Hi Graeme, we define core infrastructure as assets which have stable and resilient cash flows, with a monopoly position which allows the ability to pass on cost inflation. Toll roads, fully regulated energy grids, airports and some tower assets meet this definition. Non-core infrastructure would include things like data centres, power plants selling into unregulated markets, and some social infrastructure such as aged care facilities. Non-core infrastructure will tend to have greater exposure to economic cycles, and therefore can be less defensive and tend to behave more in line with broader stock markets.

On Defensive equity: Listed infrastructure vs Property REITS -