Perspectives

AOR Update: As Good as It Gets?

Global Value Improvers Strategy February Commentary

Politics and trade concerns remained centre stage in February, as discussions and negotiations around tariffs by the new U.S. administration and retaliatory tariffs by trade partners weighed on global markets, driving value to outperform growth stocks.

Global Infrastructure Income Strategy February Commentary

Equity markets took a defensive turn in February amid uncertainty over President Trump’s economic and trade policies

Global Infrastructure Value Strategy February Commentary

Utilities across several regions led performance in the ClearBridge infrastructure universe. By contrast, sectors more sensitive to GDP growth were weaker.

Developed Markets Infrastructure Income Model February Commentary

Trade concerns notwithstanding, North American rails are seeing early signs of a volume turnaround. A rotation out of the AI trade also weighed on natural gas pipelines, which have performed well on the AI power demand narrative.

Emerging Markets Strategy February Commentary

On a regional basis, we saw strong performance from China and Brazil, driven by encouraging macro data and improved sentiment in Chinese AI/tech-related sectors.

Valuation of Infrastructure Assets Q4 2024

In our latest Valuation update, Portfolio Manager, Daniel Chu, discusses trends affecting infrastructure sector performance and reviews current valuations.

AOR Update: The Average Stock Selection

Global Value Improvers Strategy January Commentary

Trade uncertainty, pockets of economic malaise and a tech shock from the unveiling of DeepSeek helped drive demand for global value stocks, which generated positive returns and outperformed their core and growth counterparts.

Global Infrastructure Income Strategy January Commentary

Infrastructure made solid gains in January, trailing global equities, which largely shook off the escalating trade and policy uncertainty that has come with the first weeks of U.S. President Trump’s second term.

Global Infrastructure Value Strategy January Commentary

On a regional basis, Latin America saw a rebound amid hopes that President Lula would exercise more fiscal discipline, while China was somewhat weaker as warmer weather weighed on natural gas utilities there.

Developed Markets Infrastructure Income Model January Commentary

The Strategy is tilted somewhat defensively, toward utilities, though not purely for reasons of defense, as peak bond yields have left utilities undervalued and with very strong growth profiles, particularly in the U.S., driven by AI data centre power demand, industry decarbonisation and resiliency spending