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First Sentier Global Listed Infrastructure Class B - Income (GBP)

Sell:247.05p Buy:247.05p Change: 5.05p (2.09%)
Prices as at 22 November 2024
Sell:247.05p
Buy:247.05p
Change: 5.05p (2.09%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 22 November 2024
Sell:247.05p
Buy:247.05p
Change: 5.05p (2.09%)
Prices as at 22 November 2024
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
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 Shortlist but for investing in infrastructure, this is still one of our favourites.

Our view on the sector

It's natural for UK investors to focus on funds investing in their home market. But as the world has become more connected, so has the investment landscape. There are lots of funds investing across the globe, and these can be a great way to diversify an investment portfolio. Funds in the global sector can invest anywhere in the world. But they go about this in different ways. They vary in how much they can invest in certain types of companies, sectors, countries, or regions. Some focus on developed markets or large multinational corporations, while others invest more in higher-risk emerging markets or smaller companies. Some target companies with higher-growth expectations and others search for unloved companies with the potential to recover.

Performance Analysis

The fund launched in 2007 and 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. These companies tend to hold unique positions in their market, offer services that are important to the end customer, have a strong financial position and a tested management team. 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, Australia, 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

This information is currently unavailable.

Fund Track Record

22/11/19 to 22/11/20 22/11/20 to 22/11/21 22/11/21 to 22/11/22 22/11/22 to 22/11/23 22/11/23 to 22/11/24
Annual return -2.58% 6.14% 13.07% -7.17% 18.35%

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.

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
Invest now