*as of 30th September 2020



+13.69% ten-year total return

+1.84% latest quarter return*

300

constituents

USD192bn

MArket Cap
The infra300tm Index -  The most representative view of unlisted infrastructure equity investment performance.

The infra300™ index is designed to track the different TICCS® segments of the unlisted infrastructure reference universe identified as the 25 national markets qualifying as 'principal' or most active markets (IFRS 13).

The index is equally weighted. Its coverage of each TICCS® pillar of the investable universe reflect the availability of data and the trade-off made to match each segment as accurately as possible while restricting the index to 300 constituents.

(Bloomberg ticker: infra300)

Access the Infra300 on our data & analytics portal

infra300tm Performance - 2020Q2

This quarter 1-year 3-year 5-year 10-year Inception
Total Returns -1.5 0.83 6.80 8.62 14.59 14.42
Excess Returns -1.52 0.47 6.20 8.01 13.62 11.78
Volatility - - 10.79 10.40 12.66 11.92
Sharpe Ratio - - 0.57 0.77 1.08 0.99
Value-at-Risk - - 18.12 17.77 20.33 18.17

Total returns include cash yield and price returns. Volatility is the standard deviation of total returns. The Sharpe Ratio is the ratio of excess returns to the standard deviation of returns. The Value-at-Risk is 99.5% Gaussian VaR. More metrics and analytics are available in the EDHECinfra data portal.

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  

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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.

infra300tm TICCS® Coverage

The bar charts below show the TICCS® structure of the universe using average values for the 2015-2020 period, compared to the TICCS® coverage of the Infra300 Index (data as of 2020Q1). The universe size and structure follows the EDHECInfra Infrastructure Universe Standard and TICCS® taxonomy.
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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? 

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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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