HICL Infrastructure was one of the first alternative asset trusts to list on the London market back in 2006 so it provides a useful reference point for how many of the newer trusts in this space might mature. HICL deliberately takes a low-risk approach, investing mostly in infrastructure assets with Public-Private Partnerships (PPP) deals, and its future returns should be highly correlated to inflation. In the last few years, it's also moved a little into demand-based assets (e.g. toll roads) and regulated utility companies. However, after many years of decent dividend growth, its payout has b...