The GLIO Index of infrastructure companies advanced strongly (+7.3 percent) in March, to end the first quarter up 4 percent. Global equities ended Q1 up (+5 percent). The 10-year annualized USD return for the GLIO Index is 10.2 percent, similar to global equities but achieving this with 300 basis points lower volatility.

In first quarter, electric (+1.2 percent) and gas utilities (+2.7 percent) gained. Energy transportation (+18.5 percent) and railroads (+8.4 percent) also pushed forward strongly as the Canadian Pacific $25 billion bid for Kansas City Southern hit the news.

On the flip side, in the first quarter, water utilities (–1.5 percent) and airports (–2.2 percent) fell, plus renewables (–20.0 percent) continued their recent slide.

March was a busy month for infrastructure, with financing heavily back on the agenda under the Biden administration. As covered by this magazine last year, GLIO’s proposal for an Infrastructure Investment Trust (IIT), wh