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Global Infrastructure Value Strategy

A global listed infrastructure strategy suitable for investors seeking capital growth and stable income 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.

Why Invest in the Global Infrastructure Value Strategy

Within a portfolio, the infrastructure asset class offers investors the potential for:

Due to the essential nature of infrastructure assets, demand is relatively stable and may provide lower volatility than traditional equities. Even at times of economic weakness, consumers continue to use water, electricity and gas, drive cars on toll roads and use other essential infrastructure services.

Infrastructure companies provide predictable income distributions due to stable earnings derived from the underlying asset. Regulation and/or long-term contracts provide stable cash flow and greater capital stability, which may provide visibility for revenues and dividends.

Most infrastructure assets have an explicit link to inflation through regulation, concession agreements or contracts which can provide inflation protection to investors.

Infrastructure can act as a good alternative diversifier in a portfolio, given its lower correlation to asset classes such as equities and bonds. This is because the underlying return streams are linked to regulatory or contractual frameworks, rather than typical drivers of equity and bond returns. This diversification benefit may increase in times of market stress, meaning that infrastructure can provide protection exactly when it is needed the most.

Investing in global listed security markets provides us with the flexibility to take advantage of market movements and the agility to invest where we, as active managers, see the best opportunities for our clients.

Portfolio Management Team

The Global Infrastructure Value Strategy is managed by an experienced investment committee comprising of the following members:

The Portfolio Management Team is employed by ClearBridge Investments Limited.

Nick Langley

Nick Langley

Managing Director, Portfolio Manager, Head of Real Assets
Shane Hurst

Shane Hurst

Managing Director, Portfolio Manager
Charles Hamieh

Charles Hamieh

Managing Director, Portfolio Manager
Simon Ong

Simon Ong

Director, Portfolio Manager

What Makes Us Different

We aim to deliver an infrastructure return through the listed markets, not an equity return via infrastructure stocks. To achieve this, our proprietary investable universes include only 'core infrastructure' securities. These companies own hard assets that are essential to society and have regulatory and/or contractual frameworks which provide stable and predictable cash flows.

Our approach to company valuation mirrors that used by unlisted infrastructure investors and centres around the belief that, over time, the underlying value of assets is reflected in long-term cash flows. Many generalist investors take a shorter term view which can create market mispricings. These differences provide clear investment signals, allowing our specialist investment team to position portfolios that may generate long-term infrastructure returns.

ClearBridge's infrastructure investment team believes that an absolute return, inflation-linked benchmark is the most appropriate primary measure against which to evaluate the long-term performance of a listed infrastructure strategy. This approach ensures portfolio construction focuses on delivering long-term real returns and provides flexibility to manage through changing economic environments, as opposed to index relative positioning which can adversely impact stock selection decisions over the long term.

Our specialist infrastructure investment team is one of the largest in the peer group. Our specialist focus seeks to provide long-term value for investors. Our specialist team has a diverse range of specific skills developed from backgrounds including unlisted infrastructure investing, research, and roles working for or advising regulators, governments, infrastructure companies and investors. Our team are infrastructure experts managing funds, not fund managers investing in infrastructure. 

Understanding and managing the relationship between risk and returns as it applies to infrastructure assets is at the heart of our bottom-up investment process. 

Key Portfolio Information

Growth of AUD $10,000

31 December 2025
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As at 31 December 2025

Performance 1 Month 3 Months 1 Year 3 Years 5 Years Inception2
ClearBridge Global Infrastructure Value Strategy1 -3.2% 1.8% 14.6% 12.7% 12.1% 9.7%
OECD G7 Inflation Index + 5.5% pa 0.5% 1.9% 8.4% 8.6% 9.8% 7.8%
Excess Returns -3.7% -0.1% 6.2% 4.1% 2.3% 1.9%
MSCI AC World (Net) (AUD) Index -0.6% 2.7% 13.6% 21.3% 14.5% 8.7%
FTSE Global Core Infrastructure 50/50 Index - Net Return AUD Unhedged -3.3% 0.2% 6.2% 9.2% 10.1% 8.0%
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As at 31 December 2025

  • Regulated & Contracted Utilities
  • User Pays Infrastructure
  • Cash
  • Other
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As at 31 December 2025

Top 10 Positions Region Sector Portfolio
Weight %		 Forward
Yield %
Ferrovial Western Europe Toll Roads 5.1% 1.4%
SSE plc Western Europe Electric 5.0% 3.2%
Severn Trent Plc Western Europe Water 5.0% 4.6%
Entergy USA & Canada Electric 4.5% 2.8%
TC Energy USA & Canada Gas 4.1% 4.6%
CenterPoint Energy USA & Canada Electric 3.8% 2.4%
E.ON SE Western Europe Electric 3.7% 3.8%
Vinci Western Europe Toll Roads 3.4% 4.6%
NextEra USA & Canada Electric 3.3% 3.0%
GetLink Western Europe Rail 3.3% 4.1%
Download top 10
Portfolio Weighted Average December 2025
Avg Market Capitalisation 71.1bn (AUD)
Div Yield (Forward) Gross 3.5%
5 Yr DPS Growth (p.a.) 6.1%
Avg Stock Gearing (Net Debt/EV) 35.9%
Interest Cover (Historic) 4.5x
EV/EBITDA (Forward) 12.7x
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Investing in the Global Infrastructure Value Strategy

Ready to Invest?

Franklin Templeton Australia Limited is the Responsible Entity and distributor for all ClearBridge managed Funds in Australia. To explore and access these Funds, you will be redirected to the Franklin Templeton website.

Explore the Global Infrastructure Value Fund (Hedged)

Explore the Global Infrastructure Value Fund

Institutional Investors

For tailored investment solutions and more information on ClearBridge’s institutional capabilities, please get in touch.

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Related Perpectives

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Utilities, Toll Roads Drive Solid Quarter

Utilities, Toll Roads Drive Solid Quarter

Q4 2025 Global Infrastructure Value Strategy Commentary
Western Europe was the top-contributing region to Strategy performance, where electric utilities and toll roads contributed strongly.

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U.K. Autumn Budget Is Infrastructure Friendly

The November U.K. Budget offers continued support in terms of pipeline visibility and policy direction, in particular for infrastructure helping the energy transition.

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Disclaimer

1 Internal calculations for the Global Infrastructure Value Strategy. All index data sourced from FactSet. Strategy performance is composite performance, shown gross of fees. Results over one year annualised. All values in AUD and net of withholding taxes for benchmarks, if applicable. Non-AUD values converted into AUD using FactSet Forex data.
2 Performance inception date: 31 August 2006.

Past performance is not a reliable indicator of future performance.

Investment returns can be volatile and may be influenced by market movements, currency fluctuations, and other factors.

This information is provided for general informational purposes only and does not constitute financial product advice. It has been prepared without taking into account any investor’s objectives, financial situation, or needs. Investors should consider the appropriateness of the information in light of their own circumstances and seek independent financial advice before making any investment decision.

References to specific securities, industries, or sectors are not recommendations to buy, sell, or hold any particular investment. Any target returns, performance (and related information), and dividend yields are based on internal research and are subject to change without notice. There is no assurance that a Strategy will meet its objectives.

ClearBridge Investments, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. ClearBridge Investments, LLC ("ClearBridge") is a wholly owned indirect subsidiary of Franklin Resources, Inc. (“Franklin”). In July 2020 Legg Mason, Inc., its parent company, was purchased by Franklin. The investment advisory business now known as ClearBridge was registered in September 2005 to facilitate Legg Mason's acquisition of substantially all the equity asset management businesses known as Citigroup Asset Management. These former businesses serve as the foundation of ClearBridge and its claim of GIPS compliance for institutional accounts through predecessor firms, effective as of January 1997. In June 2008, ClearBridge combined this business with its retail business to form a single GIPS firm. As of April 1, 2013, January 1, 2016, May 1, 2020, and January 1, 2024 ClearBridge affiliates, Global Currents Investment Management, LLC, ClearBridge, LLC, ClearBridge Investments Limited (f/k/a RARE Infrastructure Limited), and Franklin Bissett Asset Management have become part of the ClearBridge GIPS firm.

The ClearBridge Global Infrastructure Value Composite includes all fully discretionary accounts with no minimum size (prior to Jan 2022 the minimum account size was USD $5m). The portfolios will generally hold between 30-60 different securities across a number of infrastructure sub-sectors such as gas, electricity, water utilities, toll-roads, airports, rail and communication across developed and developing geographic regions. The Composite may use options, futures or other derivatives to reduce risk or gain exposure to the market for the underlying physical investments. The composite name was updated to ClearBridge from RARE in July 2020. ClearBridge has chosen an absolute return, inflation linked benchmark as the most appropriate primary measure against which to evaluate the long term performance of the Composite. This is an accumulation index comprised of the OECD G7 inflation + 5.5% pa. As a secondary measure of comparison, the FTSE Global Core Infrastructure 50/50 Index, is used. To receive a complete list and description of ClearBridge composites and/or a presentation that adheres to the GIPS standards, please contact us.

Franklin Templeton Australia Limited ("FTAL") is the issuer and Responsible Entity of all ClearBridge managed funds. Retail funds’ offering documents, factsheets and application materials are hosted exclusively on the FTAL website. Any links to the FTAL website are provided for convenience only and ClearBridge Investments is not responsible for the maintenance or content of those external pages. Linking does not imply an offer, recommendation or solicitation to purchase.