- Launched in 2007, according to FE fundinfo, over 10 years to March 10, 2026, the Nomura Global Infrastructure Securities fund has returned 112.24%, versus the average return of 111.30% in the IA Infrastructure sector.
- “We are very pleased with investment performance, with the fund generating over 3,000 basis points of cumulative outperformance against the median over five years,” said Frishberg.
- In aggregate, he said most of this outperformance has been generated from bottom-up stock selection. “When looking at the key contributors to performance, we should keep in mind that the fund is primarily a bottom-up process, driven by our long-term discounted cash flow valuation methodology,” he added. “Within that context, this had led us to generate some pretty meaningful returns over the last five years.”
- Looking at 2025, Frishberg said the portfolio started the year slowly but gained strong momentum as the year progressed.
- “One key driver of the electric utility space has been the demand growth created by rapidly expanding data centres, especially in the US,” he said. “Active management has been crucial in identifying value in less obvious beneficiaries, rather than just chasing popular themes.”