Publications

- November 1, 2020: Vol. 13, Number 10

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The infrastructure benchmark report: Back in positive territory thanks to a strong cash yield. Roads are back in the black but airports struggle on. Contracted infrastructure continues to be a safe bet.

by Abhishek Gupta

The third quarter 2020 release of the EDHECinfra indices shows a rebound in performance. The unlisted infrastructure asset class is back to positive returns at the aggregate level, but only thanks to the strong cash yield of infrastructure companies.

The infra300 index* is up 1.84 percent on the quarter, after two negative quarters since the start of the year. On a year-on-year basis, the index is down 7.8 percent, including a 15.7 percent drop in capital return and 7.9 percent income return (cash yield). This index measures the average mark-to-market performance of 300 unlisted infrastructure equity investments that make a representative sample by sector, corporate structure and business model of the investible universe in 22 countries.

At the sector level, performance is mixed. A value-weighted index of unlisted equity investments in the transport sector (TICCS®-IC60) registers total returns very close to zero on the quarter, thanks to positive returns in the road s

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