The no-regrets build-out: the transition assets you can own without winning a forecast argument

Alistair Ray, CIO at Dalmore Capital, analyses the way in which the energy transition is full of forecast arguments — about heat, hydrogen and how much power AI will really need — but how a core set of assets is needed in every credible future, and it is large enough to build an allocation around.

Dalmore Capital is part of Royal London Asset Management, the asset management arm of Royal London. Dalmore Capital is a UK infrastructure investment manager overseeing more than £5.7 billion of capital* on behalf of institutional investors. The firm currently holds a diversified portfolio of 128 infrastructure assets* accumulated since its formation in 2009, across Core, Core+ and PPP social infrastructure assets.

Read in full: The no-regrets build-out

*As at June 2026.

This is a financial promotion and is not investment advice. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. Portfolio characteristics and holdings are subject to change without notice. The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.