Key Takeaways Leveraging in-depth knowledge of infrastructure as a unique asset class is the best way to fully capture sustainability in an investment process. When considering North American midstream and hydrocarbon infrastructure, we have revised our longer-term growth expectations for commodity volumes lower, although it is still possible to discover relative value in the space. Sustainability factors are deeply embedded into the regulation of the U.K. water industry, with companies properly incentivized to deliver long-term resilience against climate change, reduce environmental degradation and improve water quality. With sustainability factors more prominent than ever in the path forward for equities, the importance of integrating environmental, social and governance (ESG) considerations when investing in real assets such as infrastructure should come as no surprise.