Christopher DeNunzio

(1) Source: BofA Securities Global Research, 11/13/2020. Analysis aggregating more than 1,800 studies on fiscal multipliers.
(2) 12/31/2005–9/30/2021. Source: FTSE, MSCI, FactSet, Cohen & Steers. Annualized returns: global listed infrastructure (GLI): 7.8%; global equities (GEq): 7.9%. Standard deviation: GLI: 12.8; GEq: 15.6. GLI capture vs. GEq: upside: 67%; downside: 64%.
(3) 6/1/1991–9/30/2021. Source: Bloomberg, Refinitiv, U.S. Bureau of Labor Statistics, Cohen & Steers proprietary analysis. Inflation beta: GLI: 4.8; GEq: 1.5; U.S. Treasuries: -1.2. Inflation beta is the linear regression beta of 1-year real returns to the difference between the y/y realized inflation rate (U.S. CPI) and lagged 1-year-ahead expected inflation (median inflation expectation from Univ. of Michigan Survey of 1-year-ahead inflation expectations), including the level of the lagged expected inflation rate.
(4) At October 31, 2021. Source: JPMorgan Chase.

Index definitions and important disclosures

An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment.

Global listed infrastructure: FTSE Developed Core Infrastructure 50/50 Index, a market-capitalization-weighted index of infrastructure and infrastructure-related securities in worldwide developed markets; constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors, including pipelines, satellites, and telecommunication towers. Inflation beta calculation (above) based on a 50/50 Blend of Datastream World Pipelines and Datastream World Gas, Water and Multi-Utilities through July 2008; Dow Jones Brookfield Global Infrastructure Index thereafter. The Dow Jones Brookfield Global Infrastructure Index is a float-adjusted market-capitalization-weighted index that measures performance of globally domiciled companies that derive more than 70% of their cash flows from infrastructure lines of business. Global equities: MSCI World Index, a free-float-adjusted index that measures the performance of large- and mid-capitalization companies representing developed-market countries and is net of dividend withholding taxes. U.S. Treasuries: ICE BofA U.S. 7-10 Year Treasury Index is composed of U.S. Treasury Notes with a 7-10-year maturity.

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