30 SEPTEMBER 2026
Megaprojects: A Cross-Sector Industrial Capex Cycle
ClearBridge Investments believes an industrial capex cycle for LNG infrastructure, semiconductors, manufacturing reshoring and grid modernization remains in its early stages.
Key takeaways
The macro
- Infrastructure pays off long term; short-term impact depends on context: Outcomes vary by region and project type, with emerging markets often seeing stronger economic effects.
- Digital and defence projects stand out: Broadband boosts productivity fast; defence spending drives long-term growth – making infrastructure a strategic lever for governments.
The market
- Infrastructure is recession-resilient and in demand: It offers stable returns and diversification when other assets struggles making it a valuable portfolio anchor.
- Energy and AI are reshaping global infrastructure: Clean power and data needs are driving investment, especially in frontier and emerging markets.
The managers
- Big themes, bigger growth: Energy transition, climate adaptation and AI are accelerating infrastructure investment, with utilities expanding faster than at any point in recent decades.
- Regulated assets offer stability and scale: Long-term contracts and supportive policy frameworks help infrastructure operators deliver predictable returns and attract investor capital.
Episode 4: The macro, the market and the managers
FTF ClearBridge Global Infrastructure Income Fund
A global infrastructure fund that targets a high level of income with a secondary objective of long-term capital growth.
Fund information
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Strategy monthly update
Our portfolio managers provide their latest comments on ClearBridge’s infrastructure strategies.
