The GLIO Index of infrastructure companies fell back in April 4.6 percent and the year-to-date is down 1.7 percent. Global equities took a –8.3 percent hit in April, and year-to-date are well off the pace at –12.9 percent.

Infrastructure sectors across the board declined (in U.S.-dollar terms) in April.

Railroads declined 11.3 percent, wiping out the significant gains made during the previous month. Airports (–6.5 percent), toll roads (–1.2 percent), passenger rail (–7.3 percent), and marine ports (–4.4 percent) all reversed. Collectively, the transportation group was pushed back –8.9 percent.

Regulated utilities ended down 3.4 percent for the month, with electric (–3.1 percent), gas (–3.7 percent) and water utilities (–7.0 percent) all in the red. Renewables fell 6.9 percent.

In April, the great start to 2022 for energy transportation and storage was halted (–3.5 percent). Year-to-date, the sector remains significantly higher (18.4