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First State Global Listed Infrastructure

Elite Rated by FundCalibre

The fund seeks to deliver income and some capital growth by investing in listed infrastructure companies. First State has been one of the pioneers in providing access to this asset class, which has quickly captured the attention of income-focused investors in a low yield environment.

Company Description

First State Investments is the investment management business of the Commonwealth Bank of Australia. They have a strong global presence, including in Europe, the US, the Middle East and the Asia Pacific region. It has expertise across the range of asset classes and specialist investment sectors.


Fund Manager

The fund has been managed since launch by Peter Meany, a pioneer in infrastructure investment, who was previously an analyst at Macquarie and Credit Suisse. He is well supported by a team of seven analysts and fund managers.


We aim to provide investors with a mix of strong capital growth and inflation-protected income by investing in a globally diversified portfolio of infrastructure securities.

Peter Meany - Fund Manager

The Investment Process

The fund invests in ‘hard’ infrastructure such as bridges and ports around the world, via listed companies that own the assets. Of around 180 companies that the team has identified and monitor, 40 are included in the portfolio, comprising those that Peter believes can earn returns above consensus expectations.


The infrastructure sector tends to be less volatile than the wider market. The portfolio has recently shifted emphasis towards more economically-sensitive assets, such as freight railways. This change may increase the risk profile of the fund in the future.

Our Opinion

The fund is a recognised leader in listed infrastructure investment, benefitting from a strong team and excellent track record. The recent shift towards more economically-sensitive assets is a shrewd move designed to insulate the portfolio from the potential impact of rising interest rates.

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