At the outset, the managers note that most global companies have now released their Q3 reports, with results generally coming in strong. Among S&P 500 companies, 80 percent have exceeded earnings expectations--a pattern also reflected in the fund, where 17 out of 23 companies reporting so far have outperformed forecasts.
The best-performing sector during the month was power supply, primarily driven by renewable energy. Despite reporting slightly below expectations, Fortum surged 20 percent in October and is now up nearly 50 percent over the past year.
"Fortum has undergone a transformation in recent years and is now a pure-play Nordic power producer with virtually only fossil-free production. The company is now also accelerating the transition of its small remaining fossil-based operations," the managers write.
Additionally, Solaria showed strong performance thanks to the company's new data center division and ongoing capacity expansion.
The managers further note that much of the market movement during the month can be linked to AI and the significant investments being made by "hyperscalers" such as Microsoft, Meta, Amazon, Oracle, and Google. The companies' reports indicated a further acceleration in investments, with Meta, for example, announcing it would take on debt to invest more--a move that triggered a negative share price reaction.
"AI thus continues to be a strong theme, with the fund having some indirect exposure via power production and electricity grids, which are often cited as the main bottlenecks for continued data center expansion."
Finally, the managers report that the acquisitions market has come back to life. They cite railroad company Union Pacific, which is seeking to merge with competitor Norfolk Southern. According to the managers, such a merger would create the first coast-to-coast rail network in the U.S., potentially driving further consolidation in the sector.
At the end of the month, the fund's largest holdings were Veolia Environnement, American Tower, and National Grid, with portfolio weights of 4.4, 4.3, and 4.2 percent, respectively. The largest sectors were industry, power supply, and real estate.
The U.S. was the fund's largest market, accounting for 39.3 percent of the portfolio, followed by France at 10.5 percent and Italy at 9.0 percent.
| Carnegie Listed Infrastructure, % | October, 2025 |
| Fund MTD, percent change | 0.97 |
| Fund YTD, percent change | 6.09 |
