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Listed infrastructure 2025 fall perspectives

Year end trends and outlook

October 30, 2025 | 2 min read
Emily Foshag, CFA
Portfolio Manager, Listed Infrastructure
Nina Liu, CFA
Portfolio Specialist, Listed Real Assets
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2025: In a roller coaster year, a smoother ride for GLI

In a year marked by macro, policy, and geopolitical shocks, global growth has remained broadly resilient. However, investor sentiment is showing signs of strain, particularly around the durability of U.S. exceptionalism. While tariff headlines have quieted from the peak, a higher average U.S. tariff rate still poses potential headwinds to inflation, labor markets, and growth. The Federal Reserve (Fed), tasked with navigating its dual mandate, cut rates by 25 bps in September amid rising labor market risks and sticky inflation. Still, U.S. equities have staged a full recovery from earlier losses, underscoring the market’s ability to look through near-term noise.

Global listed infrastructure (GLI) has reasserted its value as a distinct allocation in 2025, delivering double-digit returns year-to-date and reclaiming its place among top-performing asset classes. Particularly notable was the asset class's resilience following initial tariff announcements in the spring, underscoring GLI’s role as a portfolio ballast during uncertainty.

As we start to look ahead to 2026, we believe there are several conditions that support an allocation to GLI – an asset class that adds both stability and upside amidst ongoing market uncertainties:

  • Relatively low sensitivity to shifts in the macroeconomic outlook
  • Attractive entry point relative to broader equities, with many sectors offering upside potential
  • Robust fundamentals and earnings outlooks that provide a foundation for future performance

Thank you for reading our latest listed infrastructure perspectives. As investors refocus on diversifying increasingly concentrated equity exposures, we believe GLI stands out as a timely and resilient solution in today’s market landscape.

Read our full take and why investors are revisiting this asset class in our 2025 GLI fall perspectives edition.

Listed Infrastructure
Equities
Real estate
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Risk Considerations
Past performance does not guarantee future return. Investing involves risk, including possible loss of principal. Infrastructure issuers may be subject to regulation by various governmental authorities and may also be affected by government regulation of rates charged to customers, operational or other mishaps, tariffs, and changes in tax laws, regulatory policies, and accounting standards. Foreign securities involve special risks, including currency fluctuation and lower liquidity. Some global securities may represent small and medium-sized companies, which may be more susceptible to price volatility than larger companies. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability, and energy conservation policies. Infrastructure investments are long-dated, illiquid investments that are subject to operational and regulatory risks.

Important information
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