First Sentier Global Listed Infrastructure
First Sentier Global Listed Infrastructure fund seeks to deliver income and some capital growth by investing in listed infrastructure companies around the world. First Sentier Investors was one of the pioneers in providing access to this asset class, which quickly captured the attention of income-focused investors.
Previously First State Global Listed Infrastructure fund.
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Our Opinion
The First Sentier Global Listed Infrastructure fund is a recognised leader in listed infrastructure investment, benefitting from a strong team and a good long-term track record. Peter is one of the most experienced managers in the space and has been running this fund for over 15 years. This is an alternative method of playing the global equity market with a thematic bias and a reasonable yield.
Fund Managers
Peter Meany, Lead Manager
Peter established the Global Listed Infrastructure Securities strategy in 2007, building a high-quality team and a strong investment track record. With over 20 years of investment experience, he joined the company in January 2007. Prior to this, Peter was a Director and Head of Infrastructure and Utilities Research at Credit Suisse Equities (Australia). He also worked as an analyst at Macquarie Equities during the early development of the private infrastructure market. Peter holds a Bachelor of Economics (Finance) from Macquarie University.
Andrew Greenup, Deputy Manager
Andrew co-founded the Global Listed Infrastructure Securities strategy and is responsible for managing listed infrastructure portfolios and researching the Utilities sector. With over 20 years of investment experience, he joined the company in July 2005. Before this, Andrew worked at Allianz Global Investors as a senior analyst in Australian equities and spent eight years at Credit Suisse First Boston as an equities analyst. He holds a Bachelor of Business (First Class Honours) from Queensland University of Technology (QUT), a Graduate Diploma in Applied Finance & Investment from the Financial Services Institute of Australasia, and a Postgraduate Diploma in International Relations from Macquarie University
Edmund Leung, Deputy Manager
Edmund manages listed infrastructure portfolios for institutional and wholesale clients, focusing on sectors such as Towers and Toll Roads. With over 10 years of investment experience, he has previously worked with the Asia-Pacific/Global Emerging Markets team in Hong Kong and conducted credit analysis with the Global Fixed Interest and Credit team. He also has experience as an Actuarial Analyst at Aviva Australia. Edmund holds a Bachelor of Commerce (Hons) from the University of Melbourne and is a CFA charterholder.
Rebecca Sherlock, Portfolio Manager
Rebecca’s main responsibilities include managing infrastructure securities on behalf of institutional and wholesale clients, and research coverage of the Renewables sector. Rebecca has more than 20 years' investment experience. Prior to joining the company in April 2008 Rebecca worked for Ernst & Young’s Transaction Advisory Services team in Australia. Rebecca has also worked at Grant Thornton (UK). She holds a Bachelor of Science in Mathematics (First Class) from Sheffield University and is a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.
Jessica Jouning, Portfolio Manager
Jessica’s main responsibilities include managing infrastructure securities on behalf of institutional and wholesale clients, and research coverage of the Freight Rail, Waste and Water Utilities sectors. Jessica has more than 10 years' investment experience. Prior to joining the Global Listed Infrastructure team, Jessica worked in the Unlisted Infrastructure team, the Global Resources team and the Global Fixed Interest and Credit team in Australia. She also spent six months in the Global Equities team based in London. Jessica has also completed an internship at Macquarie Risk Management Group. Jessica holds a Bachelor of Commerce (Hons) from the University of Queensland.
Risk
The infrastructure sector tends to be less volatile than the wider market. However, investors should not think of this fund as low risk. First Sentier Global Listed Infrastructure has historically been about as volatile as the average global equity fund.
Company Description
First Sentier Investors is a global asset management group focused on providing high quality, long-term investment capabilities to clients. It brings together autonomous teams of active, specialist investors who share a common commitment to responsible investment principles.
The group offers a comprehensive suite of active investment capabilities across global and regional equities, cash and fixed income, infrastructure and multi-asset solutions, all with a shared purpose to deliver sustainable investment success. It has been managing money with this long-term outlook for more than 30 years.
The group was previously called First State Investments
Quote from the Fund Manager
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 MeanyLead Manager
Investment process
The managers are conservative investors, recognising that capital preservation is critical to achieving long-term capital growth. First Sentier Global Listed Infrastructure invests in ‘hard’ infrastructure such as bridges and ports around the world, via listed companies that own the assets. Of around 120 companies that the team has identified and monitor, 40 are included in the portfolio, comprising those that Peter and Andrew believe can earn returns above consensus expectations.
They prefer to invest in real infrastructure assets with barriers to entry and pricing power. They believe that for infrastructure to deliver its full potential, other crucial requirements are management alignment, independent boards, appropriate gearing, transparent regulation and cultures that are working to sustain their license to operate.
Risk
The infrastructure sector tends to be less volatile than the wider market. However, investors should not think of this fund as low risk. First Sentier Global Listed Infrastructure has historically been about as volatile as the average global equity fund.
ESG
ESG - Limited
This fund has had some level of ESG considerations built into the investment process since 2007. This extends to covering ESG inputs for around a quarter of the quality assessment criteria though this does preclude any industry or sector. The fund’s investment universe does include an increasing weight towards renewable energy, decarbonisation of transport and hydrogen. However, the fund will also invest in oil & gas pipeline and storage as part of a diverse investment strategy, incorporating a balance of overall energy mix.
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