We recognized early that renewables were part of the investable infrastructure universe—and would be a growing infrastructure investment opportunity. Today, we believe select waste management companies in listed markets are on track for a similar trajectory, thanks partly to the global evolution toward a circular economy. In a circular economy, a finished item, rather than being discarded, is returned to the product cycle through recycling, repair, redesign, and/or reuse. As a result, a circular economy minimizes both raw materials use and the creation of pollution and waste. We believe select waste management companies, given their vertically integrated business models, are in a prime position to benefit from this transition.