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3 April 2026
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In theory, unlisted infrastructure should be priced at discounts to listed assets due to their illiquidity. In fact, the opposite has been the case, but both types are positioned to withstand the inflation threat.
There's a common misconception that as a 'bond proxy', infrastructure asset prices will fall as bond prices do when rates rise. But these hard assets have sufficient inflation protection to drive a more robust outcome.
Looking back over the major economic downturns the world's markets have experienced, airports have shown their ability to bounce back from short-term passenger shocks.
Infrastructure assets range widely from toll roads, ports, airports, power distribution, communications, etc, but there are common risk factors to consider in all of them.
When deciding between listed and unlisted infrastructure securities, the focus should be on the cashflows, the risks associated with those cashflows and the entry price to buy the assets.
Stay on top of the latest changes to superannuation rates and thresholds for 2026, including increases to transfer balance cap, concessional contributions cap, and non-concessional contributions cap.
In a shift away from solely targeting low inflation, central banks are considering raising inflation targets to combat economic challenges, but face potential drawbacks and conflicts in policy implementation.
The perceived underperformance of LICs compared to ETFs is due to existing comparison data excluding crucial information, highlighting the need for proper assessment and transparent reporting.
New research shows smarter portfolio construction—not new factors—is the real edge in the hunt for alpha. However, finding it requires a fundamentally different mindset.
Many 'diversified' portfolios are increasingly driven by the same narrow set of forces. As concentration builds beneath the surface, understanding how portfolios behave - not just how they’re constructed - is critical for investors.
Rising oil prices and inflation pushed Australian yields higher. Markets expect further tightening, but weaker growth may reverse rates. Locking income and maintaining duration is a sound strategy for widening credit spreads.
Investors often focus on front-of-mind risks, reacting to each headline event without considering long-term impacts. Cass Sunstein and Timur Kuran define this as an "availability cascade," affecting financial decision-making.