Infrastructure Funds
Infrastructure is a unique investment vehicle in the alternative investment space. Limited financial institutions in the last few years have developed new mutual funds to satisfy the investment needs. Infrastructure funds or companies invest globally in infrastructure assets, including energy, transportation and water. Targets include power generation and transmission, gas storage and pipelines, water assets, airports, air traffic control, ports, railroads and toll roads.
I believe this asset class will become a critical component of sophisticated investment portfolios. Infrastructure funds usually invest in long-life assets such as airports, hydropower plants, expressways, timberland, and other infrastructures.
The following infrastructure funds and companies are the investment universe I can find from various sources for now. The following mutual funds and companies are listed according to their inception dates.
Brookfield Asset Management (BAM)
Inception Date: 12/30/1983
Market Capitalization: $18.82 Billion
Brookfield is an asset manager. Focused on property, power and infrastructure assets, we have over US$50 billion of assets under management. We own interests in a high quality portfolio of approximately 65 premier office properties and over 130 power generating facilities. In addition, we develop master planned communities and provide clients with a comprehensive array of financial and advisory services. Our assets are located in North America, Europe and Brazil. Brookfield is publicly listed on the NYSE and TSX under the symbol BAM. This is included here due to its vast holdings in hydroelectric power facilities.
iShares Dow Jones Transportation Average Index Fund (IYT)
Inception Date: 10/10/2003
Total Net Assets: $293,125,000
This is an ETF. The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones Transportation Average Index. Component companies include airlines, industrial transportation companies and general industrial services companies.
Macquarie/FT Global Infrastructure/Utility Dividend & Income Fund (MFD)
Inception Date: 3/26/2004
Total Net Assets: $298,861,000
Total Common Assets: $215,861,000
This is a leveraged closed-end mutual fund. The Fund's investment objective is to seek a high level of current return consisting of dividends, interest and other similar income while attempting to preserve capital. The Fund will seek to achieve its investment objective by investing in a non-diversified portfolio of equity, debt, preferred or convertible securities and other instruments that are issued by U.S. and non-U.S. issuers that manage, own and/or operate infrastructure and utility assets in a select group of countries.
Macquarie Infrastructure Company Trust (MIC)
Inception Date: 12/16/2004
Market Capitalization: $877,860,000
Macquarie Infrastructure Company went public on December 16, 2004. Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses, which provide basic, everyday services, in the United States and other developed countries. It provides airport services, airport parking services, district energy services, and toll road services.
Macquarie Global Infrastructure Total Return Fund (MGU)
Inception Date: 8/26/2005
Total Net Assets: $567,157,000
Total Common Assets: $417,157,000
This is a leveraged closed-end mutual fund. The Fund's investment objective is to provide to its common stockholders a high level of total return consisting of dividends and other income and capital appreciation. Under normal market conditions the Fund will invest at least 80% of its Total Assets in equity and equity-like securities and instruments such as common stocks preferred stocks convertible securities and hybrid securities issued by U.S. and non-U.S. issuers that primarily own or operate Infrastructure Assets.
PowerShares Dynamic Building/Construction Portfolio (PKB)
Inception Date: 10/26/2005
Total Net Assets: $25,406,000
This is an ETF. The Fund seeks investment results that correspond generally to the price and yield of an equity index called the Dynamic Building & Construction IntellidexSM Index. In pursuit of its objective the Fund will normally invest at least 90% of its total assets in common stocks that comprise the Building & Construction Intellidex. The Building & Construction Intellidex is comprised of stocks of 30 U.S. building and construction companies. These are companies that are primarily engaged in providing construction and related engineering services for building and remodeling residential properties commercial or industrial buildings or working on large-scale infrastructure projects such as highways, tunnels, bridges, dams, power lines, and airports.
PowerShares Water Resources Portfolio (PHO)
Inception Date: 12/6/2005
Total Net Assets: $991,208,000
This is an ETF. The Fund is based on the Palisades Water Index. The Index seeks to identify a group of companies that focus on the provision of potable water the treatment of water and the technology and service that are directly related to water consumption.
SPDR Homebuilders (XHB)
Inception Date: 2/6/2006
Total Net Assets: $93,912,000
This is an ETF. The Fund seeks to replicate as closely as possible before expenses the performance of an index derived from the homebuilding segment of a U.S. total market composite index. The Fund uses a passive management strategy designed to track the total return performance of the S&P Homebuilders Select Industry Index. The Homebuilders Index represents the homebuilding sub-industry portion of the S&P Total Market Index. The S&P Total Market Index tracks all the U.S. common stocks listed on the NYSE American Stock Exchange and NASDAQ National Market and NASDAQ Small Cap exchanges. The Homebuilders Index is an equal weighted market cap index. The Fund May invest in money market instruments including repurchase agreements in convertible securities and in options and futures contracts.
iShares Dow Jones U.S. Home Construction Index (ITB)
Inception Date: 5/1/2006
Total Net Assets: $40,000,000
This is an ETF. The Fund seeks investment results that correspond generally to the price and yield performance before fees and expenses of the Dow Jones U.S. Select Home Builders Index. The Index includes companies that are constructors of residential homes including manufacturers of mobile and prefabricated homes.
I believe this asset class will become a critical component of sophisticated investment portfolios. Infrastructure funds usually invest in long-life assets such as airports, hydropower plants, expressways, timberland, and other infrastructures.
The following infrastructure funds and companies are the investment universe I can find from various sources for now. The following mutual funds and companies are listed according to their inception dates.
Brookfield Asset Management (BAM)
Inception Date: 12/30/1983
Market Capitalization: $18.82 Billion
Brookfield is an asset manager. Focused on property, power and infrastructure assets, we have over US$50 billion of assets under management. We own interests in a high quality portfolio of approximately 65 premier office properties and over 130 power generating facilities. In addition, we develop master planned communities and provide clients with a comprehensive array of financial and advisory services. Our assets are located in North America, Europe and Brazil. Brookfield is publicly listed on the NYSE and TSX under the symbol BAM. This is included here due to its vast holdings in hydroelectric power facilities.
iShares Dow Jones Transportation Average Index Fund (IYT)
Inception Date: 10/10/2003
Total Net Assets: $293,125,000
This is an ETF. The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones Transportation Average Index. Component companies include airlines, industrial transportation companies and general industrial services companies.
Macquarie/FT Global Infrastructure/Utility Dividend & Income Fund (MFD)
Inception Date: 3/26/2004
Total Net Assets: $298,861,000
Total Common Assets: $215,861,000
This is a leveraged closed-end mutual fund. The Fund's investment objective is to seek a high level of current return consisting of dividends, interest and other similar income while attempting to preserve capital. The Fund will seek to achieve its investment objective by investing in a non-diversified portfolio of equity, debt, preferred or convertible securities and other instruments that are issued by U.S. and non-U.S. issuers that manage, own and/or operate infrastructure and utility assets in a select group of countries.
Macquarie Infrastructure Company Trust (MIC)
Inception Date: 12/16/2004
Market Capitalization: $877,860,000
Macquarie Infrastructure Company went public on December 16, 2004. Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses, which provide basic, everyday services, in the United States and other developed countries. It provides airport services, airport parking services, district energy services, and toll road services.
Macquarie Global Infrastructure Total Return Fund (MGU)
Inception Date: 8/26/2005
Total Net Assets: $567,157,000
Total Common Assets: $417,157,000
This is a leveraged closed-end mutual fund. The Fund's investment objective is to provide to its common stockholders a high level of total return consisting of dividends and other income and capital appreciation. Under normal market conditions the Fund will invest at least 80% of its Total Assets in equity and equity-like securities and instruments such as common stocks preferred stocks convertible securities and hybrid securities issued by U.S. and non-U.S. issuers that primarily own or operate Infrastructure Assets.
PowerShares Dynamic Building/Construction Portfolio (PKB)
Inception Date: 10/26/2005
Total Net Assets: $25,406,000
This is an ETF. The Fund seeks investment results that correspond generally to the price and yield of an equity index called the Dynamic Building & Construction IntellidexSM Index. In pursuit of its objective the Fund will normally invest at least 90% of its total assets in common stocks that comprise the Building & Construction Intellidex. The Building & Construction Intellidex is comprised of stocks of 30 U.S. building and construction companies. These are companies that are primarily engaged in providing construction and related engineering services for building and remodeling residential properties commercial or industrial buildings or working on large-scale infrastructure projects such as highways, tunnels, bridges, dams, power lines, and airports.
PowerShares Water Resources Portfolio (PHO)
Inception Date: 12/6/2005
Total Net Assets: $991,208,000
This is an ETF. The Fund is based on the Palisades Water Index. The Index seeks to identify a group of companies that focus on the provision of potable water the treatment of water and the technology and service that are directly related to water consumption.
SPDR Homebuilders (XHB)
Inception Date: 2/6/2006
Total Net Assets: $93,912,000
This is an ETF. The Fund seeks to replicate as closely as possible before expenses the performance of an index derived from the homebuilding segment of a U.S. total market composite index. The Fund uses a passive management strategy designed to track the total return performance of the S&P Homebuilders Select Industry Index. The Homebuilders Index represents the homebuilding sub-industry portion of the S&P Total Market Index. The S&P Total Market Index tracks all the U.S. common stocks listed on the NYSE American Stock Exchange and NASDAQ National Market and NASDAQ Small Cap exchanges. The Homebuilders Index is an equal weighted market cap index. The Fund May invest in money market instruments including repurchase agreements in convertible securities and in options and futures contracts.
iShares Dow Jones U.S. Home Construction Index (ITB)
Inception Date: 5/1/2006
Total Net Assets: $40,000,000
This is an ETF. The Fund seeks investment results that correspond generally to the price and yield performance before fees and expenses of the Dow Jones U.S. Select Home Builders Index. The Index includes companies that are constructors of residential homes including manufacturers of mobile and prefabricated homes.
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