Ecofin Global Utilities and Infrastructure Trust - A portfolio for all seasons

Even considering the particularly challenging markets we have seen during the last couple of months, Ecofin Global Utilities and Infrastructure Trust (EGL) has outperformed and has been issuing shares. This possibly reflects the long-term strong structural growth drivers, inflation linkages and the defensive nature of its investments, in an environment where the global economy is slowing down and looks increasingly like it could tip into recession. Current uncertainty appears to have been unhelpful, but as COP27 illustrates, the challenges of moving to net zero haven’t gone away and EGL’s portfolio is positioned to try and support and benefit from this energy transition. Its portfolio has shown resilience, which we explore in this note, and unusually, its shares are trading at a discount.