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First Sentier Global Listed Infrastructure Inclusive - Class A - Accumulation (GBP)

Sell:306.35p Buy:306.35p Change: 2.53p (0.83%)
Prices as at 25 November 2021
Change: 2.53p (0.83%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 25 November 2021
Change: 2.53p (0.83%)
Prices as at 25 November 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Andrew Greenup and Peter Meany have lots of experience investing in infrastructure companies. They've run the fund since 2007 and are supported by a specialist team of infrastructure experts. We think the team's one of the strongest in the sector.

Over the long term they've done a good job investing in companies that provide some of the most vital things for society to work: energy, communications and transport. But this is a niche fund and more expensive than many others in the global sector. That's why it's not on the Wealth 50 list of our favourite funds. For investing in infrastructure though, this is still one of our favourites.

Our view on the sector

Infrastructure funds tend to invest in the shares of companies that own and operate infrastructure assets. This might include toll roads, toll bridges, airports, docks, water stations, power stations, and telecoms towers. The charges infrastructure providers levy often rise in-line with inflation, or have some degree of inflation protection built in. Once infrastructure assets are up and running and the cost of building them has been repaid, the cash they generate can be significant. This means investing in funds with exposure to infrastructure could be an option within an income-generating portfolio.

Performance Analysis

The fund has beaten its benchmark, a UBS infrastructure index, since its launch in 2007. The chart to the right shows how the fund's performed against the FTSE Global Core Infrastructure 50/50 index.

The managers invest fairly conservatively and aim to provide some shelter to investors' wealth during tougher times for the broader market. This is why the fund hasn't kept up when markets have risen quickly. But the fund's held up better than the broader market when it's fallen. This means there's less to make back when the market rises again. How it's performed in the past isn't a guide to how it will perform in the future.

Investment Philosophy

The managers invest in infrastructure companies they believe are priced below their true worth. Once their growth potential has been recognised by other investors, the share price could rise, though there's no guarantee.

They believe companies that can raise prices in line with inflation without seeing a drop in demand are more likely to pay a regular income. They prefer those that make a positive contribution to the wider world and aren't focused purely on making a profit to the detriment of others.

Process and Portfolio Construction

The managers invest in around 40 companies, in sectors such as utilities, toll roads, pipelines and railroads. Investing in relatively few shares in a single sector means each one can have a big impact on performance but it is a higher risk strategy. They find most opportunities in developed markets such as North America, Japan, Europe and the UK. Part of the fund invests in emerging markets, which increases risk.

They like companies that dominate their area of the market. This often means they are financially strong and can keep growing their earnings. They avoid those making short-term gains that benefit management more than shareholders. Instead they want companies that focus on sustainable, long-term growth.

question mark Manager Track Record Based on HL Quantitative Research

  • First Sentier Gbl Listed Infr A...
  • Cust Benchm FTSE Global Core...
  • FTSE Global Core Infrastructure...

Fund Track Record

26/11/16 to 26/11/17 26/11/17 to 26/11/18 26/11/18 to 26/11/19 26/11/19 to 26/11/20 26/11/20 to 26/11/21
Annual return 12.70% -0.84% 17.55% -3.28% 7.01%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

First State Investments originates from Australia and is part of the Commonwealth Bank of Australia. First State offers a range of funds across areas including Asia, emerging markets, global resources, global equities, property securities and infrastructure. As fund managers their expertise has been noted in specialist areas like Asia and emerging markets where First State has recruited some of the industry's most talented investment professionals.

Information about the fund

Fund manager biography

manager photo
Manager Name: Andrew Greenup
Manager start date: 17 September 2007
Manager located in: Sydney

Andrew joined Colonial First State Global Asset Management in July 2005 as a senior analyst in the Core Australian Equities team. Over this time Andrew has analysed five industry sectors. He has also performed the role of backup Portfolio Manager. Prior to this, Andrew worked at Allianz Global Investors as a senior analyst investing in Australian equities. Before funds management, Andrew worked at Credit Suisse First Boston as an equities analyst and Australian & New Zealand Banking Group as a credit analyst. Andrew holds a Bachelor Business (First Class Honours) from the Queensland University of Technology (QUT) and was awarded the QUT University medal. He has completed the Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia and is currently enrolled in the Australian Institute of Company Directors' (AICD) Company Directors Course.

manager photo
Manager Name: Peter Meany
Manager start date: 17 September 2007
Manager located in: Sydney

Peter joined Colonial First State Global Asset Management in January 2007 as Head of Global Listed Infrastructure Securities. Peter brings over 10 years' experience in the infrastructure and utilities sectors. At Credit Suisse Equities (Australia), Peter was responsible for research coverage in these sectors. He received top rankings in a number of industry surveys and was involved in a number of company defining corporate transactions. Prior to CS, Peter was an analyst at Macquarie Equities when the infrastructure sector was in its infancy. Peter holds a Bachelor Economics (Finance) from Macquarie University.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account