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 largely in the same vein as in previous months, with the markets focused on supply chain disruptions and the sustained high level of inflation, including high energy prices.Read full article