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It is

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Mark Hempstead, Head of Alternative Investments, E M E A

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this core asset because you're thinking of things which are essential services to everyday society. So it's roads, it's bridges, it's sanitation, it's water treatment, all of these things together.

Pretty boring, pretty defensive.

Purposely boring, purposely boring.

But long-term contracts.

So when you have those long-term contracts, these essential assets, it provides diversification. This is something which is delivering returns or delivering growth that's not necessarily tied to what's going on in the broad economy. The fact is because it is such a core asset, when you're thinking of those, these are elements which have very inelastic demand.

You always need these things. They're at the base of what our societies, our municipalities are run on. So the fact that you have that stable demand, it is an asset that provides long-term, stable income. It can provide protection from inflation. But then when you add these different elements like AI demand, renewable energy demand, that's the growth.

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Grace Peters, Global Head of Investment Strategy, J.P. Morgan Private Bank

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So what I'm hearing is that we've got the defensive, more steady eddy type of the infrastructure space, but also because of new capital expenditure that's being driven by governments and also companies, we've now got these new parts of the market delivering GDP plus type growth.

And we think both work in a portfolio. You have that stable, core income-generating, low correlation to broad markets. But then you can combine that with the growth element as well. And that's why it's a very interesting space.

When you look since 2020, you've seen profits of infrastructure companies grow by 16% per annum. But yet returns in the markets have only been 4%. So that also gives a unique opportunity for investors to take advantage of that dislocation that is existing right now.

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