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RARE Infrastructure Emerging Market Commentary – July 2011
By Richard Elmslie and Nick Langley, RARE Infrastructure MSCI EM index posted a 1.3% decrease in local currency outperforming the MSCI World (-2.8%). There was a new wave of pessimism in July. In the U.S., analyst estimates for economic growth were cut yet again. Activity data disappointed again. There is a legitimate concern about the [...]
posted August 25, 2011
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RARE Infrastructure Summary of Top 10 Stocks as at 31 July 2011
The Top 10 Stocks for RARE Infrastructure as at 31 July 2011 are: 1. Vinci SA (DG): Market Capitalisation US$34.1b 2. MAp Airports (MAP): Mkt Cap $6.2b 3. Abertis Infraestructuras SA (ABE): Market Capitalisation US$16.7b 4. TransCanada(TRP): Market Capitalisation US$60.4b 5. Shenzhen Intl Holdings (152 HK): Market Capitalisation US$1.3b 6. Transurban Group (TCL): Mkt Cap AU$7.5b [...]
posted August 15, 2011
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RARE Infrastructure Value Fund Market Commentary – July 2011
By Richard Elmslie and Nick Langley In July global markets ended down (MSCI World -2.5% and EM -1.3%) as concerns increased over some European countries’ ability to finance debt obligations and in the US the risk of debt default increased. Although the US debt ceiling was increased, the risks to global growth stalling and continued [...]
posted August 12, 2011
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Infrastructure can provide predictability-Good foil for market volatility
By Darin Tyson-Chan, Investor Daily The defensive nature of uilities, tollroads and other assets can be attractive, RARE says. The inclusion of infrastructure in an investment portfolio can help offset market volatility and provide a greater level of earnings predictability, according to RARE director and senior portfolio manager Richard Elmslie. “It is pretty hard out there to work [...]
posted August 5, 2011
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Dull asset makes for lively bidding war
By Ian McIllwraith, The Sydney Morning Herald RARE Infrastructure has signalled to fellow ConnectEast investors that it reckons the $2.17 billion privatisation bid for the toll-road group by a rival funds manager, CP2, is a couple of hundred million dollars short of the full value. At least two brokers, Merrill Lynch and RBS, have published [...]
posted August 2, 2011
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RARE Infrastructure Summary of Top 10 Stocks as at 30 June 2011
The Top 10 Stocks for RARE Infrastructure as at 30 June 2011 are: 1. Vinci SA (DG): Market Capitalisation US$34.1b 2. MAp Airports (MAP): Mkt Cap $6.2b 3. Abertis Infraestructuras SA (ABE): Market Capitalisation US$16.7b 4. TransCanada(TRP): Market Capitalisation US$60.4b 5. SES: Market Capitalistion $11.0b 6. Southern Company (OS USA): Market Capitalisation US$33.6b 7. National Grid PLC [...]
posted July 15, 2011
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RARE Infrastructure Emerging Market Commentary – June 2011
By Richard Elmslie and Nick Langley, RARE Infrastructure. MSCI EM index posted a 2.0% decrease in local currency underperforming the MSCI World (-1.6%). In a month characterised by risk aversion and market volatility, mostly due to concerns over a Greek default and a slowdown in the U.S., EM equities hit a low of -4.5% in [...]
posted July 12, 2011
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RARE Infrastructure Value Fund Market Commentary – June 2011
By Richard Elmslie and Nick Langley, RARE Infrastructure. Equity markets ended down (MSCI World -1.6% and EM -2.2%) in June amid protracted sovereign debt negotiations in Europe and continued concerns that the US “soft patch” may in fact be a stalling of economic growth. The IEA’s release of strategic oil reserves has done little to [...]
posted July 12, 2011
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Sovereign Risk Is Rising In Italy…
By David Maywald and Ben May The Italian government has proposed longer depreciation lives for toll road concessions, as part of a draft budget law to reduce the country’s deficit. This would result in higher cash taxes for the listed infrastructure companies Atlantia S.p.A., Societa Iniziative Autostradali e Servizi SpA (SIAS), Impreglio S.p.A. and Autostrada Torino-Milano [...]
posted July 6, 2011
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Increase in US Retail Electricity Prices Reflective of Supportive Regulatory Environment for Utilities
By Dan Simmonds, RARE Infrastructure Retail electricity prices in the US increased by 1.2% (0.3% in real terms) in 2010 despite flat wholesale electricity prices (i.e. a flat cost of generation). The price increase was to a large extent driven by supportive regulators allowing utilities to increase regulated prices; a large number of rate cases [...]
posted June 27, 2011
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