Key Findings
Funds which achieve Morningstar Analyst RatingsTM of Gold, Silver, or Bronze are designated Morningstar Medallists.

• We gave two of the eight strategies we assessed the second highest-possible Analyst Rating of Silver – Magellan Infrastructure and RARE Infrastructure Value. A further two were designated Bronze – Colonial First State Global Listed Infrastructure and Vanguard Global Infrastructure. 
• Global listed infrastructure’s inflation-fighting abilities have been touted as one of its primary attractions. There are some valid arguments for believing this view, but they are not foolproof, and empirical evidence gathered from academic research is far from overwhelming. 
• It’s important to not simply allocate to global listed infrastructure on the basis of concerns about inflation. Nonetheless, investors preoccupied by this issue are best-served by choosing a strategy with a very conservative definition of infrastructure.
• Global listed infrastructure has delivered relatively steady dividend yields at the underlying company level that also typically exceed other equities. These yields can change over time, however, and their decline from 2009 – 12 reflect the sector’s rising valuation.
• Importantly, external factors can affect the stability of the actual distribution paid to unitholders. While fund managers have acted to address these issues, investors looking to fulfill a regular income need should be aware of the potential shortcomings.

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