The following report reviews highlights of some of the events and trends affecting global listed infrastructure companies in recent months. The Global Listed Infrastructure Organisation (GLIO) Coverage of core infrastructure companies displays a rolling one-year performance (June to June) at 18.7 percent, with the telecom infrastructure (41 percent), water utilities (25.3 percent) and electric utilities (22.9 percent) sectors leading the way for the same period. Long-term USD annualized total return (15 years) for global listed infrastructure is 11.2 percent, versus 7.6 percent for global equities. Listed infrastructure achieves this with approximately 300 basis points lower volatility compared against equities. The chart below, Infrastructure Quarterly Total Return vs. Global Equities, displays quarterly returns. In general, during equity “up-markets,” listed infrastructure captures 92 percent upside. In “down-markets,” listed infrastructure only weakens 46 percent — a cl