We use the EDHECinfra index data to better understand the performance of two peer groups of infrastructure investors: large asset managers and large asset owners. This case study documents how they perform relative to the market, and to each other and why they perform the way they do.
Infrastructure investors should abandon absolute return benchmarks: Lessons from the Covid-19 lockdowns
This paper argues that there is no reason for investors in unlisted infrastructure to continue using absolute return or ‘cash +’ benchmarks. It calls for investors to abandon them and adopt market-relative benchmarks based on fair value and representative data.
ESG Reporting and Financial Performance: The Case of Infrastructure
This paper represents the first attempt at studying the relationship between the ESG and financial characteristics of infrastructure companies. Indeed, data on ESG reporting is available and there is ground in the academic literature for arguing that the tendency to report ESG practices is related to actual sustainable outcomes.
Selecting Reference Indices for the Infrastructure Asset Class: A survey of investor preferences and the EDHECinfra families of infrastructure indices
We examine the results of a large survey of infrastructure investors and their preferences for the segmentation of the infrastructure asset class and set out a taxonomy of unlisted infrastructure investment indices and benchmarks that will now be used to compute all EDHECinfra indices, sub-indices and custom benchmarks.
The Rise of Fake Infra: The Unregulated Growth of Listed Infrastructure and the Dangers It Poses to the Future of Infrastructure Investing
In this position paper, we document the dangerous rise of the so-called listed infrastructure asset class, an ill-defined series of financial products that initially targeted retail investors and now increasingly reaches institutional investors, which now represent close to a third of the sector.
Searching for a listed infrastructure asset class using mean–variance spanning
This study examines the portfolio-diversification benefits of listed infrastructure stocks. We employ three different definitions of listed infrastructure and tests of mean–variance spanning. The evidence shows that viewing infrastructure as an asset class is misguided.