Global Infrastructure Income Strategy
An income-oriented global listed infrastructure strategy suitable for investors seeking regular and stable income and capital growth over the long term. The strategy invests in a range of listed infrastructure securities spread across geographic regions in both the developed and emerging markets.
Key Portfolio Information
Growth of AUD $10,000
As at 31 March 2024 (returns in AUD)
| Performance | 1 Month | 3 Months | 1 Year | 3 Years | 5 Years | Inception4 |
|---|---|---|---|---|---|---|
| ClearBridge Infrastructure Income Strategy123 | 2.5% | 2.8% | 3.5% | 9.3% | 9.2% | 12.9% |
| OECD G7 Inflation Index + 5.5% pa | 0.4% | 1.2% | 8.9% | 10.9% | 9.2% | 7.9% |
| Excess Returns | 2.1% | 1.6% | -5.4% | -1.6% | - | 5.0% |
| S&P Global Infrastructure Index - Net Return AUD Unhedged | 4.3% | 5.8% | 5.9% | 10.1% | 5.8% | 8.6% |
| MSCI AC World (Net) (AUD) Index | 2.9% | 13.2% | 26.5% | 12.6% | 12.8% | 12.5% |
As at 31 December 2023
- Regulated & Contracted Utilities
- User Pays Infrastructure
- Cash
- Other
As at 31 December 2023
| Top 10 Positions | Region | Sector | Weight % | Forward Dividend % |
|---|---|---|---|---|
| EDP-Energias de Portugal | Western Europe | Renewables | 5.2% | 4.6% |
| National Grid | Western Europe | Electric | 4.4% | 5.7% |
| Entergy | USA & Canada | Electric | 4.3% | 4.5% |
| American Tower | USA & Canada | Communications | 3.9% | 3.0% |
| Southern Company | USA & Canada | Electric | 3.9% | 4.1% |
| Crown Castle | USA & Canada | Communications | 3.8% | 5.5% |
| Union Pacific | USA & Canada | Rail | 3.7% | 2.2% |
| Snam | Western Europe | Gas | 3.5% | 6.2% |
| Enel SpA | Western Europe | Electric | 3.5% | 6.4% |
| OGE Energy | USA & Canada | Electric | 3.4% | 4.8% |
| Portfolio Weighted Average | March 2024 |
|---|---|
| Avg Market Capitalisation | 60.7bn (AUD) |
| Div Yield (Forward) Gross | 5.0% |
| 5 Yr DPS Growth (p.a.) | 5.3% |
| Avg Stock Gearing (Net Debt/EV) | 40.7% |
| Interest Cover (Historic) | 4.0x |
| EV/EBITDA (Forward) | 11.1x |
Product Commentary
Valuation of Infrastructure Assets Q1 2024
In our latest Valuation update, Portfolio Manager, Simon Ong discusses the contributors to infrastructure returns in the first quarter of 2024, and weighs in on the factors impacting different infrastructure sectors across the globe.
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Select Cyclical Exposure Looking More Interesting
Q1 2024 Infrastructure Income Commentary: We have been increasing our cyclical exposure through additions in U.S. rails as a restocking cycle should lift rail volumes, while adding selectively to towers and renewables on weakness we believe is transitory.
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The Impact of Bond Yields on Infrastructure Assets
Watch Portfolio Manager, Nick Langley explain the impact that bond yield volatility has on the infrastructure asset class.
More...Investment Committee
The Global Infrastructure Income Strategy is managed by an experienced investment committee comprising of the following members:
Nick Langley
Shane Hurst
Charles Hamieh
Daniel Chu, CFA
Investing in the Global Infrastructure Income Strategy
Investors in Australia
ClearBridge RARE Infrastructure Income Fund - Hedged
This income-oriented fund invests in a range of listed infrastructure securities spread across a number of infrastructure subsectors such as gas, electricity and water utilities, renewables, toll-roads, airports, rail and communication infrastructure and across geographic regions in both the developed and emerging markets.
More...ClearBridge RARE Infrastructure Income Fund - Unhedged
This income-oriented fund invests in a range of listed infrastructure securities spread across a number of infrastructure subsectors such as gas, electricity and water utilities, renewables, toll-roads, airports, rail and communication infrastructure and across geographic regions in both the developed and emerging markets.
More...Institutional Investors
For institutional investors looking for opportunities to invest with ClearBridge, please contact us directly.
Investors Outside of Australia
Investors in other parts of the world may wish to access the strategies through various fund structures available through Franklin Templeton affiliates dependant on your location.
Disclaimer
1. Sources: Internal calculations for the Global Infrastructure Income Strategy. All index data sourced from FactSet. Results over one year annualised.
2. Strategy performance is gross of fees.
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 the Global Infrastructure Income Strategy is 31/10/2010.
Past performance is not indicative of future performance.
While the information contained on this website has been prepared with all reasonable care, ClearBridge Investments* accepts 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 investment teams. This research incorporates our reasonable assumptions and beliefs concerning future developments and their potential effect but are subject to risks and uncertainties that may be beyond our control. Returns can be volatile, reflecting rises and falls in the value of underlying investments. Accordingly, we do not provide any assurance or guarantee that future developments will be aligned with our expectations, and actual results may differ materially from those expected or anticipated at the time of writing.
Franklin Templeton Australia Limited (AFSL No. 240827) (“Franklin Templeton”) is a part of Franklin Resources, Inc. and the Responsible Entity for certain ClearBridge managed Funds (the “Funds”). 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 read the relevant PDSs and the Additional Information Booklet (“AIB”) before making an investment decision. The PDSs and AIB can be obtained on this website or by contacting us: by telephone on (02) 9397 7351, by writing to ClearBridge Investments Limited (ABN 84 119 339 052; AFSL No. 307727), Level 13, 35 Clarence Street, Sydney, NSW 2000 or by email at [email protected]. Franklin Templeton can be contacted by writing to Franklin Templeton, Level 47, 120 Collins Street, Melbourne, VIC 3000 or by telephone on 1800 673 776. In accordance with the Design and Distribution Obligations and Product Interventions Powers requirements the Responsible Entity maintains Target Market Determinations (“TMD”) for each of the Funds. All documents can be found on this website on the Forms & Downloads page, by contacting Client Service on (02) 9397 7351 or by email at [email protected].
Franklin Templeton 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.
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*ClearBridge Investments consists of ClearBridge Investments, LLC. (“CBI”) and its affiliated managers whose businesses have been operationally integrated with CBI’s, including ClearBridge Investments Limited and its subsidiary in Australia, and a part of Franklin Templeton Investments Corp. doing business as ClearBridge Investments in Canada.