Metering the Tolls of Toronto’s 407 Express Toll Route

Getting out of the office to meet management teams and conduct site tours is one of the most engaging and essential responsibilities for the investment team. Georgia and Steve’s recent visit to the 407 Express Toll Route (ETR) toll road in Toronto, Canada, reinforced our view that toll roads are more than just bond proxies; they highlight how concession infrastructure can provide exposure to economic growth and can create value even when interest rates are rising.