Insights

In our annual 2026 Outlook in January, we discussed what the year ahead could bring. Reflecting upon the risks and opportunities we highlighted, and the events of the last six months, the central tenets of our outlook have held true.

This is the 23rd edition of our Trip Insights series, where we share our travel experiences and on-the-ground perspectives from our company meetings and regional visits.

“These massive increases in AI-related capex estimates will also pull up S&P 500 EPS estimates for 2026-27, given the accounting mismatch for revenue / profits (immediate recognition) and costs (mostly capitalised). The profits magic of capital spending booms”. James Chanos, President/Founder of Kynikos Associates.

When the 4D Global Infrastructure Fund (Unhedged) passed its tenth anniversary in March 2026, it had delivered annualised returns of over 10% since inception[1]. Global Portfolio Manager Sarah Shaw reflects on what’s changed in the infrastructure world over that decade, what the next chapters look like, and why the core investment case remains as compelling as ever.

In response to the re-emergence of inflation (core / trimmed mean) which has dogged Australian policy makers since COVID, last month the Reserve Bank of Australia (RBA) raised interest rates for a second time this year to 4.1%.

At 4D Infrastructure, responsible investment is embedded across our investment and stewardship processes, reflecting our conviction that strong environmental, social and governance (ESG) practices support better long-term outcomes for investors and communities.

In this, our annual review and outlook, Tim Snelgrove (Investment Director) and Sarah Shaw (Global Portfolio Manager) discuss the key factors currently in play and consider other more recent developments that could impact the global economy over the medium to long term.

This is the 22nd edition of our Trip Insights series, following a research trip undertaken by Seb Clemens, Investment Analyst, across Canada and parts of the United States in December 2025. The trip provided valuable insights into the evolving political and economic landscapes across North America, including their impact on the infrastructure sector.

As specialists, we are often quizzed about many aspects of real estate. And with a global perspective, one topic that seems to come up often is our thoughts on the A-REIT sector and how it compares to the global opportunity set.