Portfolio Manager, Ecofin Global Utilities and Infrastructure Trust plc and the Ecofin Sustainable Listed Infrastructure UCITS Fund.
Joined Ecofin as Portfolio Manager in 2008. 32 years of experience in equities and utilities/infrastructure; 15 years as a specialist PM (Ecofin, UV Capital) and, previously, 17 years on the sell-side as a research analyst (Goldman Sachs, Credit Suisse, Enskilda). Director of Direct Energie S.A., 2012-2019.
Education: INSEAD (Paris), Institut Superieur de Gestion (Paris), LLB from Paris II Assas University, CFAF (certified European financial analyst).
Ecofin
The bridge connecting ecology and finance
Ecofin is a sustainable investment manager founded in 1991 with $1.8 billion AUM.
Ecofin's objective is to deliver strong risk-adjusted returns as a specialist in global infrastructure and energy transition thematics.
Ecofin combines expertise across public and private equities, private debt as well as social impact investing.
Our London investment team is highly experienced and composed of individuals who have worked together for an average of 9 years.
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Strategy overview
An alternative income strategy featuring capital preservation and exposure to global growth
Global
Income
Growth
Diversified across geographies,
Invested in securities with attractive
Growth-oriented infrastructure
sub-sectors and investment themes
yields and inflation protection
businesses and utilities
Balance North America/pan-Europe
Portfolio yield c.4%
DPS growth +5-7% p.a.
Target total return: 6-12%per annum
A mix of regulated and growth-oriented business segments:
Electric & Gas Utilities:
Generation, Transmission & Distribution of
Electricity, Gas and Liquid Fuels and Renewable
Energies
Environmental Services:
Water Supply, Wastewater, Water Treatment and waste management
Transportation Infrastructure:
Roads, Railways, Ports and Airports
Achieved total return*: 12.1% per annum
Geographical allocation (% of Portfolio)
4% 6%
11%
39%
North America
Europe
UK
Emerging Markets
Other OECD
40%
*NAV total return since inception to 31 October, 2021; share price total return of 17.1% per annum.
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Characteristics of the investment universe
Economic infrastructure offers unique characteristics that make it an attractive asset class for investors
Essential assets
Defensive profile
Low volatility
High barriers to entry
Limited competition
Secure earnings
Asset-backed services
Inflation indexing
Inflation hedge
Long-term contracts
Predictable cash flows
Sustainable and
growing dividends
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Our investment philosophy
Capturing value from the energy transition
EGL's portfolio is positioned to deliver attractive total returns by selecting the companies with the greatest exposure to secular growth trends stemming from the world's accelerating energy transition.
Total return mindset
Strike a balance between growth and income as sources of equity returns.
Seek maximum visibility on future shareholder returns.
Select companies that combine above-averagegrowth profiles with asset-backedcontracted/regulated cashflows.
Structural growth
Look for companies directly exposed to structural growth opportunities.
Key themes include the shift to renewable energy, the electrification of the economy, or the upgrade of water, waste and transport infrastructure.
Transitioning business models
Identify companies on the verge of substantial improvements in their growth and sustainability profiles, offering the best risk/reward opportunities.
Radical transformations: companies drastically improving their portfolios via large M&A, disposals or spin-offs. Examples: RWE, Veolia, National Grid, Acciona.
Gradual transitions: companies steadily improving their portfolios through consistent capital allocation. Examples: EDP, Enel, Iberdrola, NextEra.
EGL Investment Universe
Utilities in transition
Clean
Other
energy
economic
pure plays
infrastructure
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Ecofin Global Utilities and Infrastructure Trust plc published this content on 22 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2022 16:08:03 UTC.
Ecofin Global Utilities and Infrastructure Trust plc is a United Kingdom-based investment company. The Companyâs investment objectives are to achieve a high, secure dividend yield on its investment portfolio and to realize long-term growth in the capital value of its portfolio for the benefit of shareholders, while taking care to preserve shareholdersâ capital. Its assets are primarily invested in the equity and equity-related securities of utility and infrastructure companies in developed countries. These companies have a mix of regulated and growth-oriented business segments. It may invest up to 10% of the portfolio, at the time of acquisition, in the securities of companies quoted on recognized stock exchanges in non-OECD (Organization for Economic Co-operation and Development) countries. It invests in various sectors, such as integrated utilities, renewables and nuclear, and regulated utilities, among others. Ecofin Advisors Limited is the investment manager of the Company.
ECOFIN GLOBAL UTILITIES AND INFRASTRUCTURE TRUST PLC 
