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Insights.

Building back better with INFRASTRUCTURE etfS

27/8/2021

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Picture
  • Infrastructure spending forms part of the post-COVID policy response
  • ETFs provide cost-efficient, liquid and transparent access to the infrastructure sector
  • A multi-asset approach mitigates the up-risk of portfolios from equity exposure alone

Last week, the US Senate passed a $1.2trillion infrastructure bill that now awaits a House vote as part of the "build back better" campaign, and another part of the "bazooka" post-COVID policy stimulus. 

Whilst there are plenty of infrastructure equity funds like INFR (
iShares Global Infrastructure UCITS ETF) and WUTI (SPDR® MSCI World Utilities UCITS ETF) that benefit from infrastructure spend, for those not wanting to uprisk portfolio, we like GIN (SPDR® Morningstar Multi-Asset Global Infrastructure UCITS ETF) which invests in infrastructure equity and debt securities.

Infrastructure & Utilities forms a core part of our Liquid Real Assets Index, for the inflation-protective qualities (tariff formulae typically pass through inflation).  The "hybrid" nature of infrastructure - with both equity and bond like components is why we place it firmly in the Alternative Assets category.  Helpfully this can be accessed in a highly iquid and (relatively) low-cost format, compared to higher cost, less transparent and potentially less liquid infrastructure funds.
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us inflation peak?

12/8/2021

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Picture
  • Overall inflation remains at +5.4%yy (Jul) for second month
  • Core inflation (excl energy) moderates +4.3%yy (Jul) from +4.5% (Jun)
  • "Peak inflation" year over year, but will remain elevated

US inflation at highest level in 13 years running at +5.4%yy for second month, Core inflation (excl energy) +4.3%yy (Jul) from +4.5% (Jun).

With a slight moderation in core inflation, economists are calling this as the inflation "peak".

Whilst this may represent "peak inflation" year over year, overall inflation levels will remain elevated on restart and supply chain constraints

As explored in our recent article on “catch-up” rates, we believe Fed policy will remain accommodative, with interest rates "lower for longer", as it lets inflation run "hotter for longer".  This is positive for risk assets that offer inflation protection

In inflationary regime we favour value-bias equities and real assets for diversification.
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  • WHO WE ARE
    • About
    • Contact
    • Events
    • Press
  • WHAT WE DO
    • Portfolio Solutions >
      • Our Portfolios
      • Custom Portfolios
      • Research Portfolios
    • Fund Solutions >
      • Our Funds
      • Custom Funds
    • Index Solutions >
      • Our indices
      • Custom Indices
    • SPECIALIST STRATEGIES >
      • Liquid Real Assets
      • UK Equity Income
      • Permanent Portfolio UK
      • All Weather Portfolio UK
      • Dynamic Risk Parity
      • Gold and Precious Metals
      • Enabling Net Zero
    • Research >
      • Investment Research
      • Regulatory Research
    • CPD
  • WHO WE HELP
    • Financial Advisers
    • Discretionary Managers
    • Asset Managers
    • Asset Owners
    • 中文
  • Insights