In December, the Partners Group Listed Investments SICAV – Listed Infrastructure further increased in value, contributing to its second-best annual performance ever, while the global equity markets performed strongly on the back of various positive news. The US and China have reached an initial deal to resolve the trade dispute and, in the UK, Boris Johnson returned as the Prime Minister with a large majority, removing some political overhang over UK stocks, though uncertainty remains over Brexit negotiations.

CCR, the Brazilian toll road operator, has been among the strongest performer in 2019 as it is believed to be in the best position to win further concessions when the Brazilian government auctions new ones in the infrastructure sector. Furthermore, the company’s stock rallied in December as an appeals court overruled the regulator, which initially had ordered the company to cut tolls on one of its concessions.

However, the portfolio was negatively affected by Malaysia Airport. Despite solid financial results, the share declined due to the government’s announcement to merge Malaysian Aviation Commission and CAAM (Civil Aviation Authority of Malaysia), which is likely to delay the implementation of the much awaited RAB-methodology.

Finally, Edison, the US utility company, has recovered sharply in the aftermath of the recent wildfires in the state of California as environmental damages are assessed to be within expectations. In addition, the state regulator set allowed profit margins over the next period within the expected range.