In 2019, global listed infrastructure (GLI) added 28.3 percent compared to 27.5 percent for global equities. Global bonds added 6.7 percent — see, “Annualized $ total returns over short, medium and long investment horizons,” page 46. Global listed infrastructure’s 15-year annualized total return is 10.1 percent, global equities recorded 7.5 percent and global bonds 3 percent.

It should be noted that GLI recorded materially better annual total returns versus global equities at significantly lower levels of volatility (300 bps over the longer term). Betas for the majority of infrastructure companies are well below 1 (0.72 for the GLIO Index) showing a clear disconnect with the general equities markets.

Moreover, GLI tracks the performance of private infrastructure (lagged seven months). Since 2002, the GLIO Index added 0.96 percent per month on average. In comparison, private infrastructure recorded 0.92 percent per month (data is up to June 2019). Global equitie