Global listed infrastructure companies, on average, were down 0.80 percent in August, but their long-term annualized total return is 11.8 percent. In comparison, global equities recorded 0.91 percent, according to the FTSE Global Equity Index, and 1.28 percent, according to the MSCI World Index, while global bonds were up 0.19 percent during the month.

UTILITIES

Global utilities were down 0.70 percent in August, on average. Several of the U.S.-based electric/multi-utilities large-caps made advances during the month, including Duke Energy Corp. (0.70 basis points), NextEra Energy (2.2 percent) and Exelon Corp. (3.7 percent). In Europe, National Grid (–0.40 percent), Iberdrola (–3.4 percent), Engie (–8.6 percent) and Enel (–10.7 percent) lost ground.

Gas utilities, meanwhile, slipped 0.80 percent in August. Atmos Energy Corp. and Hong Kong & China Gas Co. both added 0.90 percent. Tokyo Gas Co. (–3.3 percent) fell for the second month in a row. Australia’s largest pipeline company, APA Group, was up 4 percent following positive fiscal-year results in August.

In the United Kingdom, water companies advanced during August, with Pennon Group (2.3 percent), Severn Trent (3.4 percent) and United Utilities Group (3.1 percent) all reversing July losses. Across the Atlantic, the story was mixed among the larger companies, with American Water Works Co. down 0.30 percent and Aqua America up 1.2 percent.

OIL AND GAS DISTRIBUTION

On average, global energy midstream companies fell 2.4 percent in August. Firstly, notable gains were made by Cheniere Energy (5.4 percent) and Targa Resources Corp. (7.8 percent). But large caps Enbridge (–2.3 percent), ONEOK (–5.3 percent), Pembina Pipeline Corp. (–4.5 percent), The Williams Cos. (–0.50 percent) and TransCanada (–5 percent) each declined.

TRANSPORT

Global transport companies on average also declined in August, albeit slightly (0.30 percent).

Freight rail companies were on average up 1.9 percent. CSX Corp. (5.2 percent), Canadian Pacific Railway (6.4 percent), Norfolk Southern (3.3 percent) and Union Pacific Corp. (1 percent) all moved forward. But Australia’s largest freight operator, Aurizon Holdings, fell 7.2 percent. All passenger rail companies declined an average of 3.4 percent in August.

Airports were up slightly (0.10 percent) in August. Auckland International Airport (7 percent) and Sydney Airport Corp. (2 percent) gained, but the largest advances were made in Mexico by ASUR (8.1 percent), GAP (12.5 percent) and OMA (11.5 percent).

Fraser Hughes is CEO of the Global Listed Infrastructure Organization.