Summary

• The abrdn Global Infrastructure Fund outperformed its benchmark in the first quarter of 2026.
• RWE benefited from the German stimulus bill, which provides funding for new generation, as well as the company's decision to cut renewable capital expenditure and return more capital to shareholders.
• Cheniere Energy saw its shares rise strongly on a combination of a significant global supply shock after attacks on Qatar's Ras Laffan facility and a $10 billion share buyback programme.
• International Container Terminal Services reported good quarterly results, showing annual percentage revenue growth in the mid-teens and margins close to all-time highs.
• Crown Castle moved lower on news that Dish had defaulted on its obligations to the company, although Dish is only a low single-digit percentage of overall revenues.

Fund performance

The abrdn Global Infrastructure Fund outperformed its benchmark in the first quarter of 2026. ^¹

In terms of individual stock positive contributors, RWE (RWEOY), the European electric utility, benefited from the German stimulus

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