Infrastructure
Intro to Infrastructure
The global shift towards net-zero emissions will require substantial investment in renewable energy, as well as electricity transmission and distribution. At the same time, ongoing economic growth is expected to boost road and aviation traffic, with the expectation of increasing revenues and earnings for toll roads and airports. Our infrastructure investment team share their perspectives on these evolving themes and explain why they remain confident that the strategy will achieve its objectives of delivering attractive risk-adjusted returns over the long term and protecting capital in adverse markets.
Investor Letter
Our annual investor letters provides commentary on the macro environment and global infrastructure markets over the previous year, and discusses the portfolio performance and positioning over the period.
READ LETTER
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Infrastructure Update
The Infrastructure investment team share insights on what drove the sector over the past year and the opportunities they are monitoring for the year ahead.
“Two toll roads we invest in within the European market are Vinci and Ferrovial. The reason we like both businesses is that they are consistent with all the reason we like about toll roads - monopoly type assets”.
- Ben McVicar, CFA, Portfolio Manager
(Complete quiz for 0.50 hours)
Responsible Investing
Investing in Infrastructure
Head of ESG, Amy Krizanovic and Portfolio Manager, David Costello, CFA discuss the impact of extreme weather events and the energy transition in relation to responsible investing in global listed infrastructure. They share insights and take us through examples of companies exposed to physical risks, their implementation of mitigation strategies and the materiality of the impact on cash flows.
“When we think about the impact of physical risks, we are guided by an assessment of the materiality of the impact to cash flows. That's our North Star here”.
David Costello, CFA, Portfolio Manager
(Complete quiz for 0.25 hours)
Stock Story: National Grid
The rising demand for electricity, along with governments’ ambitions to decarbonise their economies, has created significant opportunities for capital investment in energy infrastructure. Additionally, advancements in artificial intelligence and advanced computing have further driven growth in electricity demand. National Grid, one of the world’s largest publicly listed utilities, stands to benefit greatly from these trends.
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Fund Updates
Our fund updates provide commentary on the macro environment and global infrastructure markets over the previous year and discusses the portfolio performance and positioning over the period.
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Magellan Infrastructure Fund Magellan 'In The Know' is our monthly investment podcast, you can access on Apple or spotify.
In our recent episode below Magellan Infrastructure Portfolio Managers, Gerald Stack, Ben McVicar and Ofer Karliner discuss what they look for in attractive assets and their experiences over a combined 60 years of investing.