We downgrade Nuveen Global Infrastructure’s People and Process Pillar ratings to Average and Below Average, respectively, as its long-standing lead manager Jay Rosenberg is set to retire. Overall, this strategy benefits from a solid investment approach shepherded by a well-resourced team, but frequent use of tactical macroeconomic moves means that this offering may be exposed to more market-timing risk than many peers. Its execution has relied heavily on Rosenberg’s skills and insights.