Performance influenced by market rotation: Infrastructure sector performance early in the period was supported by a rotation toward asset-intensive companies.
Geopolitical events had limited direct impact: Recent geopolitical developments have had some short-term effects on specific subsectors, such as aviation, though overall impacts on infrastructure assets have been relatively contained to date.
Macroeconomic factors remain important: Changes in inflation expectations and interest rates continue to influence infrastructure valuations, although longer-term rate expectations have remained relatively stable.
Different backdrop to prior periods of volatility: Current market conditions differ from those seen in 2022, including higher starting real interest rates and more moderate demand conditions.
Long-term thematic drivers remain relevant: Structural trends, including investment in energy systems and electrification, continue to be relevant considerations for the sector, although outcomes remain uncertain.
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