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Lazard Global Listed Infrastructure Equity A GBP

A global listed infrastructure fund targeting low-volatility returns that exceed inflation.

  • 175.50p
    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.

  • 220.60p
    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?

  • 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!

  • 0.85%
    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).

  • 0.97%
    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.

  • 2.40%

    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 17 September 2021, fund data last updated 17 November 2020

The fund invests in the equities of infrastructure companies worldwide, seeking to achieve total returns of 5% p.a. above inflation (CPI) over rolling five-year periods. Manager Bertrand Cliquet and his team target "preferred infrastructure", defined as companies with monopolistic market structure, regulated and inflation-linked revenues, and low demand volatility. The managers also seek to exclude commodity and power price exposure from the portfolio. The funds tends to be overweight Europe and underweight North America.

Fund summary

Sector Global
Launched April, 2013
Size £1,448m
Yield 2.40%
Charging basis Capital
Dividends paid Apr, Oct


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.85%
Ongoing charges figure 0.97%


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Investment process

The managers’ "preferred infrastructure" investment objective sees the global infrastructure universe of stocks filtered down from 400 to roughly 150 stocks via an initial filter. The second stage of the investment process sees the managers rank stocks based on a deeper dive into qualitative analysis, which focuses on revenue certainty, profitability and longevity factors. This leaves approximately 90 stocks for the third phase of the process, where the managers rank each stock based on its expected return over the next three years, assuming its share price moves to the manager's believed intrinsic value of the stock. The value rank process is applied to both infrastructure sectors and stocks, and is a key construction tool that illustrates the expected return of each stock in the sector. The managers then construct a portfolio of 25-50 stocks based on this analysis and in line with the portfolio concentration rules to ensure diversification. The management team, who are based across Lazard's London, New York and Sydney offices, has a weekly investment meeting that assesses portfolio positioning and construction, with a process of peer review for stock selection.

The fund benefits from a management team who are experienced in both the infrastructure and utilities sectors. They believe that infrastructure companies are not all equal nor carry the same risks. As a result they focus on “preferred infrastructure”, which they see as lower risk due to longevity of assets, predictable cash flows and inflation protections (monopolies can often pass on inflation to the end consumer fairly easily). Because it invests in infrastructure via listed equities, the fund tends to have a fairly high correlation to the wider global equity index, often around 0.8, and so provides less diversification than investment companies investing directly in physical infrastructure assets. Historic returns highlight positive downside protection characteristics relative to the global equity market.

Manager research

Average monthly relative returns

  • 16/17 0.40%
  • 17/18 0.29%
  • 18/19 -0.61%
  • 19/20 0.82%
  • 20/21 -0.11%

Bestinvest MRI

  • 3 years 0.03%
  • 5 years 0.16%
  • Career 0.20%
  • 3 years 61.40%
  • 5 years 76.70%
  • Career 87.70%

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

Lazard Global Infrastructure Team

The team consists of 6 members; 3 based in Sydney, 2 in New York and 1 in London. Bertrand Cliquet, CFA (pictured) is based in London and is one of four portfolio managers on the fund, but also has analyst responsibilities. He joined Lazard in 2004 as a European utility analyst, before becoming a founding member of its Global Listed infrastructure strategy in 2005. Prior to joining Lazard, he was a utility analyst at Goldman Sachs, and an M&A analyst at Deutsche Bank. He attained a business degree from HEC in Paris, with a major in Finance. John Mulquiney, CFA, is a portfolio manager/analyst based in Sydney. Prior to joining Lazard in 2005 he spent four years at Nanyang Ventures, an early expansion venture capital fund. Previously he worked at Tyndall Australia and in the Asset and Infrastructure Group at Macquarie Bank, where he undertook transactions and developed valuation models for airports, electricity generators, rail projects and health infrastructure. He holds a PhD from the Australian National University and a BA from Sydney University. Warryn Robertson is a Portfolio Manager/Analyst based in Sydney. Prior to joining Lazard in 2001, he was an Associate Director at Capital Partners and previously worked at PriceWaterhouseCoopers Corporate Finance. He holds an MBA from the Melbourne Business School (Melbourne University) and a BCom, University of Canberra. Matthew Landy is a Portfolio Manager/Analyst based in New York. Prior to joining Lazard in 2005, he worked in the private equity industry where he was involved in early stage venture capital in Europe and management buy-out investing in Australia. Previously he was also an Equity Analyst with Tyndall Investment Management. Landy has a B. Comm. and a BA from Monash University in Melbourne, Australia.

Track record

Lazard Global Infrastructure Team has 9.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.2%. During the worst period of relative performance (from November 2015 - October 2016) there was a decline of 28% relative to the index. The worst absolute loss has been 20%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 88%.

Periods of worst performance

Absolute -20.00% (January 2020 - March 2020)
Relative -28.00% (November 2015 - October 2016)

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.


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Top 10 holdings

Atlantia 8.7%
Norfolk Southern 8.7%
National Grid 8.1%
Terna 7.8%
Vinci 4.7%
Transurban 4.6%
Severn Trent 4.6%
Snam Rete Gas 4.6%
United Utilities 4.6%
Kansas City Southern 4.5%
Source: Lazard


The portfolio typically comprises investment in between 25 and 50 companies from a universe of 150 stocks that meet the fund's "preferred infrastructure" characteristics. The fund also seeks diversification across countries and sectors.


1-8% in single stock typical positions. Max 10% of company's market cap. Excludes exposure to commodity / power prices - seeks companies with contractual / regulated prices. Min market cap $250m.

Key Investor Information - Income


Key Investor Information - Accumulation