Listen to Portfolio Manager Shane Hurst discuss how debate about persistent inflation, high energy prices, supply chain bottlenecks and new variations of COVID saw idiosyncratic drivers such as M&A, asset sales and energy transition concerns drive returns.
For portfolio stocks, excess return over cost of capital (over 5 years) points to both Infrastructure and Utilities being attractive. These attractively priced listed assets continue to draw unlisted capital.
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Macroeconomic factors continued to focus on the outlook for Fed policy given the current environment of higher inflation, with market expectations for a faster pace of interest rate hikes compared to previous months.Read full article