In September, the Partners Group Listed Investments SICAV – Listed Infrastructure continued to increase in value while global equity markets recovered sharply after the fall in the previous month. Equity markets were impacted by two opposing events. Firstly, the largest oil producer in the world, Saudi Aramco, reported an attack at one of its main refineries reducing global oil supplies by roughly 5%. Consequently, the spike in oil prices had a generally negative impact on equity markets despite boosting the performance of pipeline companies. Secondly, the US Fed cut rates again this year, which led to the positive development of global equities.

During the reporting period, Asian airports performed well, as H1 results were ahead of expectations. While passenger growth was the main performance contributor for Malaysia Airports, Beijing Capital International Airport increased in value on the back of solid earnings from retail operations as well as growth in international passenger.

After a modest start to the year, Eutelsat contributed positively to the Fund’s performance this month. The French satellite operator announced the initial construction of a nanosatellite constellation dedicated to internet-of-things. If proven successful, other satellites are planned to be added to the constellation to reach a total of 25 satellites operational by 2022. This enhanced network coverage will allow Eutelsat to expand into new business areas.

Finally, the Spanish mobile tower operator Cellnex remained a strong performer this month, now roughly +80% YTD. Besides ranking among the main interested buyers of a potential minority stake in Orange’s tower business, the CFO stated that the company has enough funding to carry out another large acquisition in the near future.