LF Macquarie Global Infrastructure Securities B

A worldwide infrastructure fund from a specialised company in the sector.

  • 143.27p
    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.

  • 194.98p
    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!

  • 0.95%
    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).

  • 1.29%
    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.

  • 3.10%
    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 focuses on total returns by investing in a worldwide portfolio of infrastructure securities listed or traded on Eligible Securities Markets. A yield of 3-4% is also expected to be achieved. Macquarie, an Australia based company, specialises in infrastructure investments and has developed several toll motorways around the world. Infrastructure investments offer a low correlation to more traditional asset class such as equities, bonds and properties.

Fund summary

Sector Global
Structure OEIC
Launched June, 2007
Size £35m
Yield 3.10%
Charging basis Income
Dividends paid 31 May, 30 Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.95%
Ongoing charges figure 1.29%

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Investment process

Infrastructure projects are by nature long-term investments in industries that have high barriers to entry. The management will seek companies that have monopolistic tendencies and will therefore offer predictable cash flows and help protect against inflation. Typical industries in which the fund will invest include 'regulated assets', (utilities and communications) and 'user pay assets', (roads, rail, ports and airports). The fund will have a maximum exposure to emerging markets of 20%. Other major areas for investing include the US, Canada, UK/Europe and Australasia. Infrastructure funds have grown out of the Australian market and Macquarie were the first to create such a fund.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.69%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Brad Frishberg / Justin Lannen

Frishberg Macquarie Group in 2009 in the firm’s New York office as Managing Director and Chief Investment Officer of the Infrastructure Securities division within Macquarie Funds Group – the firm’s global asset management arm. Prior to joining Macquarie, he was Managing Director and U.S. Equity Portfolio Manager at J.P. Morgan Asset Management, where over a period of 13 years he was responsible for managing portfolios and businesses in London, Tokyo, and New York. He started his career at Aetna Asset Management as an international analyst and then as a portfolio manager for Japanese equity and fixed income. He earned his bachelor’s degree in business economics from Brown University and his master’s degree in economics from Trinity College. He is a CFA charterholder. Lannen joined Macquarie's infrastructure securities team in March 2007 as a portfolio manager. Lannen has over 12 years of investment experience, including eight years in the infrastructure and utility sectors.

Track record

The track record of Brad Frishberg / Justin Lannen in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

Absolute -11.00% (June 2011 - September 2011)
Relative -1.00% (September 2011 - October 2011)

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

5.337% Transurban Group
5.1376% Sempra Energy
5.1204% Cheniere Energy Inc
4.8108% Atlantia Spa
4.4214% Tc Energy Corp
4.1253% Nextera Energy Inc
4.0766% National Grid Plc
3.5554% United Utilities Group Plc
3.4103% Enbridge Inc
3.144% Enav Spa
Source: Trustnet

Sector breakdown

Utilities 28.00%
Infrastructure 27.00%
Oil & Gas Equipment & Services 25.00%
Electricity Supply 8.00%
Water 6.00%
Money Market 5.00%
Transport 2.00%

Portfolio

The portfolio will consists of 40-50 stocks.

Key Investor Information - Income

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Key Investor Information - Accumulation

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