EDHEC Infrastructure Institute-Singapore

There is no listed infrastructure asset class

EDHEC Infrastructure Institute has released a new paper entitled, “Searching for a Listed Infrastructure Asset Class” establishing that listed infrastructure securities cannot be considered a unique asset class.

Using mean-variance spanning tests for 22 different proxies of listed infrastructure that were added to the portfolio of a well-diversified investor, the authors find no conclusive evidence of a “listed infrastructure asset class” that was not already spanned by a combination of capital market instruments and alternatives or a factor-based asset allocation.

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