First State Global Listed Infrastructure B

Invests in the equities of infrastructure companies such as airports, roads and utilities.

  • 185.93p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 271.16p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 4.00% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.82%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 2.60%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 30 March 2020

The Fund aims to provide income and capital growth through investment in the shares of companies that are involved in infrastructure around the world. The managers expect that this asset class will offer good risk/return characteristics and low correlation versus global equities, bonds and property. Investments will be made predominantly in industrialised countries.

Fund summary

Sector Global
Structure OEIC
Launched October, 2007
Size £1,982m
Yield 2.60%
Charging basis Capital
Dividends paid Mar & Sep

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.82%

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Investment process

Manager research

Average monthly relative returns

  • 15/16 0.55%
  • 16/17 0.05%
  • 17/18 -0.24%
  • 18/19 0.25%
  • 19/20 -0.11%

Bestinvest MRI

  • 3 years -0.03%
  • 5 years 0.10%
  • Career 0.15%
  • 3 years 56.00%
  • 5 years 82.60%
  • Career 96.80%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Peter Meany

Meany joined Colonial First State in January 2007 as Head of Global Infrastructure Securities and has over 15 years experience in the infrastructure and utilities sectors. He previously worked for Credit Suisse Equities (Australia), where he was responsible for research coverage in these sectors. Prior to Credit Suisse, he was an analyst at Macquarie Equities when the infrastructure sector was in its infancy.

Track record

Peter Meany has 12.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.15%. During the worst period of relative performance (from May 2008 - July 2008) there was a decline of 9% relative to the index. The worst absolute loss has been 28%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance

Absolute -28.00% (May 2008 - February 2009)
Relative -9.00% (May 2008 - July 2008)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 January 2020

5.8% Nextera Energy Inc
5.2% Dominion Energy Inc
5.2% Transurban Group
4.8% National Grid
3.7% Williams Companies Inc
3.6% American Electric Power Co Inc
3.3% American Tower Reit
3.2% Crown Castle International Corp
3.1% East Japan Railway Co
3.1% Union Pacific Corp
Source: Trustnet

Sector breakdown

Utilities 27.00%
Utilities 16.00%
Infrastructure 10.00%
Infrastructure 10.00%
Oil & Gas Equipment & Services 10.00%
Specialised - Property 9.00%
Oil & Gas 6.00%
Building & Construction 5.00%
Transport 4.00%
Water 2.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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