Developed Markets Infrastructure Income Model
The ClearBridge Developed Markets Infrastructure Income Model is designed to provide investors with attractive and stable returns through an actively managed portfolio of developed markets listed infrastructure companies. The Model holds a diverse range of infrastructure securities across a number of 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 30 November 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 | 1.0% | 6.1% | 18.5% | 9.2% | - | 12.2% |
| OECD G7 Inflation Index +5.5% | 0.6% | 1.7% | 8.0% | 10.4% | - | 10.6% |
| Excess Returns | 0.4% | 4.4% | 10.5% | -1.2% | - | 1.6% |
| MSCI AC World (Net) (AUD) Index | 4.3% | 8.1% | 28.4% | 10.8% | - | 13.5% |
| FTSE Developed Core Infrastructure 50/50 Index - Net Return | 4.0% | 8.1% | 22.7% | 9.5% | - | 10.8% |
As at 30 November 2024
- Regulated & Contracted Utilities
- User Pays Infrastructure
- Cash
- Other
As at 30 November 2024
| Top 10 Positions | Region | Sector | Weight % | Forward Dividend % |
|---|---|---|---|---|
| Entergy | USA & Canada | Electric | 6.0% | 3.1% |
| Redeia Corporacion SA | Western Europe | Electric | 4.5% | 4.9% |
| Severn Trent | Western Europe | Water | 4.3% | 4.5% |
| Pembina Pipeline | USA & Canada | Energy Infrastructure | 4.1% | 4.7% |
| NextEra | USA & Canada | Electric | 4.0% | 2.6% |
| Crown Castle | USA & Canada | Communications | 4.0% | 5.9% |
| Dominion Energy | USA & Canada | Electric | 3.8% | 4.5% |
| OGE Energy | USA & Canada | Electric | 3.7% | 3.8% |
| Emera Inc. | USA & Canada | Electric | 3.7% | 5.3% |
| Union Pacific | USA & Canada | Rail | 3.6% | 2.2% |
| Model Details | November 2024 |
|---|---|
| Number of Securities | 34 |
| Portfolio Weighted Average | November 2024 |
|---|---|
| Avg Market Capitalisation | 68.6bn (AUD) |
| Div Yield (Forward) Gross | 4.7% |
| 5 Yr DPS Growth (p.a.) | 4.4% |
| Avg Stock Gearing (Net Debt/EV) | 39.3% |
| Interest Cover (Historic) | 4.6x |
| EV/EBITDA (Forward) | 11.6x |
Product Commentary
Developed Markets Infrastructure Income Model November Commentary
During the month, we initiated positions in U.S. energy infrastructure company ONEOK and French toll road operator Vinci. We also exited our positions in Spanish gas utility Enagas and Spanish electric utility Iberdrola.
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Developed Markets Infrastructure Income Model October Commentary
Given the prospect of slowing growth from elevated levels as well as declining interest rates, we believe the defensive and income-producing qualities of infrastructure will become more apparent, as was evident in the third quarter.
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Developed Markets Infrastructure Income Model September Commentary
We remain defensively positioned as impacts of tightened financial conditions continue to impact the economy.
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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, CFA
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 November ClearBridge Developed Markets Infrastructure Income Model Fact Sheet
- 2024 October ClearBridge Developed Markets Infrastructure Income Model Fact Sheet
- 2024 September 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.
Past performance is not indicative of future performance.
While the information contained on this website has been prepared with all reasonable care, ClearBridge Investments* 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. Where an investment product is mentioned, potential investors should seek independent advice as to the suitability of the product to their investment needs. Reference to shares in a particular company, is not a recommendation to buy, sell or hold that stock. Investors should be aware that past performance is not indicative of future performance.
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 investment teams. This research incorporates our reasonable assumptions and beliefs concerning future developments and their potential effect but are subject to risks and uncertainties that may be beyond our control. Returns can be volatile, reflecting rises and falls in the value of underlying investments. Accordingly, we do not provide any assurance or guarantee that future developments will be aligned with our expectations, and actual results may differ materially from those expected or anticipated at the time of writing.
Franklin Templeton Australia Limited (AFSL No. 240827) (“Franklin Templeton”) is a part of Franklin Resources, Inc. and the Responsible Entity for certain ClearBridge managed Funds (the “Funds”). Applications to invest can only be made on the application form accompanying the most recent Fund Product Disclosure Statement (“PDS”) which is available on this website.
Potential investors should read the relevant PDSs and the Additional Information Booklet (“AIB”) before making an investment decision. The PDSs and AIB can be obtained on this website or by contacting us: by telephone on (02) 9397 7351, by writing to ClearBridge Investments Limited (ABN 84 119 339 052; AFSL No. 307727), Level 13, 35 Clarence Street, Sydney, NSW 2000 or by email at [email protected]. Franklin Templeton can be contacted by writing to Franklin Templeton, Level 47, 120 Collins Street, Melbourne, VIC 3000 or by telephone on 1800 673 776.
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Franklin Templeton does not guarantee any rate of return or the return of capital invested. Investments are subject to risks, including, but not limited to, possible delays in payments and loss of income or capital invested.
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*ClearBridge Investments consists of ClearBridge Investments, LLC. (“CBI”) and its affiliated managers whose businesses have been operationally integrated with CBI’s, including ClearBridge Investments Limited and its subsidiary in Australia, and a part of Franklin Templeton Investments Corp. doing business as ClearBridge Investments in Canada.