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GLIO Index

OECD High-level Seminar on Quality Infrastructure Investment
Session 4-fraser-hughes-glio

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GLIO Index

  1. 1. GLIO INDEX – KEY POINTS • Developed in consultation with global listed infrastructure managers • Based on EDHECInfra Infrastructure classification system (TICCS) • Enables clearer comparisons with unlisted infrastructure • Focused on companies that are ‘mission critical’ to the global economy • At least 75% EBITDA from eligible infrastructure groups: • Regulated network utilities and renewables, • Energy transportation & storage, • Transportation, and • Communications infrastructure
  2. 2. GLIO INDEX - BREAKDOWNS 2 Nov 30, 2020 Group Full MC ($M) Full MC (%) FF MC ($M) FF MC (%) Yield Beta Utilities 1,494,942 51.5% 1,341,502 53.6% 3.7% 0.63 Transportation 772,540 26.6% 642,726 25.7% 2.8% 1.06 Comms Infra 269,849 9.3% 242,237 9.7% 3.7% 0.80 Energy T&S 259,405 8.9% 237,996 9.5% 6.4% 1.04 Renewables 104,634 3.6% 38,610 1.5% 3.1% 0.77 Grand Total 2,901,370 100.0% 2,503,072 100.0% 3.7% 0.81 Sector Full MC ($M) Full MC (%) FF MC ($M) FF MC (%) Yield Beta Electric Utilities 1,175,693 40.5% 1,084,909 43.3% 4.1% 0.59 Railroads 423,797 14.6% 399,988 16.0% 1.8% 0.96 Energy T&S 259,405 8.9% 237,996 9.5% 6.4% 1.04 Telecom Infra 263,857 9.1% 237,283 9.5% 2.9% 0.66 Gas Utilities 236,938 8.2% 182,062 7.3% 3.0% 0.70 Toll-roads 154,872 5.3% 115,678 4.6% 2.7% 0.95 Water Utilities 82,312 2.8% 74,531 3.0% 2.8% 0.70 Airports 116,975 4.0% 60,699 2.4% 1.5% 1.30 Passenger Rail 58,531 2.0% 58,531 2.3% 1.5% 0.81 Renewables 104,634 3.6% 38,610 1.5% 3.1% 0.77 Marine Ports 18,365 0.6% 7,830 0.3% 8.3% 1.05 Satellites 5,992 0.2% 4,955 0.2% 7.4% 1.36 Grand Total 2,901,370 100.0% 2,503,072 100.0% 3.7% 0.81
  3. 3. ASSET CLASS COMPARISON 3
  4. 4. GLIO/GRESB ESG INDEX • First specialist infrastructure index with ESG filter • Governed by GLIO Index Committee • All GLIO Index stocks included • Weighted by GRESB Public Disclosure Score (Transparency) Company Band (3 years PD results) American Tower 90% (large improvement) CN 90% (consistent) Southern Co 80% (consistent) WEC Energy 80% (consistent) Transurban 90% (best actual score 89) ONEOK 80% (large improvement) Cheniere Energy 60% (large improvement) Zurich Airport 70% (consistent)
  5. 5. INFRASTRUCTURE INVESTMENT TRUST (IIT) • Based on Real Estate Investment Trust (REIT) • But, clearly defined for infrastructure • Applied to mission critical economic infrastructure

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