Infrastructure Opportunities
The strategy seeks to generate attractive total returns by investing in a high conviction, concentrated portfolio of global listed infrastructure companies across the market capitalization spectrum.
WHY COHEN & STEERS
Experienced global investment team
Our investment team is one of the largest dedicated to listed infrastructure investing, with leadership that has overseen our infrastructure strategy since 2004
Unique and rigorous investment process
Blends proprietary top-down, macro-level framework with rigorous bottom-up, company-level research
Cycle-tested record
Over 20 year track record; strong historical outperformance demonstrated across various market environments
WHY INFRASTRUCTURE OPPORTUNITIES
Attractive Total Returns
Seeks to deliver strong absolute returns, pursuing the most attractive opportunities across the infrastructure universe
Full value of active management
Strategy is constructed to benefit from both structural growth compounders and tactical dislocation opportunities within listed infrastructure
Benchmark agnostic approach
Portfolio construction designed to target absolute returns
The Cohen & Steers Infrastructure Opportunities Strategy is designed to provide access to supportive long-term infrastructure fundamentals and will seek to generate attractive total returns by investing in a concentrated portfolio of global listed infrastructure companies across the market capitalization spectrum. The portfolio will invest in companies that offer exposure to both structural growth compounders and tactical dislocation opportunities on a benchmark agnostic basis.
Our global listed infrastructure team’s experience positions us to navigate market risks and identify superior investment opportunities. The team comprises 11 professionals, including 4 portfolio managers (with an average years of investment experience greater than 19 years) whose sole or primary responsibility is to the Global Listed Infrastructure Strategy.
WHY INVEST WITH US
Delivering value to our clients
Cohen & Steers has been investing in listed infrastructure since we launched our flagship Global Listed Infrastructure Strategy in 2004. Based on our commitment to global listed infrastructure and our drive for excellence, we have built a platform positioned to outperform our peers and deliver compelling returns for our clients.
Sign up to get our insights delivered to your inbox
SubscribeReady to get started with Infrastructure Opportunities?
View strategy vehicles
PORTFOLIO MANAGEMENT
An experienced team
+6 analysts and associates
PORTFOLIO SPECIALIST GROUP
Supporting our investment team and clients
We believe listed infrastructure offers attractive long-term growth potential and can mitigate the impact of inflation through favorable pricing mechanisms and predictable, often inflation-linked, cash flows. The philosophy that guides our Global Listed Infrastructure Strategy is underpinned by the following principles:
Global listed infrastructure markets are inherently inefficient
due to regulation, industry fundamental cycles, securitization of the asset class and a lack of dedicated specialist coverage, which provides opportunities for active investment managers to add value.
A strict definition of the investment universe is critically important to manage global listed infrastructure portfolios.
A disciplined investment process
that combines top-down industry/sector research with bottom-up company specific analysis can deliver a sustainable advantage because of the range of infrastructure subsectors with varying business models and economic sensitivities.
Experience and local, on-the-ground research are critical
to understanding local regulatory precedents, local languages and the prevailing political environment.
The delivery of superior risk-adjusted returns demands an embedded, comprehensive and multidimensional approach to risk management.
We seek to take advantage of the following inefficiencies in the global listed infrastructure markets:
- The discounting mechanism of public markets whereby price movements typically occur ahead of changes in fundamentals
- The variations in infrastructure subsector fundamentals that result from changing macroeconomic conditions
- The opaqueness, lack of history and limited investor experience
APPROACH
Our investment process
The strategy employs a total-return, relative-value approach, and we adhere to a strict definition of the listed infrastructure universe that focuses on core owners and operators of infrastructure assets.
Investment universe
We begin by identifying the core global infrastructure investment universe, with a strict focus on owners and operators of infrastructure assets with stable cash flows that tend to be regulated, in monopolistic or oligopolistic sectors that have high barriers to entry. Although the universe is global and well diversified on regional and sector bases, as an active manager we may choose not to invest in a particular country, subsector or company.
Fundamental research
Analysts are responsible for conducting detailed bottom-up research, developing high-conviction views on fundamentals and valuations on the companies they cover. We continually reassess management’s capabilities to add value and deliver on its goals. In addition, we integrate ESG factors into our research and valuation models.
Subsector overlay
A proprietary macroeconomic overlay ranks the attractiveness of infrastructure subsectors based on our view of key macro factors and drives subsector allocations in our portfolio unrelated to any specific infrastructure benchmark.
Security selection
After we have determined subsector positioning, outputs from security-level models provide portfolio inclusion determined by most attractive companies based on bottom-up valuation and growth estimates. Highest conviction securities garner the highest absolute weights. As valuations change, we rotate capital among individual securities. Risk management, diversification, liquidity and other factors are also key considerations.
View: Performance Vehicles
Vehicles
The strategy is available to investors through the following vehicle:
Institutional Separate Accounts
Cohen & Steers provides customized investment strategies to institutional investors, including some of the world’s largest pension funds, endowments and foundations.
Sign up to get our insights delivered to your inbox
We'd be happy to discuss your investment objectives and determine the right vehicle to implement your strategy.
Call +1 212 822 1620 or
Find your Cohen & Steers contactWe consider the information in this communication to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of suitability for investment. Investors should consult their own investment professional with respect to their individual circumstances.
Past performance does not predict future returns. Risks involved with investment, including potential loss of capital, are substantial and should be carefully considered. The views and opinions are as of the date of publication and are subject to change without notice. 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. There is no guarantee that a market forecast made above will be realized. Active management is not guaranteed to outperform the broader market index.
Important Risk Considerations: Investing involves risk, including entire loss of capital invested. There can be no assurance that the investment strategy will meet its investment objectives. Diversification is not guaranteed to ensure a profit or protect against loss. Since the strategy concentrates its assets in global infrastructure securities, the strategy will be more susceptible to adverse economic or regulatory occurrences affecting global infrastructure companies than an investment company that is not primarily invested in global infrastructure companies. 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. Investments in securities which represent small and medium-sized companies may be more susceptible to price volatility than larger companies.