The Multi-Manager Global Listed Infrastructure Fund finished the quarter slightly behind the benchmark at 8.36%. Exposure to railroads and construction companies represented a drag on returns during the quarter. From a regional perspective, stock selection in Continental Europe was the primary cause of the underperformance. The portfolio performed well within North America and Asia.
Between the two sub-advisers, Brookfield was the primary contributor to results. Their significant overweight to oil & gas transmission helped performance. However, the Lazard portfolio was underexposed to the strongest areas of the market during the period. Despite positive stock selection, Lazards positions in railroads, cable & satellite, and construction companies detracted from results.
If you're a long-term investor looking to diversify your investments by pursuing the income and growth potential of globally listed infrastructure securities, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.
- Invest at least 80% of net assets in securities of infrastructure companies listed on a domestic or foreign exchange, normally investing at least 40% (and up to 100%) in infrastructure companies tied to foreign countries, including emerging and frontier markets.
- Select complementary managers from a broad universe of investment managers.
- Blend managers into a single fund in an effort to provide an attractive combination of risk/return.