Publications

- March 1, 2021: Vol. 14, Number 3

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Infrastructure and COVID: Was 2020 a bad year or the worst year? A first look at the performance of unlisted equity after a year of COVID-19

by Abhishek Gupta

The following article reports on several infrastructure performance indexes. Details of the indexes are available at https://edhec.infrastructure.institute/indices/ and https://edhec.infrastructure.institute/infra300-index/. Note: All reported data is for equally weighted indices expressed in local currency total returns.

2020 was a reminder that economic shocks can impact the bottom line of many infrastructure companies, which may also lead to solvency issues in some sectors. It was also a test of the resilience of the asset class. Above all, it was a reminder that asset valuations eventually have to reflect market prices, that is, the value implied by the risks taken by investors.

The latest estimates by EDHECinfra of the fair market value of hundreds of private infrastructure investments, derived from the latest company-level data and realized transaction prices, suggest that different infrastructure industrial segments and business models performed very di

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