The GLIO Index of infrastructure companies climbed (8.2 percent) in November, its fourth largest one-month rally since 1999, as the U.S. election was decided and COVID vaccines hit the headlines.

Transportation recovered strongly (15.3 percent), driven by sizeable gains in toll roads (22.8 percent) and airports (26.3 percent) as investors welcomed the prospect of travel recovery. Railroads also posted a large advance (12.5 percent). Energy transportation and storage pushed forward (16.2 percent).

Looking to long-term performance, the graph on page 45 “Unlisted and listed infrastructure versus global equities” shows the 10-year holding period total returns for unlisted (red line) and listed (blue line) infrastructure versus global equities. While global equities have caught up in recent years (with approximately 300 basis points higher volatility), it is clear from the figure that the long-term 10-year performance of unlisted and listed infrastructure is closely lin