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FIRST STATE GLOBAL LISTED INFRASTRUCTURE A - Fund overview

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Overview of FIRST STATE GLOBAL LISTED INFRASTRUCTURE A

Investments will be made across the world in listed securities of large-scale infrastructure companies with the purpose of the achieving capital growth. The management expect that this asset class will offer good risk/return and low correlation versus global equities, bonds and property. Investments will be made predominantly in industrialised countries. The benchmark for this fund is the S&P Global Infrastructure Index.

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Fund summary

Sector	Global
Product type	OEIC
Launched	October, 2007
Size	£447m
Yield	3.2%
Charging basis	Capital
Dividends paid	–
Bid price(inc)	102.13p
Bid price(acc)	117.83p

Fund Charges

Standard Initial charge	4.00%
Initial charge via Bestinvest	0.00%
Additional bid/offer spread	0.00%
Annual management charge	1.50%
Total expense ratio	1.59%
Reduction in yield (10yr)	1.59%

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Portfolio

first state global listed infrastructure a asset allocation illustration

Allocation		Proportion

	Equity	100%
	High yield bonds	–
	Quality bonds	0%
	Property	0%
	Commodities	–
	Hedge	–
	Fund cash	0%

first state global listed infrastructure a equity geographic illustration

Allocation		Proportion

	UK	8%
	Europe	46%
	Nth America	34%
	Japan	8%
	Pacific	4%
	Other Equity	0%

first state global listed infrastructure a equity capitalisation illustration

Allocation		Proportion

	Large Caps	65%
	Mid Caps	26%
	Small Caps	9%

View all performance data for FIRST STATE GLOBAL LISTED INFRASTRUCTURE A

Investment process

The management seek to invest in companies undertaking long term projects in industries that have high barriers to entry. Preferably these companies will be monopolies. Such companies should offer predictable cash flows and helps guard against inflation. Important industries include highways, airports, marine-ports, utilities.
The 'investigable universe' consists of roughly 500 securities as only companies with a market capitalisation of greater than US$500m are considered. Management, using a combination of technical and qualitative research, narrow this figure to a portfolio of 30-50 stocks.
This is a new asset type of asset class for investors too consider. The global nature of the product increases the possibility if currency exposure even though a minimum of 80% of capital will be in industrialised countries. However this will possibility minimise potential returns in rapidly industrialising economies such as Brazil, India and China.

The value of your investments and the income from them can go down as well as up, and you can get back less than you originally invested. Past performance or any yields quoted should not be considered reliable indicators of future returns. Before investing in funds please check the specific risk factors on the key features document or refer to our risk warning notice as some funds can be high risk or complex; they may also have risks relating to the geographical area, industry sector and/or underlying assets in which they invest. Prevailing tax rates and relief are dependent on your individual circumstances and are subject to change.

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