On 22 January 2021, RARE Infrastructure Limited changed its name to ClearBridge Investments Limited.

ClearBridge RARE Infrastructure Income Fund - Hedged

The ClearBridge RARE Infrastructure Income Fund - Hedged (all classes) is available to retail and wholesale investors in Australia and New Zealand. The fund follows our Infrastructure Income Strategy primarily aiming to provide investors with consistent income from infrastructure securities in both developed and emerging markets around the world.

We're honoured to have won the Infrastructure category for 2020 at the Zenith Fund Awards.

Zenith

Key Portfolio Information

As at 30 June 2021 (returns in AUD Hedged after fees)

Performance 1 Month 3 Months 1 Year 3 Years 5 Years Inception4
ClearBridge RARE Infrastructure Income Fund - Hedged Class A Units123 -0.0% 2.0% 13.1% 11.4% 9.6% 11.2%
OECD G7 Inflation Index + 5.5% pa 1.0% 2.8% 7.5% 7.1% 7.3% 6.9%
Excess Returns -1.0% -0.8% 5.6% 4.3% 2.3% 4.3%
S&P Global Infrastructure Index - Net Return AUD Hedged -0.2% 1.8% 17.2% 3.3% 4.8% 7.2%
MSCI AC World Index - Net Return Local 2.1% 7.1% 36.8% 14.4% 14.6% 10.0%
  • Regulated & Contracted Utilities
  • User Pays Infrastructure
  • Cash
Top 10 Positions Region Sector Weight % Forward Dividend %
Exelon Corp USA & Canada Electric 4.8% 3.6%
Atlas Arteria Asia Pacific Developed Toll Roads 4.6% 5.3%
Enbridge Inc USA & Canada Gas 4.6% 6.9%
Crown Castle USA & Canada Communications 4.4% 3.0%
Sydney Airport Asia Pacific Developed Airports 4.1% 4.1%
AusNet Services Asia Pacific Developed Electric 4.0% 5.4%
Public Services Enterprise Group USA & Canada Electric 3.7% 3.4%
Clearway Energy USA & Canada Renewables 3.6% 4.9%
Snam Western Europe Gas 3.5% 5.3%
National Grid Western Europe Electric 3.5% 5.5%
Fund details June 2021
Number of Securities 37
APIR Code TGP0016AU
Distribution Frequency Quarterly
Lastest Distribution (CPU) 6.97
Portfolio Weighted Average June 2021
Avg Market Capitalisation 35.0bn (AUD)
Div Yield (Forward) Gross 4.8%
5 Yr DPS Growth (p.a.) 5.7%
Avg Stock Gearing (Net Debt/EV) 39.1%
Interest Cover (Historic) 3.6x
EV/EBITDA (Forward) 15.0x

Fees & transaction costs for the ClearBridge RARE Infrastructure Income Fund - Hedged Class A Units
Base Management Fee 1.025% p.a. incl. the net effect of GST. Buy / Sell Spread 0.12% / 0.05%. Minimum Investment (AUD) 20,000.

Unit prices & distributions

Date CCY Nav Entry Exit
30/07/202130/7/21 AUD 1.4530 1.4547 1.4523
29/07/202129/7/21 AUD 1.4613 1.4631 1.4606
28/07/202128/7/21 AUD 1.4596 1.4614 1.4589
Date CCY CPU
30/06/2021 AUD 6.97
31/03/2021 AUD 3.00
31/12/2020 AUD 2.00
30/09/2020 AUD 1.75
30/06/2020 AUD 3.75
31/03/2020 AUD 2.00
31/12/2019 AUD 0.61
30/09/2019 AUD 1.16
30/06/2019 AUD 0.35
31/03/2019 AUD 4.00
31/12/2018 AUD 1.00
30/09/2018 AUD 1.00
30/06/2018 AUD 2.13
31/03/2018 AUD 3.00
31/12/2017 AUD 3.00

Fund commentary

Infrastructure Insights Video
Valuation of Infrastructure Assets Q2 2021

Valuation of Infrastructure Assets Q2 2021

Listen to Portfolio Manager Nick Langley discuss the valuations from Q2 2021 within the infrastructure asset class and why valuations remain attractive on a medium, to long-term excess return basis.

More...
Portfolio Insights
Income Strategy June Commentary

Income Strategy June Commentary

COVID-19 vaccine rollouts gained pace in many regions, although mobility restrictions remained significant as a result of the new Delta variant. With the combined effect of new restrictions and the continuation of vaccinations, the rate of confirmed cases globally has started to decrease.

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Industry Insights Infrastructure Insights Portfolio Insights Video
Delivering Income from Infrastructure

Delivering Income from Infrastructure

Portfolio Manager Charles Hamieh joins Matt Bushby for a discussion of how the team analyses the return profiles of infrastructure companies across the globe, from user-pays assets such as rails and airports to regulated utilities. 

More...

Investment Committee

The ClearBridge RARE Infrastructure Income Fund - Hedged is managed by an experienced investment committee comprising of the following members.

Nick Langley
Nick Langley
Shane Hurst
Shane Hurst
Charles Hamieh
Charles Hamieh
Daniel Chu
Daniel Chu

Important information for investors

Legg Mason Asset Management Australia Limited (AFSL No. 240 827), as Responsible Entity, is the issuer of the ClearBridge RARE Infrastructure Income Fund - Hedged (ARSN132182631). The information contained on this website is directed to wholesale investors and financial advisers only.

To view the Background Information for this fund, click here.

Research Ratings

Lonsec Research Report 2020 RECOMMENDED*

Lonsec Research Report 2020 RECOMMENDED*

SQM Research Report 2019 SUPERIOR**

SQM Research Report 2019 SUPERIOR**

Zenith Research Report 2021 RECOMMENDED***

Zenith Research Report 2021 RECOMMENDED***

Contact us to find out how we can help investors allocate global listed infrastructure into their broader portfolio or to learn more about our other investment capabilities.

Contact us

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Disclaimer

  1. Source: Internal calculations for ClearBridge RARE Infrastructure Income Fund - Hedged Class A Units, income and growth data sourced from JPM. All index data sourced from Factset. Results over one year annualised.
  2. Fund Performance is net of fees, assuming all distributions are reinvested and before tax
  3. All values on an AUD hedged basis and net of withholding taxes for benchmarks if applicable. Non AUD values converted into AUD using Factset Forex data.
  4. Performance inception date for ClearBridge RARE Infrastructure Income Fund - Hedged is 30/09/2008.

Past performance is not indicative of future performance. 

While the information contained on this website has been prepared with all reasonable care, ClearBridge Investments Limited and its related companies (ClearBridge) accept no responsibility or liability for any errors, omissions or misstatements however caused. Any views expressed on this website are given as of the date of publication and such views are subject to change at any time.

This information is not personal advice. It has been prepared without taking account of individual objectives, financial situation or needs. Where an investment product is mentioned, potential investors should seek independent advice as to the suitability of the product to their investment needs. Reference to shares in a particular company, is not a recommendation to buy, sell or hold that stock. Investors should be aware that past performance is not indicative of future performance.

This website may contain forecasts, including in regard to targets, expected returns, PE ratios and dividend yields. Any such statements are based upon research undertaken by the ClearBridge investment team. This research incorporates ClearBridge’s reasonable assumptions and beliefs concerning future developments and their potential effect but are subject to risks and uncertainties that may be beyond ClearBridge’s control. Returns can be volatile, reflecting rises and falls in the value of underlying investments. Accordingly, ClearBridge does not provide any assurance or guarantee that future developments will be aligned with ClearBridge’s expectations, and actual results may differ materially from those expected by ClearBridge at the time of writing.

Legg Mason Asset Management Australia Limited (AFSL No. 240 827) (Legg Mason Australia) is a part of Franklin Resources, Inc. and the Responsible Entity for the ClearBridge RARE Infrastructure Value Fund - Hedged, ClearBridge RARE Infrastructure Value Fund - Unhedged, ClearBridge RARE Infrastructure Income Fund - Hedged, ClearBridge RARE Infrastructure Income Fund - Unhedged and ClearBridge RARE Emerging Markets Fund. Applications to invest can only be made on the application form accompanying the most recent Fund Product Disclosure Statement (PDS) which is available on this website. Potential investors should consider the PDS and the Additional Information Booklet (AIB) before deciding whether to invest or continue to invest in the Funds. The PDS and AIB can also be obtained by contacting ClearBridge by telephone on (02) 9397 7300, by writing to Level 13, 35 Clarence Street, Sydney, NSW 2000, by fax on (02) 9397 7399 or by email at auclientservice@clearbridge.com. Legg Mason Australia can be contacted by writing to Legg Mason Australia, Level 47, 120 Collins Street, Melbourne, VIC 3000, by telephone on 1800 679 541 or by fax on (03) 9017 8690.  Legg Mason Australia does not guarantee any rate of return or the return of capital invested. Investments are subject to risks, including, but not limited to, possible delays in payments and loss of income or capital invested.

ClearBridge is wholly, indirectly owned by Franklin Resources, Inc., and part of ClearBridge Investments, LLC.

* Lonsec Rating Disclaimer
The Lonsec Rating (assigned 18 August 2020) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold RARE Infrastructure product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. 
For further information regarding Lonsec’s Ratings methodology, please refer to our website at: http://www.lonsecresearch.com.au/research-solutions/our-ratings  

** SQM Rating Disclaimer
The rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

***Zenith Rating Disclaimer
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned 26 March 2020) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only.  This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice.  It is not a specific recommendation to purchase, sell or hold the relevant product(s).  Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs.  Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website.  Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments.  Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners. com.au/RegulatoryGuidelines