This month we turn to infrastructure: the assets that AI, energy security and reshoring all depend on, and whether the capital now pouring in can still earn resilient returns. From energy networks and data centres to fibre and freight, the physical economy is being rebuilt, and investors are paying close attention.
IFM Investors’ Luba Nikulina examines how these forces are converging, and why fundamentals matter more, not less, as money floods into the sector. Tom Bolton of Federated Hermes and Michael Hughes of Rivington Energy look at where UK data centre projects stall, from grid connections to planning, and how they still get delivered. Jennifer Smith of Zayo Europe explains why fibre sits at the defensive end of digital infrastructure, while Jason Koenig of ITE Management turns to railcars and chassis, the less glamorous backbone of the physical economy.
Eric Uhlfelder’s Industry View on Situational Awareness reads all the more pointedly after last week’s sell-off, a reminder that track record and durability tend to outlast a compelling narrative.
The Money Maze Podcast’s Simon Brewer speaks with Ed Bastian, CEO of Delta Air Lines, about how an airline has become as much a loyalty business as a flying one.
From our regular contributors, AIMA’s Nick Smith looks beneath private credit’s $4.1 trillion headline, CAIA Association’s Steven Novakovic sets out what three difficult quarters have taught advisers about evergreen funds, and Prosek Partners’ Mark Kollar charts the rise of “Y’all Street” in Texas.
Beyond the features, we cover Advent’s raise of around $30 billion, Brookfield’s $26 billion flagship infrastructure fund, Apollo’s record quarter, AQR passing $100 billion and October’s hedge fund performance, as well as our usual regulatory update from RQC Group, led this month by the FCA’s overhaul of the Senior Managers and Certification Regime.