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* This is an annualised interest rate from the past seven days. For actual performance for our Cash Funds, please view the performance page.
Performance returns are calculated net of management fees and transaction costs. Performance returns for periods greater than one year are annualised. Past performance is not a reliable indicator of future performance.
We invest in the companies our societies are built on. These are companies solving for the world’s long-term challenges such as urban congestion, digital mobility, and the energy transition. We are unapologetically active investors. We invest for future generations in mind, because a more sustainable world means better outcomes for our investors.
Why invest in the First Sentier Global Listed Infrastructure strategy?
Listed infrastructure provides essential services to society, making it less sensitive to the economic cycle.
Growth is being driven by long-term structural themes such as the build-out of renewable energy, the need to ease urban congestion, and increasing reliance on mobile data.
Focus on environmental stewardship and social license to operate supports long-term, sustainable returns to shareholders.
Effecting change through ongoing engagement and dialogue with companies.
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:
Investment in equities is exposed to risks due to changes in that company or its business environment.
Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes.
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. If you are in any doubt as to the suitability of our funds for your investment needs, please seek financial advice.
How we invest in global listed infrastructure
Discover opportunities in infrastructure
Infrastructure provides essential services for the way we live. It also offers investment opportunities as companies look to solve issues around digital connectivity, urban congestion and renewable energy.
Head of First Sentier Investors Global Listed Infrastructure Peter Meany discusses how infrastructure can offer investors steady dividend growth, inflation protection and long-term capital growth.
Addressing net zero and the energy transition
Whilst longer term targets such as net zero 2050 are important, our immediate priority is to set medium-term expectations and assess company performance against those measures.
We challenge management on where they expect to get to by 2025 and 2030. We need to be forward looking and also identify the laggards who could be the leaders.
The EV revolution to drive our energy future
Electric vehicles are coming. Demand for the electricity 'load', as well as charging infrastructure needed to support EV demand, will lead to significant changes to the way infrastructure is powered and distributed.
Getting active on the ESG front
Investing in infrastructure is a huge responsibility.
Watch First Sentier Investors' Listed Infrastructure team, led by Peter Meany, explain how we may influence companies for better long-term outcomes and investment returns.
Questions about investing in listed infrastructure
What is an infrastructure investment?
The main infrastructure asset types include transportation systems like rail, airports and toll roads; communication systems like mobile/cellphone towers; and water, gas and electricity utilities. These assets are essential to the day-to-day functioning of our society. They typically offer more stable returns than many other investment options.
What are the risks of investing in infrastructure?
The key risks for infrastructure investors are political and regulatory intervention. These risks can be mitigated by diversification across countries, sectors and regulators, and by using an active manager who is able to understand and navigate those risks. Infrastructure investment funds may also be vulnerable to factors that particularly affect the infrastructure sector, for example natural disasters or operational disruption.
Is listed infrastructure an asset class?
In short, yes. While investors have embraced infrastructure as an asset class since the 1990s, the idea of investing in infrastructure via listed securities was developed by a few Australian asset managers between 2005 and 2007. Global listed infrastructure is now widely acknowledged as a standalone asset class by asset consultants, investors and the funds management industry. Today we estimate funds under management in global listed infrastructure to stand at around US$100 billion. It’s also worth remembering that infrastructure assets also have their own risk and return profile, and benefit from structural drivers that can be quite distinct from those of global equities.
How should I be using infrastructure in my portfolio?
Use of listed infrastructure within investor portfolios has varied over time. Initially we saw it used as a defensive, low volatility equity. This expanded to see it used as a source of income, as declining bond yields increased the relative appeal of its growing divided streams. More recently, we have seen listed infrastructure form part of the real assets segment of investors’ portfolios, due to the nature of its long life, hard assets and ability to offer insulation from the effects of inflation as well as offer structural earnings growth. We have also seen investors utilise global listed infrastructure as a diversified, liquid and lower fee alternative to unlisted infrastructure allocations.
When should I invest in infrastructure?
You should always seek professional advice if you are unsure about your investment options. Historically, infrastructure investments have generated stable, predictable cash flows and delivered long-term growth. As part of a balanced portfolio these types of investments have tended to be less volatile than other equity classes. Due to these factors, infrastructure can be used through the economic cycle at all times as a lower volatility complement to global equities.
I already get exposure to infrastructure through my global equity fund, why would I need to invest in an infrastructure fund?
You probably get a little bit of exposure - but not very much. We estimate that most global equity managers may invest between 2% and 4% (or less) of their portfolio in infrastructure assets. This exposure could be concentrated amongst a small number of large, well-known utility names. However, much of the alpha generated in our diversified portfolio has come from mid-cap stocks, which are under-researched by global equity managers, such as toll roads, energy storage and mobile towers. If you decide global listed infrastructure suits your investment needs, then an explicit allocation in your investment portfolio would be needed to gain a meaningful exposure to the asset class.
Isn’t infrastructure just a low growth, bond proxy investment?
No. Infrastructure assets offer defensive, non-cyclical growth opportunities from a variety of areas.
- investment-driven earnings from the build-out of new transmission and distribution assets by electric, gas and water utilities
- clean renewable energy replacing carbon emitting, coal-fired electricity generation
- increasing equipment on mobile phone towers, to cope with growing data usage on smartphones
- rising traffic volumes on toll roads, as a result of urban congestion.
While global listed infrastructure is a relatively interest rate sensitive asset class, it also has long term structural growth attributes.
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.
Sustainability Report 2022
Our Sustainability Report 2022 provides transparency on how we assessed the environmental, social and governance performance of the companies we invest in, how we engaged with leadership, and insights from our research throughout the year.