EDHECinfra is an infrastructure investment index provider. find out more.

The most benchmarks for infrastructure investors.


Combining the detail and quality of individual company analysis with the power and robustness of modern financial theory to create a deep understanding of the drivers of risk and return in the unlisted infrastructure asset class.



research

Latest research from the EDHECinfra team

Our team of researchers and analysts continues to explore the questions that matter to the infrastructure investment sector.

Find out more about our research

Access papers
Circle

Performance Attribution

Benchmarking peer groups and understanding the role of asset selection vs allocation.
Rhombus

Infrastructure Fundamentals

Understand why and how can infrastructure companies keep paying high dividends.

Q3 2020 Unlisted Infrastructure Index Release

This quarter 1-year 3-year 5-year 10-year Inception
Total Returns 1.84 -7.75 5.75 7.20 13.69 14.32
Excess Returns 1.85 -7.95 5.20 6.64 12.76 11.71
Volatility - - 10.58 9.95 12.50 11.85
Sharpe Ratio - - 0.49 0.67 1.02 0.99
Value-at-Risk - - 17.70 17.67 20.57 18.03

Q3 2020 Index Release Comment

Q3 2020 Index Release – 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.

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 which tracks a representative global sample of unlisted infrastructure equity investments worth approximately USD190bn, is up 1.84% 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%, including a -15.7% drop in capital return and 7.9% income return (cash yield).

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 sector (2.38%) which have seen their revenue forecasts improve compared to Q2 and no increase in market risk premia. Airports continue to struggle with returns of -2.3% on the quarter, driven by higher risk premia and lower expected revenue. On a year-on-year basis, transport is down -16.66%, roads have total returns of -12.74%, and the airports report -19.01% total returns calculated in local currency.

Regulated utilities (TICCS®-IC80) also keep suffering with the corresponding EDHECinfra index showing -1.9% in Q3 2020 and -15.2% year-on-year. In contrast, contracted infrastructure (TICCS®-BR10) shows small but positive returns in Q3 and is down only -5.7% year-on-year due to an increase in risk premia but helped by lower interest rates and stable cash flows.

On a risk adjusted basis, the performance of contracted and regulated assets continues to be more appealing than merchant infrastructure (TICCS®-BR20) which has seen its Sharpe ratio halved since the start of the Covid-19 crisis.

Following the recent drawdowns in several sectors, the value-at-risk of the infra300 has been trending from 15% to more than 18% since Covid-19 started, but remains below the typical thresholds used in the Solvency frameworks.

Private Infrastructure debt indices are also published today. Thanks to lower spreads on infrastructure corporate debt at approx. 120bp down from 180bp two quarters ago, and flat project finance debt spreads (approx. 160bps), the broad market private infrastructure debt index continues to show stable albeit compressing returns, with 1.4% total return on the quarter and slightly more than 4% return year-on-year.

Download the index factsheet: USD returns | Local currency returns  

To access 20 years of index data, analytics and constituent-level data register on indices.edhecinfra.com

Join us for a webinar on the impact of Covid-19 on unlisted infrastructure investment volatility on June 23rd at 10am GMT. Registrations here.

The infra300 is the new EDHECinfra flagship equity index and is available free of charge on the platform and through Bloomberg. Please note that from 2020-03-31 the EDHECinfra Broadmarket Indices (equity and debt) are only available to index data licence holders. For more information please contact sales@edhecinfra.com.

Image

Research for Institutional Money Management

Six months of research in review, including peer group benchmarks and approaching ESG for infrastructure scientifically & TICCS® 2020.

Peer group Benchmarks

Who of large asset owners and large asset managers performs better than the market since 2010? Who has the best alpha? 

The characteristics of infra

An in-depth analysis of the cash flows and ratios of infrastructure firms  matched with comparable firms from other sectors. Is infrastructure different?

Towards Scientific ESG

Reporting standards follow a development pattern and ESG ones are only at the beginning in the infrastructure sector: can we have robust ESG criteria tomorrow? 

Get Started

It's free and super quick to sign up on the EDHECinfra platform. All registered users get free access to the infra300tm series of flagship indices going back 20 years.

Register for freeAccess the index data platform today

In the News

Announcements

INdex DoCumentation

2020 Updated Edition

Want a demo or trial?

The EDHECinfra platform gives access to dozens of analytics for hundreds of unlisted equity and private indices.

Granular Data

Several hundreds index families are available using multiple reporting currencies and weighing schemes.  

Rich Analytics

Each index family includes dozens of analytics describing the risk profile, valuation and structure of each index

quarterly Updates

All 400+ index families available in the EDHECinfra platform are updated quarterly on the 10th day of the quarter.

Do NOT follow this link or you will be banned from the site!

DISCLAIMER

  • The information contained on the EDHECinfra website (the “information”) has been prepared by EDHECinfra solely for informational purposes, is not a recommendation to participate in any particular investment strategy and should not be considered as an investment advice or an offer to sell or buy certain securities.

    All information provided by EDHECinfra is impersonal and not tailored to the needs of any person, entity or group of persons. The information shall not be used for any unlawful or unauthorised purposes. The information is provided on an “as is” basis.

    Although EDHECinfra shall obtain information from sources which EDHECinfra considers to be reliable, neither EDHECinfra nor its information providers involved in, or related to, compiling, computing or creating the information (collectively, the “EDHECinfra Parties”) guarantees the accuracy and/or the completeness of any of this information.

    None of the EDHECinfra Parties makes any representation or warranty, express or implied, as to the results to be obtained by any person or entity from any use of this information, and the user of this information assumes the entire risk of any use made of this information. None of the EDHECinfra Parties makes any express or implied warranties, and the EDHECinfra Parties hereby expressly disclaim all implied warranties (including, without limitation, any implied warranties of accuracy, completeness, timeliness, sequence, currentness, merchantability, quality or fitness for a particular purpose) with respect to any of this information.

    Without limiting any of the foregoing, in no event shall any of the EDHECinfra Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits), even if notified of the possibility of such damages.

    All EDHECinfra Indices and data are the exclusive property of EDHECinfra. Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past performance does not guarantee future results. In many cases, hypothetical, back-tested results were achieved by means of the retroactive application of a simulation model and, as such, the corresponding results have inherent limitations.

    The Index returns shown do not represent the results of actual trading of investable assets/securities. EDHECinfra maintains the Index and calculates the Index levels and performance shown or discussed, but does not manage actual assets. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the Index or investment funds that are intended to track the performance of the Index. The imposition of these fees and charges would cause actual and back-tested performance of the securities/fund to be lower than the Index performance shown. Back-tested performance may not reflect the impact that any material market or economic factors might have had on the advisor’s management of actual client assets.

    The information may be used to create works such as charts and reports. Limited extracts of information and/or data derived from the information may be distributed or redistributed provided this is done infrequently in a non-systematic manner. The information may be used within the framework of investment activities provided that it is not done in connection with the marketing or promotion of any financial instrument or investment product that makes any explicit reference to the trademarks licensed to EDHECinfra (EDHECinfra, Scientific Infra and any other trademarks licensed to EDHEC Group) and that is based on, or seeks to match, the performance of the whole, or any part, of a EDHECinfra index. Such use requires that the Subscriber first enters into a separate license agreement with EDHECinfra. The Information may not be used to verify or correct other data or information from other sources.

    The terms contained in this Disclaimer are in addition to the Terms of Service for users without a subscription applicable to the EDHECinfra website, which are incorporated herein by reference.

    This site uses cookies to deliver the services you request, improve user experience and measure audience. By continuing to browse our website, you are consenting to our use of cookies. Find out more about this in our Privacy policy.

  • X
    X
    X