First Sentier Global Listed Infrastructure Class B Inc
Report And Accounts
Simplified Prospectus / KIID
Private Investor Factsheet
Professional Investor Factsheet
Performance
Discrete performance - to last month end
| 31/03/19 to 31/03/20 |
31/03/20 to 31/03/21 |
31/03/21 to 31/03/22 |
31/03/22 to 31/03/23 |
31/03/23 to 31/03/24 |
|
|---|---|---|---|---|---|
| Fund | -5.5% | 12.6% | 18.3% | -0.4% | -1.5% |
| Sector | -7.1% | 18.4% | 16.4% | -3.9% | -2.8% |
| Rank | 13/26 | 23/27 | 10/28 | 3/29 | 19/31 |
| Quartile | 2 | 4 | 2 | 1 | 3 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 31/03/24 |
5 Years to 31/03/24 |
10 Years to 31/03/24 |
||
| Fund | 5.1% | 4.3% | 8.3% | |
| Sector | 2.8% | 3.6% | 6.4% | |
| Rank | 11/28 | 11/26 | 1/10 | |
| Quartile | 2 | 2 | 1 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| TRANSURBAN GROUP | 6.50 |
| NEXTERA ENERGY INC | 6.30 |
| DUKE ENERGY CORPORATION | 4.50 |
| American Tower Corporation American Tower Corp Ord USD0.01 | 4.30 |
| SOUTHERN COMPANY (THE) | 4.10 |
| CHENIERE ENERGY | 3.90 |
| UNION PACIFIC CORPORATION | 3.60 |
| ENTERGY CORPORATION | 3.40 |
| EVERSOURCE ENERGY | 3.40 |
| XCEL ENERGY | 3.10 |
| Total | 43.10 |
Fund Aims
The Fund’s objective is to deliver capital growth and inflation-protected income by investing in a globally diversified portfolio of listed infrastructure and infrastructure-related securities.
Fund Manager
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.
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.
Fund Overview
| Mid (26/04/2024) | 223.07p |
| Historic yield | 3.52% |
| Fund size (31/03/2024) | £926.33m |
| Number of holdings | 41 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.80% |
| Launch date | 08/10/2007 |
Asset Allocation
| International Equities | 89.40% | |
| UK Equities | 3.60% | |
| Cash and Equivalents | 0.50% | |
| Other Assets | 6.50% |
Commentary
The Fund invests in shares of companies that are involved in infrastructure around the world. The infrastructure sector includes utilities (e.g. water and electricity), highways and railways, airports services, marine ports and services, and oil and gas storage and transportation. The Fund does not invest directly in infrastructure assets.
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| International Equities | 89.40% | |
| UK Equities | 3.60% | |
| Cash and Equivalents | 0.50% | |
| Other Assets | 6.50% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Utilities | 48.20% | - | - | - | |
| Utilities | - | 48.20% | - | - | |
| Electricity | - | - | 35.90% | - | |
| Conventional Electricity | - | - | - | 35.90% | |
| Gas, Water & Multi-utilities | - | - | 12.30% | - | |
| Multi-Utilities | - | - | - | 7.00% | |
| Gas Distribution | - | - | - | 2.90% | |
| Water | - | - | - | 2.40% | |
| Industrials | 28.10% | - | - | - | |
| Industrial Goods & Services | - | 24.50% | - | - | |
| Industrial Transportation | - | - | 24.50% | - | |
| Transportation Services | - | - | - | 14.70% | |
| Railroads | - | - | - | 9.80% | |
| Construction & Materials | - | 3.60% | - | - | |
| Construction & Materials | - | - | 3.60% | - | |
| Construction | - | - | - | 3.60% | |
| Energy | 8.70% | - | - | - | |
| Energy | - | 8.70% | - | - | |
| Non-Renewable Energy | - | - | 8.70% | - | |
| Pipelines | - | - | - | 8.70% | |
| Real Estate | 7.10% | - | - | - | |
| Real Estate | - | 7.10% | - | - | |
| Real Estate Investment Trusts | - | - | 7.10% | - | |
| Infrastructure REITs | - | - | - | 7.10% | |
| Non-Classified | 6.50% | - | - | - | |
| Non-Classified | - | 6.50% | - | - | |
| Non-Classified | - | - | 6.50% | - | |
| Non-Classified | - | - | - | 6.50% | |
| Telecommunications | 0.90% | - | - | - | |
| Telecommunications | - | 0.90% | - | - | |
| Telecommunications Service Providers | - | - | 0.90% | - | |
| Telecommunications Services | - | - | - | 0.90% | |
| Cash and Equivalents | 0.50% | - | - | - | |
Regional Allocation
| North America | 63.60% | |
| South & Central America | 8.70% | |
| Developed Europe - Excl UK | 8.50% | |
| Non-Classified | 6.50% | |
| UK | 3.60% | |
| Australia & New Zealand | 3.00% | |
| Emerging Asia | 2.40% | |
| Japan | 1.60% | |
| Developed Asia | 1.60% | |
| Cash and Equivalents | 0.50% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| North America | 63.60% | - | |
United States
|
- | 62.10% | |
Canada
|
- | 1.50% | |
| South & Central America | 8.70% | - | |
Mexico
|
- | 5.90% | |
Brazil
|
- | 2.80% | |
| Developed Europe - Excl UK | 8.50% | - | |
France
|
- | 3.50% | |
Switzerland
|
- | 2.60% | |
Italy
|
- | 1.90% | |
Spain
|
- | 0.50% | |
| Non-Classified | 6.50% | - | |
| UK | 3.60% | - | |
United Kingdom
|
- | 3.60% | |
| Australia & New Zealand | 3.00% | - | |
Australia
|
- | 3.00% | |
| Emerging Asia | 2.40% | - | |
China
|
- | 2.40% | |
| Japan | 1.60% | - | |
Japan
|
- | 1.60% | |
| Developed Asia | 1.60% | - | |
Hong Kong
|
- | 1.60% | |
| Cash and Equivalents | 0.50% | - | |
Breakdown By Market Cap (%)
| Mega |
|
39.10% |
| Large |
|
39.60% |
| Medium |
|
14.30% |
| Non-Classified |
|
6.50% |
| Cash |
|
0.50% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | TRANSURBAN GROUP | 6.50% | Managed Funds | Non-Classified |
| 2 | NEXTERA ENERGY INC | 6.30% | Electricity | United States |
| 3 | DUKE ENERGY CORPORATION | 4.50% | Gas, Water & Multi-utilities | United States |
| 4 | American Tower Corporation American Tower Corp Ord USD0.01 | 4.30% | Real Estate Investment Trusts | United States |
| 5 | SOUTHERN COMPANY (THE) | 4.10% | Electricity | United States |
| 6 | CHENIERE ENERGY | 3.90% | Non-Renewable Energy | United States |
| 7 | UNION PACIFIC CORPORATION | 3.60% | Industrial Transportation | United States |
| 8 | ENTERGY CORPORATION | 3.40% | Electricity | United States |
| 9 | EVERSOURCE ENERGY | 3.40% | Electricity | United States |
| 10 | XCEL ENERGY | 3.10% | Electricity | United States |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Telecommunications | - | 0.90% | - | - | - | - | - | - | 0.90% |
| Real Estate | - | 7.10% | - | - | - | - | - | - | 7.10% |
| Energy | - | 8.70% | - | - | - | - | - | - | 8.70% |
| Utilities | 3.60% | 44.60% | - | - | - | - | - | - | 48.20% |
| Industrials | - | 28.10% | - | - | - | - | - | - | 28.10% |
| Cash and Equivalents | - | - | - | - | - | - | - | 0.50% | 0.50% |
| Non-Classified | - | - | - | - | - | - | 6.50% | - | 6.50% |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B24HK55 |
| Mex Code | CFGLID |
| Isin Code | GB00B24HK556 |
| Citi Code | A6X4 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.80% |
Aims and Benchmark
| Aims | The Fund’s objective is to deliver capital growth and inflation-protected income by investing in a globally diversified portfolio of listed infrastructure and infrastructure-related securities. |
| Benchmark | FTSE Global Core Infrastructure 50-50 Index |
| Benchmark Category | - |
| IA Sector | Global |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | OEIC |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Biannually |
| Distribution Type | No income |
| Distribution Payment Basis | Gross |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 01 February | 30 March |
| 01 August | 30 September |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | The Bank of New York Mellon (International) Limited |
| Fund Administrator | The Bank of New York Mellon (International) Limited |
| Fund Registrar | The Bank of New York Mellon (International) Limited |
| Fund Custodian | The Bank of New York Mellon (International) Limited |
Group Details
| Group name | First Sentier Investors (UK) |
| Group address | Finsbury Circus House 15 Finsbury Circus London EC2M 7EB |
| Group telephone | 020 7332 6500 |
| Dealing telephone | - |
| - | |
| Homepage | www.firstsentierinvestors.com |
| Fax number | - |
Dealing
| Minimum Investment | £500000 |
| Minimum Top Up | £50000 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 4 days |
| Settlement Period: Sell | 4 days |
| Pricing Basis | Forward |
| Dealing Decimals | 3 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 3.74 |
| Beta | 1.02 |
| Sharpe | 0.14 |
| Standard Deviation | 11.22 |
| Info Ratio | 0.89 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | Yes |
| Concentrated Portfolio | Yes |
| Smaller Companies | Yes |
| High Yield Bonds | No |
| Sector Specific | Yes |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | No |
| Umbrella Liabilities | Yes |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | Yes |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Charges to Capital
Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).
Emerging Markets
The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
Smaller Companies
The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.
Sector Specific
The fund invests in specific sectors. Funds which invest in specific sectors may carry more risk than those spread across a number of different sectors. They may assume higher risk, as markets/sectors can be more volatile. In particular, gold, technology funds and other focused funds can suffer as the underlying stocks can be more volatile and less liquid.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Umbrella Liabilities
If the liabilities of one fund were to exceed its assets, the other funds within the scheme might have to transfer across money to cover the liabilities.
Liquidity
This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage. "Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.