We aim to generate high single-digit returns with lower market volatility over the long term. We believe the best way to accomplish these outcomes is to invest in essential service infrastructure businesses because of certain characteristics which include, but are not limited to, the following:

• Operate in businesses with high barriers to entry
• Face limited competition, but higher regulatory scrutiny
• Have historically low risk of bankruptcy
• Generate consistent, sustainable cash flows
• Produce net profits in both up and down economic cycles

Over our Firm’s history, we have focused on a few select, non-discretionary industries on which our modern economy depends:

• Regulated assets, such as electric and gas transmission and distribution, water distribution and wastewater treatment
• Communication assets, including wireless service providers, communication towers, data centers, and cable/broadband systems
• Transportation assets including railroads, oil and gas pipelines, and distribution logistics