In October, the Listed Infrastructure Fund increased in value and thus was able to outperform the broader equity market in a negative environment. Brazilian equities, which benefited from the presidential election on 28 October, showed the strongest performance this month. Investors believe that the new president, Bolsonaro, can strengthen the Brazilian economy by reducing debt and deficit as well as pursuing a market and business-friendly policy. For instance, the share value of CCR, a Brazilian toll road operator, rose by 30% over the reporting period. The share received an additional boost from the publication of the quarterly report, which, among others, displayed an increase in EBITDA of 5% compared to the previous year. However, Eutelsat had a negative impact on this month’s portfolio performance. At the end of October, the French
satellite operator announced a decrease in its annual revenue forecast due to the loss of a government contract. Investors reacted abruptly to this news, leading to a sharp fall in the share price. In October, the portfolio overall developed positively due to attractive valuations for infrastructure operators. For example, American Tower, a US-operator of 150,000 telecommunications towers, forecasted a positive EBITDA
development for the coming year. Analysts received the news positively, which was reflected in the share price accordingly.

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