The summary table outlines the headline GLIO Index performance (–5.8 percent) for 2022 versus 2021 (14.9 percent). By comparison, global equities ended 2022 well behind (–17.7 percent), and global bonds dropped –16.2 percent. The 15-year annualized U.S. dollar return for the GLIO Index is 7 percent, ahead of global equities (6 percent) and with a full 340 basis points lower volatility.

Long-term GLIO Index performance is remarkably similar to a mid-point of the main private infrastructure benchmarks.

The chart on page 41 displays GLIO Index (blue line) performance versus a high/low range (red area) of private infrastructure using the Cambridge, EDHECinfra 300, and Preqin benchmarks. The red line is the mid-point of the private infrastructure range.

The GLIO Index looks very similar to the private infrastructure mid-point. This backs up and is consistent with our regular messaging.

Perhaps surprising is the extent of the private infrastructure perfor