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Read regular news updates, research papers, investment strategy updates and thought pieces from our leading investment experts.
We are entering a new era. The year 2024 will be unpredictable and clouded by many uncertainties. It will be marked by geopolitical risks, the ongoing taming of the inflation beast, and how the US Presidential election will impact markets.
First Sentier Investors recently presented at the Responsible Investment Association Australasia (RIAA) annual conference and hosted a design lab on how responsible investors can shape the future of Electric Vehicles (EV). This paper outlines the key challenges for EV acceptance, analyses the rollout of EV charging infrastructure around the world, and considers practical ideas for investors to super-charge the uptake of EV.
Public policy support for infrastructure investment to remain strong globally, especially for the replacement of aged infrastructure assets and buildout of renewables. Utilities are in the midst of a multi-decade structural growth story. But higher capex needs to be managed in the context of affordability, reliability and sustainability. Earnings likely to be more resilient than global equities, albeit growth tempered by higher debt costs and increased regulatory and political risks. We expect the asset class to deliver mid-single digit EBITDA, EPS and DPS1 growth over the next two years despite a potentially challenging economic backdrop.
Pricing power is now a major consideration with inflation is on the rise. Equal consideration needs to be given to the social license of companies to raise prices in line with community expectations.
This Rmarkdown workbook steps through some of the modeling we have done in relation to assessing some of aspects of the ‘Your Future Your Super’ (YFYS) proposal by the Treasury. It is intended to be illustrative. The assumptions are general, and can be adjusted by the user.
The cascading impacts of climate change and society’s overexploitation of the land and sea is giving rise to unprecedented devastation of nature and biodiversity. In the last 50 years, there has been a devastating 69% drop in wildlife populations[1]. The unfolding crisis is risking the very foundations of our economy, society and life itself, impacting humankind’s food security and access to clean water and air.
Benefits of the rapid recovery of airport and toll road volumes far outweigh the operational issues they now face as a result. We expect higher load factors to compensate for airline capacity cuts, meaning traffic will continue to edge towards 2019 levels. European toll roads have a positive role to play in the decarbonisation of the transport sector, providing both societal benefits and investment return upside.
We recently spent several weeks in the US visiting listed infrastructure management teams, regulators, politicians, industry associations and conducting asset tours. The following paper provides an overview of our findings.
Armed conflict has enormous humanitarian consequences, as well as long lasting economic, social and environmental repercussions. Whilst the Russia-Ukraine conflict is unfortunately far from the only armed conflict globally (the Geneva Academy is currently monitoring over 110 armed conflicts) and there have been a number of conflicts taking place in Ukraine since 2014, the escalation of this conflict in 2022 led to sanctions that were unprecedented in scope and severity at state level as well as for corporates.
Our 2026 outlook explores the trends driving progress and how First Sentier Group’s asset class specialists are thinking about where they can unlock opportunity in a changing world.
2024 was a year marked by global inflation and economic growth concerns against a backdrop of worldwide elections. As we head into 2025, volatility will remain an enduring constant.
We crossed six US states meeting over 70 infrastructure management teams as well as customers and suppliers at three conferences. We visited three corporate head offices, several regulators and toured the country’s largest nuclear power plant.
The energy crisis in Europe has boosted global demand for LNG. Global listed infrastructure companies pioneered the US LNG industry, investing US$50 billion since 2010. The energy crisis is providing an opportunity for LNG to secure its role as a transition fuel. With reliability and security of supply increasingly front of mind, US LNG exporters stand to gain market share, underpinning a further US$50 billion of investment over the next decade. An increased need for natural gas infrastructure will also benefit the broader North American midstream sector.
Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.
This paper asserts that macro towers will remain at the heart of a modern, mobile data communications network despite the continual development of new technologies.
