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Horizon Fund- Feb’21 Estimate & Commentary

February 2020 was witness to the day of reckoning for many global utility, infrastructure & REIT fund managers. After years of relying on the tailwinds of downward sovereign and corporate debt yields (negative yielding debt hit USD$18trn, 27% of the worlds investment grade debt in Dec 2020), the inflection point in the cycle arrived – much faster than most anticipated….