Il posizionamento strategico dei fondi infrastrutturali mediante la costruzione di frontiere rischio-rendimento: un'analisi empirica

This study aims to apply portfolio theory to the emerging industry of infrastructure funds by proposing a methodology for the strategic positioning of an infrastructure fund based on the construction of “empirical” risk-return frontiers. Such an approach, illustrated herein applying it to equity and debt funds operating in Europe and North America, empirically complements those theoretical categorizations conventionally displaying the distinct risk-return profiles of infrastructure investments as a result of the related project development stage. The proposed method can be utilized to carry out portfolio optimization, trend monitoring and/or comparative (backward/forward-looking) studies in the infrastructure funds’ sector, a growing industry in Europe with interesting prospects (yet to nurture) in Italy to the extent that it may contribute to the expansion of the financing market for those privately sponsoring the realization of works of public utility via use of project finance techniques.