*as of 31st March 2021

+13.46% ten-year total return

-3.92% latest quarter return*




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

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.

Q1 2021 Unlisted Infrastructure Index Release

wdt_ID - Latest quarter 1-year 3-year 5-year 10-year Inception
1 Total Returns -3.92 -2.61 4.08 5.03 13.46 13.84
2 Excess Returns -3.91 -2.60 3.65 4.55 12.63 11.31
3 Volatility - - 9.79 10.26 12.69 11.86
4 Sharpe Ratio - - 0.37 0.44 0.99 0.95
5 Value-at-Risk - - 17.14 19.73 21.22 18.36

Q1 2021 Index Release Comment

Q1 2021 EDHECinfra Release:
Bond-like characteristics?  

A quarter of rising interest rates highlights the role of duration in infrastructure investments.  

After a year which tested the resilience of infrastructure investments and their sensitivity to lower dividends in the transport sector and a higher equity risk premium across all sectors, Q1 2021 is a reminder of the role of interest rate risk in long-term investments that have “bond-like” characteristics.

As a point of reference, treasuries had the worst quarter in many years (-4.3%*) and the yield on 10-Year U.S. Treasuries, which started the year at 0.93% stood at c.1.7% at the end of March. Corporate bonds followed a similar trajectory (-3.4%*).

Likewise, private infrastructure debt exhibited higher yields at the end of the quarter than it did three months before. The average yield of the EDHECinfra broadmarket private infrastructure debt index stood at 1.88% on 31 Dec 2020 and at 2.3% on the 31st march, despite the fact that the average credit spread has remained steady at c.150bps. The index, which includes 1,000 instruments across infrastructure corporates and projects, is down -1.38% (Euro total returns) on the quarter but continues to exhibit total returns above 4% on a 3- or 5-year basis.

On the equity side, the infra300® was down -1.9% (Euro total returns) on the quarter on account of a slightly higher risk premia and an increase in yield from 8.2% to 8.8% (average across 300 constituents). The transport sector contributed the majority of the decrease, on account of both a long duration and continued Covid-related woes in the airport sector. Year-on-year a 1.45% performance is driven by a negative contribution to the index of transport and natural resources (gas) while all other sectors contribute positively to total returns. The year-on-year income return of the infra300 still stands at 7% while the year-on-year capital return is -5.5% (in Euros).

A comparison between infrastructure projects and corporates further highlights the differences in risk profile between different segments of the infrastructure universe. The expected return (or yield) of infrastructure project equity has increased by 50 basis points on average over the past year, whereas corporates have seen a rise of 80 basis points in their cost of equity. Moreover, corporates are more exposed to changes in the discount rate with a duration (sensitivity to rate changes) of about 2 years higher than project finance equity investments. In other words, for each increase in the discount rate of 1 percent, corporates make a NAV loss 2 percentage point higher than projects. Finally, their income returns are very different: the 5-year moving average cash yield of projects is now at 9% while corporates have seen their ability to distribute dividends curtailed both by high leverage and Covid-19 and their 5-year average cash yield now stands at 7.5%.

* Morningstar® US Government Bond Index and US-Core Bond Index

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.

The infra300™ index is designed to track the different TICCS® segments of the unlisted infrastructure reference universe identified as the 22 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 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.

Access the infra300tm

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

Simple signup

It could not be easier to get access once you signed up. We also provide demos to would-be subscribers upon request.

Free of charge

The EDHEC infra300 series of flagship indices are free to access and download for registered users. 

quarterly Updates

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

New Research

Strategic Asset Allocation
with Unlisted Infrastructure Equity and Debtt

Better data for sensible results

Avoid the wrong benchmarks

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

USE Better data, get results

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.



  • 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