Toll roads are highly defensive assets because they are often unavoidable in the travels of individuals and businesses. Or so it seemed. Transurban shares were smashed in March as lockdown orders came into effect. The company was commanding a share price of more than $16 in February. By late March, the Transurban share price was under $10. Restrictions on travelling directly translated into far fewer cars and trucks on the road. And that meant less toll revenue for Transurban.