Exclusive Interview with Manoj Patel, Co-Head of Infrastructure Securities and Co-Lead Portfolio Manager at Deutsche Bank: Gatekeeper Infrastructure Assets Create High Barriers to Entry and Monopoly Returns

67 WALL STREET, New York - August 24, 2013 - The Wall Street Transcript has just published its International Investing Strategies Report. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Bottom-Up Stock Selection - Value Oriented Strategy - Value Investing - Deep Value

Companies include: AT&T, Inc. (T), Sprint Nextel Corp. (S), Verizon Communications Inc. (VZ) and many others.

In the following excerpt from the International Investing Report, the Deutsche Bank global infrastructure asset manager discusses his investment philosophy and top picks:

TWST: Please start by telling us about the Global Infrastructure Fund.

Mr. Patel: The fund launched in the summer of 2008, right before the financial crisis. Now the fund is one of, if not the largest infrastructure fund in the states. The size of the fund is about $2.2 billion now. From a performance perspective, it is somewhere in the top 3% to 5% of world equity funds based on the Morningstar category.

The fund is positioned as a global infrastructure fund. It invests in publicly traded, asset-based infrastructure companies. We invest in companies that own and operate what we call pure-play infrastructure assets. The way we broadly define pure-play infrastructure assets are those companies that own and operate gatekeeper assets. These are the gatekeepers of the world, gatekeepers in transportation, and would include seaports, airports, toll roads and even rail. We own gatekeepers in energy, which include pipelines, power transmission and distribution; gatekeepers in communications, like towers, satellites; and finally, gatekeepers in water, like water pipelines, purification plants, desalination plants.

All of these assets have a few common themes among them. One is that when you own the assets, it's a large asset, it tends to have some sort of monopoly status or some sort of very high barriers to entry...

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