The following article reports on several infrastructure performance indexes. Details of the indexes, including how they are constructed and used are available at https://edhec.infrastructure.institute/indices/ and https://edhec.infrastructure.institute/infra300-index/. Note: All reported data is for equally weighted indices expressed in local current total returns.

After a year that tested the resilience of infrastructure investments and their sensitivity to lower dividends in the transport sector because of COVID-19 lockdowns and a higher equity risk premium across all sectors, first quarter 2021 is a reminder of the role of interest rate risk in long-term investments that have “bond-like” characteristics.

As a point of reference, Treasuries had the worst quarter in many years (–4,3 percent total return) and the yield on 10-year U.S. Treasuries, which started the year at 0.93 percent, stood at approximately 1.7 percent at the end of March. Corporate bonds follow