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

ClearBridge RARE Infrastructure Value Fund - Unhedged

The ClearBridge RARE Infrastructure Value Fund - Unhedged (all classes) is available to retail and wholesale investors in Australia and New Zealand. The fund follows a currency-unhedged version of our Infrastructure Value Strategy comprising of diversified infrastructure securities in developed and emerging markets. 

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 after fees)

Performance 1 Month 3 Months 1 Year 3 Years 5 Years Inception4
ClearBridge RARE Infrastructure Value Fund - Unhedged Class A Units123 1.5% 5.4% 12.0% 8.1% 7.5% 9.9%
OECD G7 Inflation Index + 5.5% pa 1.0% 2.8% 7.5% 7.1% 7.3% 7.1%
Excess Returns 0.5% 2.6% 4.5% 1.0% 0.2% 2.8%
S&P Global Infrastructure Index - Net Return AUD Unhedged 1.3% 3.6% 12.1% 4.1% 5.1% 8.8%
MSCI AC World Index - Net Return AUD 4.5% 9.0% 27.7% 14.0% 14.4% 13.5%
  • Regulated & Contracted Utilities
  • User Pays Infrastructure
  • Cash
Top 10 Positions Region Sector Weight % Forward Dividend %
Enbridge Inc USA & Canada Gas 5.1% 6.9%
Union Pacific USA & Canada Rail 4.9% 2.0%
Vinci Western Europe Toll Roads 4.6% 3.5%
Exelon Corp USA & Canada Electric 4.4% 3.6%
GetLink Western Europe Rail 4.1% 2.7%
Cheniere USA & Canada Energy Infrastructure 4.1% 0.0%
American Tower USA & Canada Communications 3.9% 1.9%
Cellnex Western Europe Communications 3.8% 0.1%
Public Services Enterprise Group USA & Canada Electric 3.8% 3.4%
Ferrovial Western Europe Toll Roads 3.5% 2.2%
Fund details June 2021
Number of Securities 35
APIR Code TGP0034AU
Distribution Frequency Quarterly
Lastest Distribution (CPU) 2.65
Portfolio Weighted Average June 2021
Avg Market Capitalisation 60.7bn (AUD)
Div Yield (Forward) Gross 3.1%
5 Yr DPS Growth (p.a.) 8.1%
Avg Stock Gearing (Net Debt/EV) 34.0%
Interest Cover (Historic) 3.7x
EV/EBITDA (Forward) 17.2x

Fees & transaction costs for the ClearBridge RARE Infrastructure Value Fund - Unhedged Class A Units

Base Management Fee 0.974% 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
22/07/202122/7/21 AUD 1.3033 1.3049 1.3027
21/07/202121/7/21 AUD 1.3032 1.3048 1.3026
20/07/202120/7/21 AUD 1.2991 1.3007 1.2985
Date CCY CPU
30/06/2021 AUD 2.65
31/03/2021 AUD 1.25
31/12/2020 AUD 2.00
30/09/2020 AUD 1.00
30/06/2020 AUD 0.50
31/03/2020 AUD 3.00
31/12/2019 AUD 2.00
30/09/2019 AUD 2.00
30/06/2019 AUD 4.03
31/03/2019 AUD 2.50
31/12/2018 AUD 1.50
30/09/2018 AUD 1.50
30/06/2018 AUD 3.09
31/03/2018 AUD 4.00
31/12/2017 AUD 3.00

Fund commentary

Portfolio Insights
Value Strategy June Commentary

Value Strategy June Commentary

Our global listed infrastructure funds performed within the range of infrastructure indices, which underperformed global equities for the month. Economic activity continues to rebound strongly with expected upgrades to consensus earnings and economic growth forecasts.

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Infrastructure Insights Video
Investing in Global Listed Infrastructure

Investing in Global Listed Infrastructure

Matt Bushby, Head of Infrastructure Business Development, discusses the characteristics of an infrastructure investment and the key features in our investment approach for the ClearBridge Infrastructure Value Strategy.

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Infrastructure Insights Video
Valuation of Infrastructure Assets Q1 2021

Valuation of Infrastructure Assets Q1 2021

Listen to Portfolio Manager Shane Hurst discuss the valuations from Q1 2021 within the infrastructure asset class and why valuations remain attractive on a medium, to long-term excess return basis.

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Investment Committee

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

Nick Langley
Nick Langley
Shane Hurst
Shane Hurst
Charles Hamieh
Charles Hamieh
Simon Ong
Simon Ong

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 Value Fund - Unhedged (ARSN150677017). 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*

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. Sources: Internal calculations for ClearBridge RARE Infrastructure Value Fund - Unhedged Class A Units. 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 in AUD 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 Value Fund - Unhedged is 31/05/2011.

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  

**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