SYD Overvalued?, page-69

I sold out in June, simply because my overall long infrastructure position had grown way too large (>50% of NAV at the peak).

Note that the very reason I bought into SYD in the first place (in February/March) was because I wanted more real-yield exposure after the sell-off in bonds, but was already maxed out on both TCL and AIA.

So this was like a take-profit on a position that, from the beginning, was meant to be an “overlay”, more so than a “core”.

Still a very solid yield proposition, though, so I’d happily start accumulating back on a further sell-off.

Cheers