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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.

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Strategic Asset Allocation
with Unlisted Infrastructure Equity and Debtt

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Avoid the wrong benchmarks

Listed proxies and appraisal-based benchmarks are not suited to asset allocation research and unsmoothing makes it worse...

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A mark-to-market approach to measuring returns provides superior guidance in making adequate and realistic strategic allocation decision.

the role of infrastructure

Infrastructure equity and debt have a significant role to play in a multi-asset class portfolio with allocations as high as 10% of the global portfolio.


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

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Performance Attribution

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

Infrastructure Fundamentals

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

Q4 2020 Unlisted Infrastructure Index Release

wdt_ID - Latest quarter 1-year 3-year 5-year 10-year Inception
1 Total Returns 3.04 -4.67 3.22 6.65 13.73 14.17
2 Excess Returns 3.06 -4.72 2.74 6.14 12.85 11.60
3 Volatility - - 10.14 10.18 12.58 11.84
4 Sharpe Ratio - - 0.27 0.60 1.02 0.98
5 Value-at-Risk - - 19.05 18.75 20.84 18.14

Q4 2020 Index Release Comment

Q4 2020 Index Release – Infrastructure and Covid: Was 2020 a bad year or the worst year?

2020 was a reminder that economic shocks can impact the bottom line of many infrastructure companies, which may also lead to solvency issues in some sectors. It was also a test of the resilience of the asset class. Above all, it was a reminder that asset valuations eventually have to reflect market prices, that is, the value implied by the risks taken by investors.

After a positive Q4 2020 with a 3.04% total return (in local currency), the infra300 index, which tracks a global sample of unlisted infrastructure equity investments worth approximately USD180bn, finished 2020 down -4.7%, combining an estimated -12.6% drop in capital value with a +7.9% estimated cash yield, year-on-year.

During 2020, the market valuations of unlisted infrastructure companies suffered from the combined impact of lower cash flows due to Covid-19 lockdowns and the ensuing economic shock and a higher unlisted infrastructure equity risk premium (+150bp year-on-year for the infra300). The decrease in interest rates, already at record lows, only provided limited relief to asset prices.

There is a marked divergence in the impact of Covid-19 on infrastructure corporates, dominated by large transport and utilities companies, and that of infrastructure projects. The EDHECinfra project finance SPV index, which tracks more than 400 live project companies (500 over the past 20 years), finished the year up 2.1% on a year-on-year basis, with a solid 3.6% quarterly total return in Q4 2020. On a 5-year basis, infrastructure projects show strong returns of 10.3% per annum, with 8.5-9% volatility and a one-year, 99.5% VaR below 15%.

This contrasts with ‘corporates.’ Despite a positive Q4 2020 (+1.3%) the index for this segment which tracks 125 unlisted infrastructure companies globally is down -13.5% on a year-on-year basis at the end of 2020. Despite a cash yield of 8.1%, capital returns are -21.6% for the year. This is even worse than what this segment of the infrastructure asset class went through during the GFC in terms of maximum drawdown.

Meanwhile, the private infrastructure debt market has not seen the same impact from Covid. The EDHECinfra Broad market private debt infrastructure index, which tracks 1,034 instruments representing US$250bn of value, delivered a 6% total return year-on-year, improving on its 3 to 5-year performance by 50bp, and returning 1.2% on the quarter on account of lower rates and stable credit spreads. Project finance debt continues to outperform corporate infrastructure debt on a 5 to 10-year basis having delivered 4.9% returns in 2020, but with lower risk and higher spreads (+50bp on average) than infrastructure corporate debt.

Download the index factsheet: USD returns | Local currency returns  

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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.


Improving Strategic Asset Allocation to Unlisted Infrastructure

27th October 2020 Webinar Replay

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New Research

Towards a Scientific Approach to
ESG for Infrastructure Investors

Approaching ESG & Infrastructure Within the Portfolio

A financial View on ESG

We examine the role of the ESG characteristics of infrastructure from the perspective of asset pricing.

Comprehensive Review

We review 17 ESG reporting schemes and compare them using a new taxonomy of ESG risks and Impacts.

Science-based Approach

Modern finance and information theory are the foundations of a framework to collect ESG data.


INdex DoCumentation

2020 Updated Edition

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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.



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