There is no doubt that 2023 was a challenging year for GCP and the broader infrastructure sector as a confluence of factors weighed on performance, particularly the rapid increase in interest rates. Despite this, the company was still able to generate positive NAV returns thanks to inflation linkages and contracted earnings, which helped offset the impact of rising discount rates. Disappointingly, negative sentiment continued to weigh on the company’s shares, with the discount widening to a reco ....
