The purpose of this paper is to update the detailed analysis of the major global listed infrastructure indices we conducted in 2013. This follows the release of two new global listed infrastructure indices, by both FTSE and MSCI, and the decommissioning of the UBS infrastructure index series. The focus of this paper is on whether the indices truly capture the infrastructure characteristics many investors are looking for, including low cashflow volatility from long lived assets, inflation protection, and portfolio diversification benefits.

Does effective management and strong corporate governance in listed infrastructure improve returns and reduce risk? As part of our investment philosophy, we believe investing in listed infrastructure companies with quality management and strong corporate governance is one way to both improve investment returns and reduce risk.

What opportunities do the key investment characteristics of US regulated utilities present for global listed infrastructure investors?