Global Infrastructure Portfolio Expansion
The Global Infrastructure Portfolio delivered a +22.8% return in FY 2025, anchored by transformational investments in renewable energy generation, hyperscale data center development, and inter-regional transportation networks across Europe and Southeast Asia. The portfolio's low-volatility profile significantly outperformed traditional infrastructure benchmarks.
Renewable Energy — Largest Allocation
Our 35% allocation to renewable energy infrastructure generated exceptional returns as European energy transition policy accelerated and power purchase agreement (PPA) pricing rose to decade highs. We own stakes in offshore wind projects in the North Sea and large-scale solar in Southern Europe, all with long-duration contracted revenue streams providing earnings certainty through 2038 and beyond.
Data Center Development
The data center sub-portfolio was our highest-returning segment at +38% for the year. Colocation demand driven by AI model training and inference requirements created acute capacity shortages in tier-1 markets. We partnered with two hyperscalers on build-to-suit campuses in Ireland and Singapore, locking in 15-year leases at above-market rates during the construction phase.
Southeast Asia Transportation Networks
Rail and logistics infrastructure in Vietnam and Indonesia benefited from supply chain diversification trends as manufacturers established regional alternatives to China-centric production. Throughput volumes at our port concession in Ho Chi Minh City grew 34% year-over-year, with revenue growing faster due to favorable tariff renegotiations concluded in Q2 2025.
Capital Structure & Financing
The portfolio maintains conservative leverage with a weighted average LTV of 38%, well below covenant limits. We refinanced $340M of floating-rate debt into long-term fixed-rate instruments in Q1 2025, insulating the portfolio from subsequent rate volatility. Interest coverage stands at 4.2x on a portfolio-wide basis.
Important Disclosure: Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. The information presented here is for informational purposes only and does not constitute investment advice. Please consult your Stellaris Investments advisor before making investment decisions.
Key Metrics
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