Northern Multi-Manager Global Listed Infrastructure Fund Q1 2026 Commentary (Mutual Fund:NMHYX)
Northern Trust Asset Management·2026-06-18·via All Articles on Seeking Alpha
Summary
In the first quarter of 2026, the global listed infrastructure sector, as measured by the S&P Global Infrastructure Net Index, returned +8.12%.
The Northern Funds Multi-manager Global Listed Infrastructure Fund underperformed its benchmark, the S&P Global Infrastructure Net Index, during the first quarter with a return of +7.82%.
Sub-adviser Lazard underperformed due to out-of-benchmark positioning in communications towers and a lack of exposure to oil and gas infrastructure.
Sub-adviser Cohen & Steers outperformed due to positive stock selection across the portfolio, as well as underweights to airports and highways and rail tracks.
Sub-adviser Eagle Global Advisors' energy infrastructure strategy outperformed with an overweight in oil and gas infrastructure.
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Fund Commentary
In the first quarter of 2026, the global listed infrastructure sector, as measured by the S&P Global Infrastructure Net Index, returned +8.12%. While utilities and oil and gas infrastructure were the top performing sectors, airports and independent power producers (IPPs) lagged
