A liquid core infrastructure portfolio providing strong and stable returns with an extraordinary level of customisation
Whitehelm’s Completion Portfolio is a bespoke portfolio of highly liquid, listed infrastructure stocks specifically selected to complement our clients’ unlisted infrastructure portfolios. The Completion Portfolio combines Whitehelm’s listed infrastructure expertise – notably through the Listed Core Infrastructure Fund – with our expertise in constructing optimised unlisted infrastructure portfolios.
The highly customisable nature of the Completion Portfolio allows it to be tailored to complement our clients’ illiquid portfolios, thereby aligning their infrastructure portfolio to their desired risk and return objectives, exposures, and investment characteristics (e.g. yield, beta, volatility, and ESG).
This is achieved by applying Whitehelm’s holistic investment framework that allows us to compare and contrast investment characteristics across both unlisted and listed infrastructure. This process ensures that the Completion Portfolio consists of high quality, core infrastructure stocks that complement our clients’ unlisted portfolios and investment objectives.
The Completion Portfolio provides two key benefits for investors.
First, the liquid nature of the portfolio provides a mechanism for managing to a strategic asset allocation – helping smooth out the inherently bumpy nature of unlisted investing.
Second, the flexibility of Completion Portfolio allows investors to adjust the investment characteristics of their portfolio in real time. This could include reducing exposure to a particular sector or increasing exposure to inflation linked assets.
The Completion Portfolio is further complemented by Whitehelm’s proprietary Relative Value Framework. The Relative Value Framework is designed to allow us to compare the advantages and disadvantages of unlisted opportunities against the listed portfolio to determine which provides better value at any point in time.
Kvitebjørn Varme is the district heating network in the city of Tromsø, the largest urban area in Norway inside the Arctic Circle. It produces more than 170 GWh of thermal energy annually, primarily from sustainable and low carbon generation technologies (including a modern 22MW waste to energy plant with an annual capacity of 56,000 tons). The heat is distributed through a network of 55km of underground pipes.
Kinland owns a portfolio of 227 preschools and 18 care properties across Norway, Finland, Sweden, Poland and The Netherlands. Kinland is a pure asset owner, with long-term, inflation linked, triple-net leases with leading preschool operators. Contractual terms are typically for 15 to 20-years and often include additional 15-year extension options.
Rowville Transmission Facility (RTF) owns an electrical transmission facility located in the eastern suburbs of Melbourne. RTF converts electricity from 500kV to 220kV for distribution. The facility receives a monthly fee from the Australian Energy Market Operator, while the operation and maintenance of the asset is outsourced to Ausnet Services.
One of the world’s most experienced infrastructure managers & investment strategy advisers