The infrastructure sector generally encompasses investments in the underlying networks and services that are essential for the proper functioning of global economies. Historically this has included transportation, energy & utilities, communications and social infrastructure businesses. While the nature of the businesses may differ greatly, there are several common factors which link the businesses and qualify them as infrastructure.
As an asset class, infrastructure is traditional divided between economic and social types of investments.
Economic Infrastructure | Social Infrastructure | ||
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Transport | Energy & Utilities | Communications | Social |
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MOTORWAY | ESCALATION |
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CityLink | Escalated quarterly by the greater of quarterly CPI or 1.011065% per quarter for the first 16 years (until 31 December 2016), then quarterly by CPI. This is subject to a cap of annual CPI plus 25%, which cannot be exceeded. |
M2 | Escalated quarterly by the greater of quarterly CPI or 1%. |
LCT | Escalated quarterly by quarterly CPI. The toll cannot be lowered as a result of deflation, however, until inflation counteracts the deflation the toll cannot be increased. |
ED | Escalated quarterly by quarterly by the greater of a weighted sum of quarterly AWE and quarterly CPI or 1%. |
M7 | Escalated or de-escalated quarterly by quarterly CPI. |
M5 | Escalated quarterly by quarterly Sydney CPI. The toll cannot be lowered as a result of deflation, however, until inflation counteracts the deflation the toll cannot be increased. |
CCT | Escalated quarterly by: the greater of quarterly CPI or 0.9853% (equivalent to 4% per annum) to June 2012; the greater of quarterly CPI or 0.7417% (equivalent to 3% per annum) to June 2018; quarterly CPI to concession end. |
Logan Motorway | Tolls escalate annually at Brisbane CPI. The toll cannot be lowered as a result of deflation. |
Gateway Motorway | Tolls escalate annually at Brisbane CPI. The toll cannot be lowered as a result of deflation. |
Clem7 | Tolls escalate annually at Brisbane CPI. The toll cannot be lowered as a result of deflation. |
Go Between Bridge | Tolls escalate annually at Brisbane CPI. The toll cannot be lowered as a result of deflation. |
Legacy Way | Tolls escalate annually at Brisbane CPI. The toll cannot be lowered as a result of deflation. |
AirportlinkM7 | Tolls escalate annually at Brisbane CPI. The toll cannot be lowered as a result of deflation. |
495 Express Lanes | Dynamic, uncapped. |
95 Express Lanes | Dynamic, uncapped. |
US Equities |
Non-US Equities |
Global Bonds |
REITs |
Commodities |
Hedge Funds |
Inflation-Linked Bonds |
Private Equity |
Global Infrastructure |
Canadian Equities |
Cash |
US Equities | Non-US Equities | Global Bonds | REITs | Commodities | Hedge Funds | Inflation-Linked Bonds | Private Equity | Global Infrastructure | Canadian Equities | Cash |
1.00 | ||||||||||
0.87 | 1.00 | |||||||||
0.10 | 0.33 | 1.00 | ||||||||
0.62 | 0.62 | 0.29 | 1.00 | |||||||
0.31 | 0.43 | 0.22 | 0.17 | 1.00 | ||||||
0.67 | 0.76 | 0.26 | 0.48 | 0.51 | 1.00 | |||||
0.00 | 0.12 | 0.69 | 0.23 | 0.23 | 0.23 | 1.00 | ||||
0.85 | 0.89 | 0.23 | 0.73 | 0.40 | 0.74 | 0.12 | 1.00 | |||
0.66 | 0.80 | 0.43 | 0.60 | 0.41 | 0.69 | 0.28 | 0.70 | 1.00 | ||
0.80 | 0.82 | 0.25 | 0.53 | 0.58 | 0.79 | 0.17 | 0.79 | 0.67 | 1.00 | |
-0.16 | -0.10 | 0.05 | -0.07 | 0.00 | -0.01 | 0.04 | -0.18 | 0.05 | -0.07 | 1.00 |
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