Mundy's Moment: Long-term investing, dividends and US equities

Having met a number of clients recently, it is interesting to observe that views are fairly consensual - significant bearishness on bonds (so significant as to encourage a contrarian to be long bonds?), nervousness about equities (although fully invested due to lack of many better opportunities), and wholesale bullishness for 'uncorrelated' assets, particularly those infrastructure related.

This bullishness is reflected in significant demand for shares playing to this theme. For example, HICL Infrastructure recently raised £268m, in excess of the £205m they were seeking, a reflection of how ‘materially oversubscribed' it was. This was in addition to the £260m raised in March, an issue which was ‘very significantly oversubscribed' and the £113m raised in September 2016, which was also ‘materially oversubscribed'. Beyond Trump's rhetoric: Where are the infrastructure opportunities? HICL's popularity is not unique. John Laing Infrastructure fund raised £120m in March (‘o...