EDHECinfra Paper
Is “Listed Infrastructure” a fake asset class? An Asset Pricing Approach

This study extends the literature by taking an asset pricing approach to examine whether infrastructure is indeed an asset class or otherwise. The question posed in this study has important implications in portfolio management and to long-term investors (such as pension and superannuation funds).

If infrastructure assets offer superior risk-adjusted returns over and above other asset classes (such as stocks, bonds, real estate, cash) then these investments will become the dominant asset class going forward. Conversely, if infrastructure assets do not exhibit return, risk and correlation characteristics which are not distinguishable from other asset classes then it can be argued that they may be classified as investment substitutes for current investments and they cannot be deemed as an asset class.

Our study presents evidence that global and regional publicly listed infrastructure index returns cannot be considered as a separate asset class. Our results suggest that listed infrastructure does not exhibit sufficient differences in their return, risk and correlations to warrant the classifications a separate asset class.

  • Tim Whittaker
  • Robert Bianchi (Griffith University)
  • Michael Drew (Griffith University)
EDHEC Infrastructure Institute Publication
2017 (July)
infraMetrics™ by EDHECinfra


  • 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.

    The rest of this disclaimer can be read on the legal page of this website.

    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