The GLIO Index of infrastructure companies fell 1.7 percent in January, starting the year on negative ground. Energy transportation (5.0 percent), marine ports (2.2 percent) and water utilities (90 basis points) all rose in January.

On the flip side, several sectors pulled down performance, including transportation (–4.8 percent), airports (–7.9 percent), tollroads (–7.0 percent) and railroads (–4.5 percent) — all finishing in the red. After a tremendous run in 2020, renewables cooled off in January (–5.2 percent). For their part, global equities opened the first month of 2021 down (–1.0 percent).

The 10-year annualized USD return for the GLIO Index is 10 percent, the same as global equities but achieving this with 300 basis points lower volatility. The graph on page 45 shows 10-year holding periods for listed (blue) and unlisted (red) infrastructure and global equities (green). Listed and unlisted infrastructure perform in a similar fashion and outperfor