Global Infrastructure Playbook – 3Q 2026

In the 3Q 2026 Global Infrastructure Playbook, Morgan Stanley compiles sector views and preferred overweight ideas from its listed infrastructure research teams, while its quant research team applies a quantitative framework to determine the best sectors and regions for investing across global infrastructure. In 3Q26, the GLIO VettaFi Developed Listed Infrastructure Index was down 7.3% (+8.9% YTD), while the median of Morgan Stanley's Global Listed Infrastructure Preferred OW List rose 0.6% (+10.2% YTD), versus +2.0% for the MSCI World Index and +2.3% for the S&P 500. Additions this quarter included AENA.MC, BRTI.NS, CSQR.N, GMG.AX, GULF.BK, 600312.SS, 002270.SZ, KNTK.N, LINE.O, 601155.SS and 1972.HK, while removals included AMT.N, BEP.N, CHC.AX, CWY.AX, CWEN.N, CTPNV.AS, FOUG.PA, HASI.N, 0012.HK, 002080.SZ and 8830.T. At the sector level, Telecoms screens relatively well on both quantitative and fundamental measures, while Energy appears relatively less attractive;