Global Listed Infrastructure

Global Listed Infrastructure

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The iNAV reflects the estimated NAV per unit in respect of the Fund’s assets that have live market prices during the trading day. The issuer of the Fund has engaged ICE Data Indices, LLC as iNAV calculation agent to independently calculate the iNAV.
* iNAV calculations as shown (the "data") are provided by ICE Data Indices, LLC or its third party suppliers and are updated during ASX trading hours. iNAV calculations are indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates ("ICE Data") and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, FUND OR ANY FUND DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.

Strategy overview

Issuer:

Key facts

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NAV per unit as at
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ASX announcements

Strategy Overview

This Fund is an Irish domiciled UCITS fund marketed in the UK under the Overseas Fund Regime (OFR). The Fund is not subject to the UK sustainability disclosure and labelling regime.

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Past performance is not a reliable indicator of future performance. Unless otherwise stated, performance returns for periods greater than one year are annualised. Net performance returns are calculated assuming reinvestment of distributions and use exit prices which are net of management fees and if applicable, net of performance fees. Where applicable for exchange traded funds (ETFs), no allowance has been made for brokerage or bid-ask spreads that investors may incur when they buy and sell their units on a securities exchange. Please note, net performance returns of the First Sentier Active Cash Fund Active ETF are calculated assuming reinvestment of distributions and use NAV per unit which is net of management fees. 

Infrastructure powering a changing world

From digital connectivity to electrification and the energy transition, infrastructure sits at the centre of some of the world's most powerful long-term growth trends.​

We invest in high-quality infrastructure companies that provide essential services and help power modern economies. Through our specialist active approach, we seek to deliver long-term growth by investing in the infrastructure behind tomorrow's economy.​

Why listed infrastructure?

  • Essential infrastructure: Invests in companies that provide the services and assets communities and businesses rely on every day.​

  • Long-term growth themes: Exposure to structural trends including digitalisation, electrification, urbanisation and the energy transition.​

  • Inflation-linked characteristics: Many infrastructure businesses operate within regulated, contracted or concession-based frameworks that may incorporate inflation-linked pricing mechanisms.​

  • Diversification across sectors and regions: Access a broad range of infrastructure sectors, including utilities, transport, communications and energy infrastructure.​

What are the risks?

Although all investments carry risk, the level of risk is dependent on the type of investment strategy and the underlying investments. Generally, the higher the potential return of an investment, the greater the risk.

The risks of investing in Global Listed Infrastructure strategies include:

Company risk

Investment in equities is exposed to risks due to changes in that company or its business environment.

Equities risk

Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes.

Currency risk

For unhedged strategies only, for investments in international assets, which have currency exposure, there is potential for adverse movements in exchange rates to reduce their Australian dollar value.

Emerging market risk

Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.

As with any investment, there are no guarantees on the value of the investment or the income generated from it. Investors may get back less than the original amount invested. For a full description of the terms of investment and the risks, please see the Product Disclosure Statement for each fund.

Questions about investing in listed infrastructure

What is global listed infrastructure?

Global listed infrastructure refers to publicly traded companies that own, operate or manage essential infrastructure assets that support modern economies and everyday life.

These assets typically include:

  • Utilities such as electricity, gas and water networks
  • Communications infrastructure such as mobile towers and data centers
  • Transport infrastructure such as toll roads, airports and railways
  • Energy infrastructure such as oil and natural gas storage and transportation.

Because these assets provide services that communities and businesses rely on every day, infrastructure companies can benefit from resilient demand, long asset lives and predictable revenue streams. As a result, global listed infrastructure has become an increasingly recognised asset class for investors seeking long-term growth and diversification.

 

What are the risks of investing in infrastructure?

Like all investments, global listed infrastructure investments involve risk.

Key risks include:

Regulatory riskChanges to government regulation or pricing frameworks may affect company earnings.
Political riskGovernment policy decisions can impact infrastructure assets and operators.
Market riskShare prices of listed infrastructure companies can rise and fall in response to broader market conditions.
Operational riskNatural disasters, service disruptions or infrastructure failures may affect business performance.
Currency riskInternational infrastructure investments may be impacted by movements in foreign exchange rates.

 

Is Global Listed Infrastructure an asset class?

Yes. Global Listed Infrastructure is widely recognised as a distinct asset class by institutional investors, investment consultants and asset managers.

Listed infrastructure provides investors with exposure to infrastructure businesses that are listed as publicly traded securities on stock exchanges. While infrastructure investing has been established for decades, listed infrastructure has evolved into a dedicated asset class with its own risk and return characteristics.

Unlike broader equity markets, infrastructure companies are typically supported by unique characteristics, including:

  • Essential service provision
  • Long-life physical assets
  • Inflation-linked revenue structures
  • Regulated or contracted cash flows
  • Long-term structural growth drivers.

These characteristics can create risk and return profiles that differ from traditional global equities, making global listed infrastructure a valuable source of portfolio diversification.

 

What are the benefits of investing in global listed infrastructure?

Global listed infrastructure offers exposure to businesses that provide essential services while benefiting from long-term structural growth trends.

Potential benefits include:

  • Access to essential infrastructure assets
  • Exposure to global infrastructure companies across multiple sectors
  • Diversification from traditional equity investments
  • Inflation-linked revenue characteristics in many infrastructure businesses
  • Long-term demand supported by population growth, digitalisation and electrification.

Infrastructure companies may also benefit from ongoing investment in energy networks, communications infrastructure and transportation systems around the world.

 

How can infrastructure fit into an investment portfolio?

Infrastructure can play several roles within a diversified portfolio. Investors may use listed infrastructure to:

  • Diversify equity exposure
  • Compliment traditional global equity allocations
  • Gain exposure to infrastructure trends and long-term structural growth opportunities
  • Access a liquid alternative to unlisted infrastructure investments.

Because infrastructure companies are often supported by long-term contracts, regulated assets or essential service demand, they may behave differently from broader equity markets over time.

 

When should investors consider allocating to infrastructure?

Infrastructure is typically considered a long-term investment rather than a short-term tactical position.

Because infrastructure assets provide essential services across economic cycles, many investors use infrastructure as a strategic allocation within a diversified portfolio. Infrastructure exposure may be considered at various stages of the market cycle, depending on an investor's objectives, risk tolerance and investment timeframe.

Investors should seek professional financial advice when determining whether infrastructure is appropriate for their individual circumstances.

 

If I already own a global equity fund, why would I invest in a dedicated infrastructure fund?

Many global equity funds have exposure to infrastructure companies, but that exposure is often relatively limited.

Broad global equity portfolios may contain only modest allocations to infrastructure assets and may be concentrated in a small number of large utility companies.

A dedicated global listed infrastructure fund provides targeted exposure to infrastructure sectors including:

  • Utilities
  • Mobile towers
  • Data centers
  • Toll roads
  • Airports
  • Rail networks
  • Waste management companies
  • Energy infrastructure.

Dedicated infrastructure managers can also access a broader investment universe and identify opportunities in specialist infrastructure companies that may receive limited attention from traditional global equity managers.

 

Is infrastructure simply a defensive investment?

No. While infrastructure can exhibit defensive characteristics due to the essential nature of many infrastructure services, the asset class is also supported by long-term growth drivers.

Examples include:

  • Digital connectivity: Growing demand for data consumption, cloud computing and mobile connectivity continues to support investment in mobile towers and data centres.
  • Electrification and the energy transition: Investment in electricity transmission, distribution networks and renewable energy infrastructure is increasing as economies transition to lower-carbon energy systems.
  • Urbanisation and population growth: Expanding cities and growing populations continue to drive demand for transport infrastructure, utilities and communications networks.
  • Infrastructure investment programs: Governments and private operators worldwide continue to invest in upgrading and expanding essential infrastructure assets.

As a result, global listed infrastructure can provide exposure to both essential services and long-term structural growth opportunities.

 

What types of companies are included in global listed infrastructure portfolios?

Global listed infrastructure portfolios typically invest in companies that own, operate or develop essential infrastructure assets. Examples include:

  • Electric, gas and water utilities
  • Mobile tower operators and data centers
  • Toll road operators
  • Airports and railway companies
  • Waste management companies
  • Energy infrastructure.

These companies play a critical role in supporting economic activity and delivering services that communities rely on every day.

 

Responsible investment

Our corporate responsible investment strategy is based upon three strategic pillars of quality, stewardship and engagement.

ESG issues are fundamental to infrastructure companies, given they have significant service obligations and moral accountability to the communities in which they operate.

ESG analysis is integrated into our investment process through our quality assessment and ranking model. This model consists of 25 criteria that influence stock returns in general and infrastructure securities in particular. A score is assigned to each criterion; a lower quality score makes it harder for a stock to be included within the overall portfolio. ESG factors are captured both explicitly, through scores for Environmental, Social and Governance quality criteria, and implicitly, where ESG factors are relevant to the other quality criteria we consider.

Meet the investment team

Peter Meany

Head of Global Listed Infrastructure

Andrew Greenup

Deputy Head of Global Listed Infrastructure

Edmund Leung

Senior Portfolio Manager

Rebecca Sherlock

Portfolio Manager

Want to know more?

Contact your Key Account Manager