The GLIO Index of infrastructure companies fell in November, (–3.8 percent), chipping off some of the strong gains made in October.

Year-to-date, the GLIO Index remains up 7.1 percent. All sectors but marine ports (0.2 percent) declined (in USD terms) in November.

Airports (–8.6 percent), tollroads (–8.1 percent), railroads (–5 percent), passenger rail (–5.2 percent) all pulled the transportation group down (–5.8 percent). Renewables (–6.4 percent), energy transportation and storage (–7.6 percent), satellites (–10.3 percent) and telecom infrastructure (–3.5 percent) all lost ground. Electric (–1.9 percent), gas (–2.7 percent) and water utilities (–0.3 percent), dropped back, but to a lesser extent compared against other sectors.

Global equities finished November lower 2.2 percent.

The 15-year annualized USD return for the GLIO Index is 8.3 percent, ahead of global equities (7.9 percent) and achieving this with 300 basis points lo