In 2025, geopolitical and economic uncertainties highlight the appeal of defensive infrastructure assets. While inflation is under control, its unpredictability persists, making infrastructure with inflation pass-through mechanisms more attractive. Our preference remains for monopolistic infrastructure assets that are undervalued, benefiting from regulatory protections, strong long-term contracts, and inflation linkages. Additionally,  we see substantial organic growth opportunities for the sector, predominantly driven by the energy transition but also supported by long term investment opportunities in water, transport mobility and digitalisation.