The GLIO Index of infrastructure companies was up in January (1.8 percent) to begin 2023. Global equities increased 7.3 percent in January.

Most major infrastructure sectors were up (in U.S. dollar terms) in January with toll roads (11.9 percent), satellites (13.9 percent) and airports (14.0 percent) leading the way.

In January, gas (3.7 percent) and water (3.2 percent) utilities were up, while electric utilities declined –1.0 percent. This resulted in a slight decline of –0.1 percent for the utilities index, given the overweighted market cap of electric utilities.

Railroads (0.5 percent) and marine ports (1.3 percent) moved up in the transports sector, which gained 3.2 percent during January.

Telecommunications infrastructure moved up 7.8 percent while energy transport and storage improved 3.7 percent.

The 20-year annualized U.S. dollar return for the GLIO Index is 12.2 percent, ahead of global equities (9.3 percent) and with a full 250 basis