Infrastructure and utilities: grids, water, toll roads, towers

Balanced portfolio of 12 regulated or contracted infrastructure cash flows: electricity grids (National Grid, Terna, E.ON, SSE, Enel, NextEra), gas grid (Snam), water (Veolia, American Water), toll roads (Vinci, Ferrovial) and cell towers/data centers (American Tower). The 2026 energy crisis (Hormuz barrier, TTF 73-75 EUR/MWh, EU gas storage 72%) accelerates network investments and supply security capex; Regulated asset bases are growing 8-10% p.a. in many places. Horizon 3-5 years, target 8-10% total return p.a. including ~4% dividend. Weighting 7-10% each, rebalancing every six months. Main risk: Interest rates – Fed 3.75-4.00% (2026-09-16) and ECB 2.5% (2026-09-10) make refinancing of capital-intensive networks more expensive and depress valuations; plus regulatory risk and political intervention in energy prices. The portfolio is NOT an oil/gas producer bet and NOT a renewables pure play.