Ecofin Global Utilities and Infrastructure Trust (EGL)

through.Correct.

So, so the, the way we define the investment universe, uh, it includes electric and gas utilities.

As you say, that's the most traditional part of the value chain.

But we, um, also invest in, uh, environmental services such as water and waste management, very different drivers and characteristics.

Uh, and we invest in transportation infrastructure services, so, um, airports, uh, toll roads.

The, the, the common characteristic between those three sub-segments, if I want to simplify it, is to be based on, uh, long duration business models, again, with high degrees of predictability of future cash flows.

Um, and we don't want to invest to gain exposure to any type of industrial business.

We're not about indus- industries, we're not about tech.

We are purely about asset-backed services with long duration business models.

That's the, the, the, the beauty of it.

Um, what we are seeing today, and we've seen that evolution starting about 10, 15 years ago, is a transition from a, an investment universe, which was, uh, a combination of very merchant driven, merchant type of business models.

So based on, uh, exposure to commodities, fluctuating commodities were going up, great businesses were, you know, less, uh, uh, encouraged and, uh, not as good businesses.

Uh, it was a combination of merchant businesses and purely regulated with no growth businesses.

Uh, this has dramatically changed.

We've seen a significant de-risking, uh, and exposure to structural growth trends, uh, largely related to electrification trends.

So tha- that... those are driving themes today, which explain how the space has dramatically transformed itself over the past few years, and it's continuously evolving towards a much de-risked type of model.

Uh, so I would say utilities and infrastructure are much less a bond proxy-

Mm.

-type of asset class than they were 10 years ago.

Mm-hmm.

But they're still perceived as bond proxy.

So for-

Absolutely

... them, they, they move like bond proxies in, in, in market events, and it doesn't make sense anymore.

So for us-