HOW TO PLAY IT

According to Brad Frishberg

With inflation fears rising, Brad Frishberg, manager of Macquarie Global Infrastructure Total Return Fund, recommends finding shelter in “durable businesses with highly contracted cash flows that have minimal shortterm sensitivity” to price increases— like toll roads, pipelines and LNG terminals. His top holdings include Cheniere Energy ($9.4 billion sales), which exports LNG from facilities in Louisiana and Texas, and Sempra Energy, which has LNG assets on the Gulf Coast and the Pacific coast of Mexico. Frishberg sees strong pricing for LNG in the years ahead, as “project delays and cancellations are increasingly likely to tighten the supply outlook.” Among his more offbeat infrastructure bets: ENAV SpA, a regulated monopoly (and reliable dividend payer) providing air traffic control to Italy. “Air travel will return to prior levels once travelers feel safe.”