Infrastructure fund balloons in tumultous markets

Meany's Global Listed Infrastructure offering has benefited from industry-wide flight to more defensive assets amid growing market volatility

Six months since launch, the First State Global Listed Infrastructure fund has ballooned as investors turn towards more diversified and defensive investments. The fund, headed up by Peter Meany, has increased by almost £30m this year and is up 8% since launch. "Infrastructure is one of the few sectors where we are seeing earnings upgrades rather than downgrades," said Meany. "It is still performing better than equities and property because we are more defensive." In recent months, there has also been a slight tilt in the portfolio towards more defensive positions in utility and gas ...