Developed Markets Infrastructure Income Model
The ClearBridge Developed Markets Infrastructure Income Model investment process is designed to provide investors with attractive and stable returns through investing in an actively managed portfolio of developed markets listed infrastructure companies. The Model holds a diverse range of developed markets infrastructure securities across a number of infrastructure subsectors such as gas, electricity and water utilities, toll-roads, airports, rail and communication infrastructure and across geographic regions in developed markets.
Key Portfolio Information
As at 31 March 2024 (returns in AUD Hedged after fees)
| Performance | 1 Month | 3 Months | 1 Year | 3 Years | 5 Years | Inception4 |
|---|---|---|---|---|---|---|
| ClearBridge Developed Markets Infrastructure Income Model123 | 2.9% | 3.5% | 3.0% | 10.3% | - | 10.3% |
| OECD G7 Inflation Index +5.5% | 0.4% | 1.2% | 8.9% | 10.9% | - | 10.9% |
| Excess Returns | 2.5% | 2.3% | -5.9% | -0.6% | - | -0.6% |
| MSCI AC World (Net) (AUD) Index | 2.9% | 13.2% | 26.5% | 12.6% | - | 12.6% |
| FTSE Developed Core Infrastructure 50/50 Index - Net Return | 3.4% | 5.3% | 4.3% | 8.0% | - | 8.0% |
As at 31 March 2024
- Regulated & Contracted Utilities
- User Pays Infrastructure
- Cash
- Other
As at 31 March 2024
| Top 10 Positions | Region | Sector | Weight % | Forward Dividend % |
|---|---|---|---|---|
| Entergy | USA & Canada | Electric | 5.7% | 4.3% |
| National Grid | Western Europe | Electric | 5.0% | 5.3% |
| Union Pacific | USA & Canada | Rail | 4.7% | 2.2% |
| EDP-Energias de Portugal | Western Europe | Renewables | 4.6% | 5.5% |
| NextEra | USA & Canada | Electric | 4.6% | 3.2% |
| Southern Company | USA & Canada | Electric | 4.4% | 4.0% |
| Crown Castle | USA & Canada | Communications | 4.3% | 5.9% |
| American Tower | USA & Canada | Communications | 4.2% | 3.3% |
| Pembina Pipeline | USA & Canada | Energy Infrastructure | 4.0% | 5.7% |
| OGE Energy | USA & Canada | Electric | 3.9% | 4.9% |
| Fund Details | March 2024 |
|---|---|
| Number of Securities | 33 |
| Portfolio Weighted Average | March 2024 |
|---|---|
| Avg Market Capitalisation | 64.7bn (AUD) |
| Div Yield (Forward) Gross | 5.0% |
| 5 Yr DPS Growth (p.a.) | 5.1% |
| Avg Stock Gearing (Net Debt/EV) | 41.3% |
| Interest Cover (Historic) | 4.0x |
| EV/EBITDA (Forward) | 11.7x |
Product Commentary
Developed Markets Income Strategy March Commentary
We remain constructive on and selective with U.S. utilities, where energy transition and data centre growth remain long-term positive drivers.
More...Investment Committee
The ClearBridge Developed Markets Infrastructure Income Model is managed by an experienced investment committee comprising of the following members.
Nick Langley
Shane Hurst
Charles Hamieh
Daniel Chu
Important information for investors
ClearBridge Investments Limited (ABN 84 119 339 052, AFSL No. 307727) is the Model Manager for the ClearBridge Developed Markets Infrastructure Income Model Portfolio (the “Model Portfolio”). Investors will not be able to invest in the Model Portfolio directly but may only obtain access via a platform, IDPS, IDPS-like or other managed account provider. Investors should seek further independent professional advice.
Product Downloads
- 2024 March ClearBridge Developed Markets Infrastructure Income Model Fact Sheet
- 2024 February ClearBridge Developed Markets Infrastructure Income Model Fact Sheet
- 2024 January ClearBridge Developed Markets Infrastructure Income Model Fact Sheet
Disclaimer
1. Source: Internal calculations for the ClearBridge Developed Markets Infrastructure Income Model. All data sourced from Factset. Results over one year annualised.
2. Portfolio 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 ClearBridge Developed Markets Infrastructure Income Model is 31/03/2021.
ClearBridge Investments Limited (ABN 84 119 339 052, AFSL No. 307727) (“ClearBridge”) is the Model Manager for the ClearBridge Developed Markets Infrastructure Income Model Portfolio (the “Model Portfolio”). Investors will not be able to invest in the Model Portfolio directly but may only obtain access via a platform, IDPS, IDPS-like or other managed account provider (“Operator”). Any performance reported on this website page is the performance of the Model Portfolio and not the performance of any investment option within a scheme. The Operator has full discretion in regard to security selection and composition across the portfolio and is responsible at all times for the implementation and ongoing management of any actual investment option based on the Model Portfolio. Each Operator will charge its own fees and costs which will affect the performance of the actual portfolio. This means that the Model Portfolio set out on the website may vary from the actual portfolio held by an Operator. ClearBridge does not have any responsibility to investigate, oversee, review or monitor an Operator’s implementation and ongoing management of the Model Portfolio.
While the information contained on this website has been prepared with all reasonable care, ClearBridge 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. Potential investors should seek independent advice as to the suitability of any product to their investment needs. Past performance is not indicative of future performance. Reference to shares in a particular company is not a recommendation to buy, sell or hold that stock.
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.
ClearBridge is wholly, indirectly owned by Franklin Resources, Inc., and operationally integrated with ClearBridge Investments, LLC.