I have been wanting to diversify into some real assets for sometime, particularly infrastructure and property but have been put off by the opaqueness of a lot of funds and have been concerned with valuations too. For me price is everything when buying an asset and I had to have confidence that a manager was buying the right assets at the right price.
Enter Warryn Robertson from Lazard. He did a couple of podcasts on Livewire Markets and I was super impressed with his price modelling and the risk free rate assumptions he uses when buying an asset. He seems extremely patient and adverse to over paying. I like that it's a concentrated , active fund and there is an unlisted version that has paid about 9% pa since inception. For me it's a solid defensive investment that I intend holding long term.
I always look for your posts daily but don't always get a chance to reply. I agree with Stumpedup 's view on private equity, it is vital that you engage with a manager that you can totally trust. Interested to hear his views on Schroeders too, I have look at some of their products but have never known much about them as asset managers.
I withdrew almost totally from equities in early 2022 and although allocating quite a bit back into the market late 2023, I still have to deploy a fair chunk. Always looking for new opportunities and I guess I have become a bit more informed than just to put my money into average LICs. I have had my eyes on GC1, ECP and FSI too but haven't been able to pull the trigger.
Good luck going forward and love the work that you put in here.
