At June 30, 2026. Source: Cohen & Steers.
Past performance is no guarantee of future results. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. The information presented above does not represent the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance listed above.
(1) EV/EBITDA is the ratio of enterprise value to earnings before interest, taxes, depreciation, and amortization using current fiscal year estimates. Spread refers to the relative difference of EV/EBITDA multiples between infrastructure and global equities. Infrastructure represented by the UBS Global 50/50 Infrastructure & Utilities index until 3/31/15 and the FTSE Global Core Infrastructure 50/50 Index thereafter. Global Equities represented by the MSCI World Index. (2) Average represents historical average based on monthly data starting December 31, 2010, ending as of the most recent month end data available. (3) Uncertainty is measured by volatility. Listed infrastructure represented by Linked UBS Global 50/50 Net/FTSE Global 50/50 Net. Global equities is represented by the MSCI World Index Net. Bonds are represented by ICE BofA 7-10YR US Treasury Index. VIX measured by the CBOE Volatility Index. Inflation beta measures an asset’s historical sensitivity of real returns to unexpected inflation, defined as the difference between realized annual inflation and survey-based inflation expectations from 12 months prior. For example, an inflation beta of 3 indicates real returns 3% above-average for each 1% surprise in inflation; and 6% above-average for each 2% surprise in inflation. Specifically, inflation beta is estimated via a regression of 1-year real returns on the difference between realized inflation and lagged expectations, as well as the lagged expectation level. Inflation is measured using the Consumer Price Index (CPI) for all urban consumers (U.S. Bureau of Labor Statistics). Expected inflation is the median forecast from the University of Michigan Survey of 1-Year Ahead Inflation Expectations. This material represents an assessment of the market environment at a specific point in time and should not be relied upon as investment advice, does not constitute a recommendation to buy or sell a security or other investment and is not intended to predict or depict performance of any investment. This material is not being provided in a fiduciary capacity and is not intended to recommend any investment policy or investment strategy or take into account the specific objectives or circumstances of any investor. We consider the information in this presentation to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of appropriateness for investment. Please consult with your investment, tax or legal professional regarding your individual circumstances prior to investing. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment.
Risks of Investing in global infrastructure securities. Infrastructure issuers may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, operational or other mishaps, tariffs, and changes in tax laws, regulatory policies, and accounting standards. Foreign securities involve special risks, including currency fluctuation and lower liquidity. Some global securities may represent small and medium-sized companies, which may be more susceptible to price volatility than larger companies. No representation or warranty is made as to the efficacy of any particular strategy or fund or to the actual returns that may be achieved. No representation or warranty is made as to the efficacy of any particular strategy or fund or the actual returns that may be achieved.
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