Global Equities
Global Infrastructure
Below you will find the monthly commentary and portfolio update for TAMIM Global Infrastructure Fund.
December 2025 | Investor Update
We provide this monthly report to you following conclusion of the month of mber 2025.
Global equities ground higher in December, finishing a strong year for global developed market equities. International markets outperformed US equities, driven by broad-based gains across regions. Some year-end profit-taking, combined with a cooling of the AI narrative weighed on momentum, though investor sentiment remained broadly positive.
The strategy underperformed its benchmark during the quarter. The primary driver was an underweight in telecommunications, where uncertainty about the pace of further central bank rate cuts compressed valuation multiples and kept income-oriented investors cautious. AI-linked utilities also struggled as investors de-rated the trade amid bubble concerns, profit-taking, and higher discount rates, while reassessing how much, how fast, and on what terms utilities will actually earn from data-centre power contracts.
At the end of November, we closed positions in AI-linked names Vistra and Sterling Infrastructure, believing the theme had run too far. With hindsight, we were not aggressive enough in reducing this exposure.
The AI capex theme dominated the sector in 2025, and while network capacity remains the primary bottleneck for AI-related demand, we anticipate a shift in 2026 toward efficiency gains rather than pure capex expansion. Energy markets underperformed in 2025, but we see a turnaround ahead—particularly in natural gas, which we believe will increasingly be viewed as the reliability anchor for growing electricity loads. Listed infrastructure remains a compelling opportunity despite historically elevated valuations. Volatility in global markets remains a significant risk, and we expect investor appetite for the stable, predictable cashflows inherent in listed infrastructure to increase.
Fund Performance
Fund Facts
Investment Parameters
| Management Style: | Active |
| Investments: | Global Equities |
| Investable universe: | Nasdaq Composite |
| Number of securities: | 40-50 |
| Derivatives: | Yes |
| Leverage: | No |
| Portfolio turnover: | Typically < 25% p.a. |
| Cash level: | 0-100% (typically 0-20%) |
Fund Profile
| Investment Structure: | Unlisted Unit Trust available to wholesale or sophisticated investors |
| Minimum Investment: | $100,000 |
| Management Fee: | 1.25% p.a. |
| Admin & Expense Recovery: | Up to 0.35% |
| Performance Fee: | 20% of performance in excess of hurdle |
| Hurdle: | Greater of: RBA Cash Rate +2.5% or 4% |
| Entry/Exit Fee: | 5% exit fee is payable on an exit from the investment in the unit class prior to the first year anniversary of the investors initial issue of units. |
| Buy/Sell Spread: | +0.25% / -0.25% |
| Applications: | Monthly |
| Redemptions: | Monthly with 30 days notice |
| Investment Horizon: | 5+ years |
| Distributions: | Annual |
