Marlborough
Malborough Global Essential Infrastructure
Sep 2026 → Oct 2026
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 13 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Marlborough for every strategy.
What it bought and sold
Ferrovial (-21%) led the weakness as investors reassessed the funding requirements and prospective returns of its newly awarded I-24 express- lanes project.
NiSource (-17%), Italgas (-17%) and CenterPoint (-16%) also fell as the sharp rise in long-term interest rates compressed utility valuations.
NiSource (-17%), Italgas (-17%) and CenterPoint (-16%) also fell as the sharp rise in long-term interest rates compressed utility valuations.
NiSource (-17%), Italgas (-17%) and CenterPoint (-16%) also fell as the sharp rise in long-term interest rates compressed utility valuations.
We exited the position.
Also held
Its investment theses
- Williams CompaniesSep 2026Williams Companies is using private capital partnerships to fund growth while preserving operational control and long-term upside for public shareholders.
- ONEOKSep 2026ONEOK is raising private capital on attractive terms, indicating strong demand for its long-life, contracted energy infrastructure cash flows.