Vault Series: Capital Innovations
Surveying Infrastructure: Funding & Investing Thoughts
Infrastructure investing is at a crossroads and investors are moving forward with listed infrastructure as a viable asset class to address income, inflation protection and portfolio diversification. We have seen significant public funding issues:
- Politics of taxes – income, property, gasoline, etc.
- Disparate state/regional infrastructure conditions, federal/state regulatory/oversight interaction and funding
- 2-4 year election cycles vs 50 year infrastructure life
- Traditional view of infrastructure as a public good – don’t call it privatization! The US has seen far less privatization than other countries but listed infrastructure in “filling the gap”.
Members - $10 or FREE with function ticket
Student Members - $10
Nonmembers - $20
(member pricing underwritten by CFA Society Chicago)
CFA Institute Qualified Activity: Eligible for 1 credit hour
Attire: Business Casual
Menu: Refreshments & Light Snacks
3:30 pm - 4:00 pm - Registration
4:00 pm - 5:00pm - Program
*Please note distribution of presentation slides is at the discretion of the speaker and may not be available for this event
Michael Underhill is is the author of the acclaimed Handbook of Infrastructure Investing, has published hundreds of papers on investing and finance. Recognized for his expertise, he is frequently asked to speak on topics such as investment policy, portfolio management, and the risk characteristics of Real Asset investing. He is a regular contributor to Bloomberg Media, the CFA Institute, EDHEC Risk Institute, guest speaker at Wharton and leading think tanks like the Inter-American Dialogue.
Underhill is Chairman Emeritus of the UNPRI Infrastructure Work stream and one of the world's most provocative, respected financial analysts. Investors have used Underhill’s award-winning real estate, natural resources and infrastructure investment strategies worldwide.
Underhill is responsible for overseeing global equity investment strategies and leads Capital Innovations’ Investment Policy Group, a forum for analyzing broader secular and cyclical trends that Capital Innovations believes will influence investment opportunities. Recognized for his expertise in Real Asset investing, he is a regular contributor to Bloomberg Television, Radio and Bloomberg Events.
Prior to co-founding Capital Innovations in 2007 with Susan Dambekaln, Underhill was a vice president portfolio manager at AllianceBernstein working with large global institutional clients managing over 42 billion in assets. Before joining AllianceBernstein, he was a vice president and partner at INVESCO in the financial institutions asset management division where he was responsible for over $8 billion in assets. Prior to INVESCO, Underhill helped build the institutional fixed income capabilities for Janus Capital Corporation where the nascent effort grew to $1.8 billion at its peak. He started his career at Lehman Brothers in 1992.
Underhill graduated from Pennsylvania State University with a Bachelor of Science degree in quantitative economics. He has completed post-graduate coursework from Pepperdine University centered on Fiduciary Studies, Universidad del Salvador (Argentina) in Latin American Economics and Stanford Law School where he focused on corporate governance. He is a former NCAA athlete and USA super league rugby player with his current hobbies ranging from marathon running, downhill skiing and surfing.He is founder and chairman of the Underhill Cancer Research Foundation.
*Special Notes Regarding Fees:
Regular, Candidate, and Affiliate Members may apply function tickets as payment for Nonmember or Student Member. Credit card required to guarantee ALL reservations except for reservations using Function Tickets. Day-of-event registrations accepted on-site only if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, May 9th.
Members of any CFA society may attend at the CFA Society Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.
CFA Institute CE Qualified Activity
This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.
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