommunications infrastructure operator.