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

Infrastructure Income Strategy

Investor Outcomes

The Infrastructure Income Strategy aims to provide investors with long-term inflation-linked capital growth over an economic cycle with a focus on providing reliable income. This is achieved by investing 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

30 June 2021

As at 30 June 2021 (returns in AUD)

Performance 1 Month 3 Months 1 Year 3 Years 5 Years Inception4
ClearBridge Infrastructure Income Strategy123 1.0% 4.4% 12.1% 13.5% 11.3% 14.0%
OECD G7 Inflation Index + 5.5% pa 1.0% 2.8% 7.5% 7.1% 7.3% 7.1%
Excess Returns - 1.6% 4.6% 6.4% 4.0% 6.9%
S&P Global Infrastructure Index - Net Return AUD Unhedged 1.3% 3.6% 12.1% 4.1% 5.1% 8.4%
MSCI AC World Index - Net Return AUD 4.5% 9.0% 27.7% 14.0% 14.4% 13.0%
  • 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 4.7% 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% 4.2%
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 3.7% 5.0%
Snam Western Europe Gas 3.5% 5.3%
National Grid Western Europe Electric 3.5% 5.5%
Portfolio Weighted Average June 2021
Avg Market Capitalisation 35.5bn (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

Fund commentary

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.

More...
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...
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.

More...

Investment Committee

The ClearBridge Income Strategy 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

Institutional Investors

For institutional investors looking for opportunities to invest in global listed infrastructure; please contact us directly.

Contact Us

Investors outside of Australia and New Zealand

Investors in other parts of the world, will be re-directed to Franklin Templeton who may offer this Strategy through various fund structures dependant on your location.

Explore Franklin Templeton Funds

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

Need more information?

Disclaimer

  1. Source: Internal calculations for the Infrastructure Income Strategy. All index data sourced from Factset. Results over one year annualised.
  2. Fund Performance is Gross of fees. 
  3. All values on an AUD 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 the 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 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 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.