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Dow Jones Indexes and Brookfield Asset Management have launched an index that measures the highest-yielding stocks in the Dow Jones Brookfield Global Infrastructure Composite Index.
Michael A. Petronella (pictured), president of Dow Jones Indexes, says: "We've seen continued interest in infrastructure assets as a growing investment niche, along with the need for accurate measurement tools. The new Dow Jones Brookfield Global Infrastructure Composite Yield Index takes a yield-oriented approach to measuring the performance of infrastructure companies. This focus makes the index a suitable benchmark for clients and market participants seeking the extra benefit of strong dividends in their infrastructure portfolios.”
Craig Noble, managing director of Brookfield's global infrastructure securities platform, says: "The appeal of global infrastructure securities lies in predictable and growing cash flows. The strength of these cash flows results in strong dividend components, which are particularly attractive to investors given the recent volatility in broader equity markets.”
The index universe is defined as all stocks in the Dow Jones Brookfield Global Infrastructure Composite Index. Companies are ranked in descending order by indicated annual yield, and the top 70 per cent of the stocks are selected as index components. The index is weighted by float-adjusted market capitalisation. The weight of individual components is capped at ten per cent on a quarterly basis.
The Dow Jones Brookfield Global Infrastructure Indexes measure the performance of companies that exhibit strong infrastructure characteristics. The index family includes a composite index, regional indexes for the Americas, Europe, the Asia-Pacific and Global ex-US, and eight sector indexes for airports, communications, diversified, oil and gas storage and transportation, ports, toll roads, electricity transmission and distribution and water. Also included is the Dow Jones Brookfield Infrastructure MLP Index, which tracks master limited partnerships.
The Dow Jones Brookfield Global Infrastructure Composite Yield Index is reviewed semi-annually in March and September. Index composition and weighting adjustments are also made on an as-needed basis to account for corporate actions such as delistings, bankruptcies, mergers or takeovers.
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