The Renaissance Infrastructure IPO Index
The Renaissance Infrastructure IPO Index captures the performance of newly public companies whose products and services are critical to the development and maintenance of infrastructure assets. With a growing population, increased privatization of government-controlled sectors and relative underinvestment in societal assets over the past few decades, infrastructure has taken center stage with investors seeking exposure to companies with stable cash flows and relatively little exposure to cyclicality. Included in the index are firms that concentrate on Energy, Real Estate, Transportation and Communication, as well as social sectors, such as Healthcare and Education. New infrastructure enterprises appear first on the IPO market; this enables the Renaissance Infrastructure IPO Index, a subset of the benchmark Renaissance IPO Index®, to capture the performance of these infrastructure plays at the earliest stage available to public investors.
Top 10 Holdings As of December 2009
1. American Water Works (AWK)Water Infrastructure-Water Utilities
2. DigitalGlobe (DGI)Telecom/Satellite Networks
3. Grand Canyon Education (LOPE)Social Infrastructure/Online Education
4. Western Gas Partners (WES)Energy Distribution/Gas Storage & Transp.
5. Education Management (EDMC)Social Infrastructure/Post-secondary Educ.
6. Williams Pipeline Partners (WMZ)Energy Distribution/Gas Storage & Transp.
7. Select Medical Holdings (SEM)Social Infrastructure/Healthcare Facilities
8. Bridgepoint Education (BPI)Social Infrastructure/Online Education
9. RailAmerica (RA)Transportation/Highways & Railroads
10. Government Properties (GOV)Real Estate/Industrial Facilities