Hi guys!
It's been awhile....have been working 6 days. The decline, while (ouch!) it has been good, my portfolio declined 25% less than S&P--that's a good thing! The infrastructure funds I bought this year have been hit harder than I thought they would be. I also saw every fund family now has one, and the top ten holdings are about the same. So, I think it's time to sell one. Also, this dollar going up has hurt things in the overseas area. I wish Europe would just do QE and get it over with so the world can move on. My biggest surprise in the portfolio was CHTTX this year. The girls are doing great with the downturn. The sell list got longer. GASFX --will keep toehold. Selling all (GLFOX, GLPAX, WPFRX. Have too many funds as it is. And, David, I do like your commentary. It's what keeps me coming back, so do what you do. Best keep writing because I will spend the time reading it all and pondering your thoughts.
the Puddnhead
p.s. As I discuss it with Duke (my dog), as he lies aside me, I think he mostly agrees with you. I only rarely get any backtalk from him about you.....but will keep you informed if it changes.

Up: DMCRX +0.51 (minor component), WAMFX +0.30, AQMNX +0.20, GLFOX +0.13, MAPIX +0.06.
Worst down TGLDX -0.93.

Hi, Ted!
You’re right…..I got so excited I ran out the back door and jumped in the pool….beat the dog by a step and a half, yessir! A man of action I am!
Sorry,...I just couldn’t stop myself. My wife says, “One too many….and, will you ever learn?” Women! No sense of humor! Ok, being serious…..you are quite right. I do overthink sometimes. Haven’t done much since January….was busy then. Bought GAINX -- toehold; GLFOX and NMFIX -- bought 2….1 just didn’t seem enough. Like Dennis Gartman, I want something that hurts when you drop it on your foot. I think he should drop something on his head so he doesn’t talk so much, but I digress…..
The most I put money into is MLPs, GLPAX, LCPAX, MLOZX. I don’t understand everything about MLPs, but I know I want to be there. So I guess you could say little cash, lots of talk. Sort of like the Fed when you’re out of bullets….
The Puddn

Scott,
Thanks for listing various infrastructure investments. I might be interested in TOLLX or GLFOX, although I'm wondering if I might be late to the game by initiating positions in them now. Since they may be grouped in with the utility/higher yielding sectors, do you think these infrastructure funds will be more negatively affected by an increase in interest rates compared to other sectors? Thanks.

@Scott, so what are your favorite ways to play infrastructure? Is it through funds or stocks, ie BIP? I agre on the water front have been considering CFWAX, which is load waived through Fidelity.

My position in BIP is a long-term one, although noticeably smaller than it was a year or two ago. I don't own it, but a company somewhat similar to BIP is Cheung Kong Infrastructure (CKISF.PK), which is a subsidiary of the giant Cheung Kong conglomerate.
I own INF, which I just continue to reinvest the monthly divs on.
I own a wide variety of energy infrastructure, although a favorite is Gibson Energy (GBNXF.PK), which is an enjoyable mix of infrastructure (including pipeline, rail loading and storage) as well as various oil services. They are the largest independent for-hire truck hauler of crude in the US and have an environmental business as well.
I think agricultural infrastructure is highly appealing, but options are limited. I own Graincorp in Australia, as well as a speculative position in Ceres Global Ag (CERGF.PK). The latter is really speculative, but owns both ag infrastructure, as well as rail and is building a commodity logistics center on the Canada/US border that will hook up to the BNSF rail line. Graincorp is somewhat volatile as well, but has a terrific dividend policy.
The Andersons (ANDE) is a US stock that is similar to Graincorp in a number of ways, but the volatility on that stock is enough to make one need dramamine. The Andersons has great assets, but the stock is too exceedingly volatile for me. There's also Archer Daniels Midland, although I think that's run up a bit much.
The railroads are a favorite and really something that I own and don't think about - very much a long-term investment. The railroads continue to do very well, whether it be frac sand or oil or the massive grain harvest in Canada.
In terms of frac sand, "U.S. frac-sand shipments jumped more than fourfold to 20.9 million tons in 2012 from 4.9 million tons in 2007, according to Freedonia Group, a Cleveland-based market researcher. Demand is expected to more than double to 52.1 million tons by 2022, Freedonia said" (http://www.bloomberg.com/news/2014-04-17/fracking-sand-spurs-grain-like-silos-for-rail-transport.html)
The pipelines are also worth exploring, but I do think that there's names both in the US and north of the border. It's clear that Keystone is probably not going to be approved this year (if ever), so other Canadian/US pipelines will continue to be popular, such as Kinder's Transmountain pipeline, which is pushing to expand. Enbridge and Plains All American (PAA) are other companies with exposure and there are a number of others.
I think most people can (and are probably best) playing infrastructure via a position in a fund such as TOLLX or GLFOX. I focus on individual names primarily because of my interests and a desire to focus on specific segments.

Thanks for the heads-up, bee. GLFOX is really interesting. I didn't realize the range of approaches infrastructure funds use. There was an article from WSJ in Feb (which quotes David, by the way) with a survey of i-funds. (It came up in full for me on a google search, so try that if the link doesn't penetrate the pay wall.)
The article mentions the TRP i-fund that's being merged away. With a mix of utilities and industrials like GLFOX and others, it was pretty much a failure, apparently in the execution rather than the strategy.

What a great call back at the beginning of the year to buy FIATY. I didn't make it, but I have followed it...up over 100 % over the last 12 months and 44% YTD. Nice call here at the "Scott Market".
For me MINDX, PRLAX, TRAMX has performed well enough to reallocate small profits of 10% since taking these positions.
VDE seems to be having a hard time maintaining the "golden cross" (50 dma crossing 200 dma with upward trend), but is up sharply over the last month. Ted referenced this dynamic here:
mutualfundobserver.com/discuss/discussion/13089/a-not-so-golden-cross#latest
A fund that I have become impressed with and seems to be cut from the same cloth as GASFX and TOLSX (High Sharpe Ratio, High Alpha, and Low Beta) is GLFOX which holds small to medium size global (mostly foreign) infrastructure companies (with a concentration in Industrial and utilities).
If you are unfamiliar with GLFOX, GASFX or TOLSX make it a point to research them. I add to them with short term profits from other funds and hold them through thick or thicker.

Here are a couple of other choices to look at in this area:
Lazard Global Listed Infrastructure GLFOX - 5 Star Fund with strong results so far and only 15% US stocks. A bit cheaper than TOLLX and a better yield.
Northern Multi-Mgr Global Listed Infrastructure NMFIX - Management is split between Brookfield and Lazard as sub-advisors along with a couple of managers from Northern. Expense is .99%

Probably the smoothest ride I have experienced with any of funds over the long term 5 - 10 years are two utility fund GASFX and TOLSX. I beleive GLFOX is somewhat new "utility/industrials -centric sml cap world fund" worth considering. Utilities seem to be in a sweet spot lately.
What are your favorites?

Look at GASFX (US - centric) and TOLSX (TOLLX) (50% US / 50% foreign) if you would like exposure to Utilities. Also, GLFOX (Small Cap & 80% non-US) for smaller global industrial and utility sector companies.

Plenty of Infrastructure Opps and Roadblocks!
All items from today @ Seeking Alpha
Keystone foes now gunning for Dominion's Cove Point LNG export project
Green groups call on Pres. Obama to reject pending applications to build liquefied natural gas export terminals, and "as a good-faith test case," Obama should force the FERC to conduct a broad environmental impact assessment of Dominion Resources’ (D) proposed Cove Point LNG export facility in Maryland.
The energy required to liquefy and ship gas at Cove Point would raise the fuel’s greenhouse gas emissions to the level of coal, activists say, threatening the climate like pipelines tied to developing oil sands in Alberta, such as Keystone XL.
The Energy Department already has conditionally approved Dominion to export up to 770M cf/day of natural gas to countries that don’t have free-trade agreements with the U.S., but the FERC still must review the company's plans to revamp its decades-old natural gas receiving terminal so it can instead liquefy the gas and load it onto tankers bound for Japan and India.
FERC so far is on track to require only a smaller environmental assessment of the planned $3.8B export project.
Enterprise Products to start Seaway pipeline expansion as early as May
Enterprise Products Partners (EPD) says it plans to start its Seaway pipeline expansion as early as May, more than doubling the system’s capacity to move oil from the delivery point for West Texas crude in Cushing, Okla., to Gulf coast refineries.
EPD, which operates Seaway and co-owns it with Enbridge (ENB), had said it would start late in Q2.
EPD is looping the existing line with a parallel pipeline that will increase capacity to the Houston area to 850K bbl/day; EPD and ENB reversed the pipeline in May 2012 and expanded it to the current capacity of 400K bbl/day in Jan. 2013.
A further loosening of the crude storage bottleneck at Cushing as the Seaway expansion is brought online could push WTI prices closer to Brent prices.

CBI
CB&I +4.5% after gaining three new contracts totaling $6B-plus
CB&I (CBI +4.5%) shoots higher after receiving a $6B engineering and construction contract on the planned Cameron LNG export facility in Louisiana, a $625M deal from Bechtel for work on Chevron’s (CVX) Wheatstone liquefied natural gas project in Western Australia, and a $100M pipe fabrication contract from Enterprise Products Partners (EPD) for a propane project in Texas.
Cowen analysts view CBI as their top pick among E&C companies to benefit from the buildout in global petrochemicals and liquefied natural gas, initiating coverage on CBI with an Outperform rating and $98 price target due to its earnings growth and operating stability, exposure to diversified end markets, best in class margins and strong technical operating groups.
Exxon Mobil reportedly plans $20B power project in Vietnam
Exxon Mobil (XOM) is preparing to invest ~$20B in a gas-fired power complex with Vietnam's state oil and gas group Petrovietnam, according to local media.
The project would involve construction of two power plants with a combined capacity of 6K-6.5K MW, in a deal which could make the U.S. one of the top four foreign investors in Vietnam along with Japan, South Korea and Taiwan, according to the report.
Companies that actually engineer/build the infrastructure seldom are found in most infrastructure funds,For example;
http://etfdb.com/stock/CBI/
or
http://etfdb.com/etf/FLM/#holdings
InfrastructureMutual Funds
GLFOX
http://www.lazardnet.com/us/docs/sp2/461/LazardGlobalListedInfrastructurePortfolio_FactSheet_2013Q4.pdf
MTIPX
http://www.morganstanley.com/msamg/msimintl/docs/en_US/publications/factsheets/MSF/global_infrastructure.pdf

Waiting for Ted to Post..."I'm Dancing in the Rain".
Global Infrastructure funds like GLFOX have exposure to California Water Service Group (CWT). Also PHO for a more concentrated focused on water.

The article (and bee) talk about "bridges, roads, and other physical structures required for the smooth functioning of society." But when one looks under the hood of TOLLX/TOLSX, it isn't bridges, roads, railroads, airports, etc. that one sees there.
It seems to me there are two very broad and loosely defined areas covered by infrastructure. One is the bridges, roads, etc. - which might be covered by industrial/transportation companies. I tend to think of these as companies that help move people and goods. The other is energy (or more broadly natural resources) infrastructure. (Where would one put communications - cell towers, cables/fiber lines, etc.?)
A good description of the latter comes from the PGBAX prospectus: Energy infrastructure companies are engaged in the transportation, storage, processing, refining, marketing, exploration, production, or mining of any mineral or natural resource. ... [The] mid-stream energy infrastructure market ... is ... mostly crude oil and refined products pipeline, storage, and terminal assets; natural gas gathering and transportation pipelines, processing, and storage facilities; propane distributors; energy commodity marine transportation (including liquefied natural gas transportation and processing) ..."
Think Keystone - TransCanada Corp (TRP) - that's 5% of TOLLX. If this is the kind of infrastructure you have in mind, that's fine. But it's not building bridges (except indirectly, as all construction requires energy, natural resources). A fund that seems more intent on balancing both sides of the infrastructure equation is Lazard Global Listed Infrastructure (GLFOX).
Its top holdings are: 8% Atlantia (ATL), a company involved in road infrastructure (operating, maintaining), 8% Fraport AG (FRA), owns/operates Frankfurt airport), 5% DUET (DUE), energy distribution systems, 5% Tokyo Gas, .... At #9 (4%) is Norfolk Southern (railroad). But these are mostly foreign companies, and this fund will keep at least 40% of its investments outside the US. So the fund may serve more as an example of one that holds bridge/road/RR companies than as one that might take advantage of a US infrastructure renewal (depending on whether foreign companies are involved in those projects).
The subject of this thread says it all - look under the hood.