XJO up 4.6%, the SP global infrastructure benchmark up 9.3%.
So they made about 1.9b in performance. A rough benchmark would be 0.7b global, 1.35 infr, and 0.2 xjo totals 2.25b. So an 18% miss there (note one month is not Stat Sig, net flows made up for outflows, they will have cash holdings so not fully invested, but they are meant to beat benchmarks pre tax and fees), but good momentum. Face value is different to what you would expect after some analysis.
XJO up 4.6%, the SP global infrastructure benchmark up 9.3%. So...
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