MBA GLI is an investment management team focusing on active management of differentiated listed equity strategies, with a global client base. MBA GLI’s strategy is focused on global listed securities that invest in core infrastructure assets that demonstrate low volatility and inflation protection compared to other global equities.

MBA GLI invests in listed infrastructure companies across the globe that provide essential services to society, typically physical network monopolies such as toll roads, water utilities, electric grids and telecommunication towers. MBA GLI believes that infrastructure assets have diversification benefits when combined with other asset classes.

MBA GLI uses a tight definition of infrastructure assets, with consideration of their low volatility cashflows and inflation protection capability, to achieve a different risk and return profile to global equities, and over the years MBA GLI have witnessed the more defensive nature of these assets, particularly in down markets.

In MBA GLI’s view, this defensiveness is due to the fact these infrastructure businesses provide essential services to a large population, are fundamental to the functioning of society and are critical to future economic growth. They are also less vulnerable to competition, issues affecting the economy and/or commodity prices than companies under a broader infrastructure definition, such as ports and satellites.

Since infrastructure assets are long-term, privileged assets, MBA GLI believes they need to be socially minded and sustainable, which is why ESG and sustainability considerations are embedded into the investment process – both to mitigate risks and to identify opportunities. MBA GLI considers environmental issues (such as climate change and emissions); social issues (such as human rights and gender diversity); labour standards (such as work health and safety and collective bargaining); and corporate governance issues (such as board independence and compensation structures). MBA GLI believes that these factors have the potential to affect the business outcomes of companies the Fund invests in. MBA GLI seeks companies that are adapting to and finding investment opportunities in environmental initiatives such as the energy transition.

For more information on MBA GLI's ESG approach (including, but not limited to, its stewardship programme) visit their website: https://www.maple-brownabbott.com.au/responsible-investment/.

MBA GLI sees significant trends in infrastructure with associated investment opportunities. These include decarbonisation, particularly in the utility space, the electrification of society and digitalisation, where infrastructure is needed to support the transition. MBA GLI believes there is a shortage of infrastructure globally and that some of their listed companies will play a key role in the development and enhancement of infrastructure for decades to come.

Maple-Brown Abbott Limited (‘MBA’) (now a subsidiary of Antipodes) is one of Australia’s first boutique investment managers, having been established nearly 40 years ago. It remains privately owned with a focus on maintaining the integrity, ethical standards and culture that are the foundations of the firm. It strives to provide superior investment returns over the long-term through active management, to deliver the highest level of service to its clients and to ensure its interests are strongly aligned with its clients.

MBA has a long history of deep environmental, social and governance (‘ESG’) integration which is core to each of its strategies. It was one of the first investment managers in Australia to sign up to the United Nations-supported Principles for Responsible Investment (‘PRI’) and continues to collaborate and advocate for outcomes it believes are in the best interest of its clients.