About us

4D Infrastructure (4D) is a boutique asset manager investing in listed infrastructure companies across all four corners of the globe. Established in partnership with Bennelong Funds Management in April 2015, the 4D team comprises two experienced infrastructure investors, Sarah Shaw and Greg Goodsell, supported by senior investment analysts Mark Jones and Peter Aquilina, and investment analysts Christopher James and Tasneef Rahman.

The 4D Global Infrastructure Fund was launched to retail and institutional investors in March 2016.

Our Team

Sarah Shaw Global Portfolio Manager and Chief Investment Officer

Sarah Shaw


Sarah has 27 years' finance experience across accounting, commercial law, sell side and buy side research and portfolio management. This includes 15 years' global listed infrastructure experience, seven of which were offshore. Sarah has diverse global experience, having worked within global teams and funds for the past 17 years. She has particular expertise in emerging markets, having followed the region since 1998, combined with regional experience across developed Asia (including Australia), Europe and the USA.

In her previous role, Sarah was a senior member of the listed infrastructure team for AMP Capital Brookfield. Prior to that, Sarah was one of the first employees of RARE Infrastructure in 2006, where she covered emerging markets and Europe with both analytical and portfolio management responsibilities.

Sarah is an experienced portfolio manager, having successfully launched and managed several listed infrastructure funds including being involved in the build-out of two start-up listed infrastructure capabilities.

Greg Goodsell Global Equity Strategist

Greg Goodsell

BCom, CA, F Fin

Greg has more than 30 years' experience in global financial markets encompassing a diverse array of roles in asset management, investment banking, stock broking and treasury. This includes working in Australian and international infrastructure as a financier, equity and debt investor.

Most recently, Greg worked at RBS Australia (formerly ABN AMRO Australia) as the Australian equity market strategist. In this role he was responsible for developing Australian equity market outlook and strategy positions, and articulating these views in published research papers. Greg also spent 10 years with Bankers Trust Australia in both investment banking and the Australian equity investment team, where he was responsible for listed Australian utility and infrastructure stocks.

He brings a unique depth of experience to the 4D team with his background as an equity market strategist and broad exposure to infrastructure.

Mark Jones Senior Investment Analyst

Mark Jones

MBA, MTech, B.Sc

Mark brings a well-rounded and highly experienced skillset to the 4D team, with 13 years' experience in capital markets. His most recent role was with Goldman Sachs Asset Management as a buy-side investment analyst in the listed infrastructure and Australian equities teams. In this role, Mark was responsible for coverage of global and Australian listed infrastructure companies.

Mark has particular expertise in communications infrastructure, being responsible for the sector for the past five years. He was also involved in client relationship management, including regular presentations to key institutional clients and asset consultants. Previously, Mark worked with UBS and NAB.

Peter Aquilina Senior Investment Analyst

Peter Aquilina

BBus, CFA®

Peter has more than 10 years' experience in investing in and managing infrastructure asset companies across Australia and Europe. Over this time Peter was involved in a number of large privatisations and secondary market transactions in infrastructure, as well as supporting Board members in managing infrastructure companies.

Peter recently worked for Lazard Australia in the financial advisory division, where he advised corporates and governments on a number of M&A transactions and strategic reviews. Peter also worked for a number of years in London for First State Investments and JP Morgan Asset Management in their respective direct infrastructure investment teams. There he undertook investment analysis on potential acquisition targets and was involved in asset transactions. He also supported Board representatives in managing assets across transport, utilities and power generation.

Christopher James Investment Analyst

Christopher James


Chris has a broad base of experience in financial markets extending across accounting, investment operations and buy-side equity research.

In his previous role at RARE Infrastructure, he was initially an investment operations officer before commencing the transition to a buy-side equity analyst. In meeting the demands of these two roles, Chris built sophisticated spreadsheet and modelling tools that delivered effective and efficient reporting, as well as portfolio risk mitigation via automisation mechanisms. Chris also developed portfolio analytic tools, market reports and peer performance reports; undertook investment model maintenance; and prepared client valuation packs. Prior to joining RARE, Chris was a professional accountant within the business services division of a major firm.

Tasneef Rahman Investment Analyst

Tasneef Rahman

B.Com. B.LLB

Tasneef has a diverse range of experience across both funds management and corporate advisory. In his previous role Tasneef was a senior analyst in Crowe Horwath's corporate finance team, where he advised corporate and private equity clients on M&A, capital raisings and divestments.

Prior to this Tasneef worked as a fund data analyst at Morningstar where he was responsible for analysing data to support Morningstar's research platforms, as well as maintaining relationships with fund managers and institutional clients.

To find out more about our team, please contact us.


Investment objective

4D's investment objective is to identify and invest in high quality, listed infrastructure companies which are trading at or below fair value, with sustainable, growing earnings combined with sustainable, growing dividends.

4D considers itself to be a truly global investor with research covering all four corners of the globe - aiming to deliver investors the best possible opportunities from across the full spectrum of global listed infrastructure stocks.

Investment philosophy

4D is a value-driven, long-term investor looking to acquire assets below their fundamental value. The team's investment expertise allows it to take advantage of market inefficiencies and temporary dislocations very quickly. 4D has a fundamental, bottom-up, team-based investment process with integrated strategic macro input.

While 4D's concentrated investment portfolio is index unaware and subject to sector and regional guidelines, it comprises the best stock ideas from around the globe with a time horizon of (on average) three to five years, with 30–60 stocks in the investment portfolio.

Stock universe

The broad global universe of listed infrastructure and utility stocks comprises around 800 listed companies with a market capitalisation of approximately $US4 trillion.

4D adopts a narrow definition of 'infrastructure', being the actual owners and operators of regulated and/or 'user pays' assets with the following attributes:

  • monopolistic market position or one with high barriers to entry;
  • inflation hedge within the business;
  • visible and resilient earnings stream;
  • strong cash generation;
  • strong regulatory regimes or contracts;
  • long dated assets;
  • acceptable levels of gearing; and
  • ESG considerations.

This definition, along with strict investment guidelines, allows the team to focus their research efforts, delivering a core investible universe of around 300 listed stocks with a market capitalisation of approximately US$3 trillion.