ClearBridge RARE Infrastructure Value Fund - Unhedged
This fund invests in a range of listed infrastructure securities spread across a number of infrastructure subsectors such as gas, electricity and water utilities, renewables, toll-roads, airports, rail and communication infrastructure and across geographic regions in both the developed and emerging markets.
Key Portfolio Information
As at 31 October 2024 (returns in AUD after fees)
| Performance | 1 Month | 3 Months | 1 Year | 3 Years | 5 Years | Inception4 |
|---|---|---|---|---|---|---|
| ClearBridge RARE Infrastructure Value Fund - Unhedged Class A Units123 | 3.3% | 4.5% | 17.7% | 9.4% | 7.6% | 9.9% |
| OECD G7 Inflation Index + 5.5% pa | 0.6% | 1.8% | 8.3% | 10.4% | 9.4% | 8.0% |
| Excess Returns | 2.7% | 2.7% | 9.4% | -1.0% | -1.8% | 1.9% |
| S&P Global Infrastructure Index - Net Return AUD Unhedged | 4.5% | 6.7% | 27.6% | 11.9% | 6.4% | 9.7% |
| MSCI AC World (Net) (AUD) Index | 3.5% | 2.3% | 28.4% | 10.4% | 12.2% | 12.8% |
As at 31 October 2024
- Regulated & Contracted Utilities
- User Pays Infrastructure
- Cash
- Other
As at 31 October 2024
| Top 10 Positions | Region | Sector | Weight % | Forward Dividend % |
|---|---|---|---|---|
| Entergy | USA & Canada | Electric | 5.8% | 3.1% |
| PG&E | USA & Canada | Electric | 5.1% | 0.3% |
| Severn Trent | Western Europe | Water | 4.7% | 4.8% |
| NextEra | USA & Canada | Electric | 4.4% | 2.6% |
| CSX | USA & Canada | Rail | 4.3% | 1.3% |
| TC Energy | USA & Canada | Gas | 4.0% | 5.9% |
| American Tower | USA & Canada | Communications | 3.9% | 3.1% |
| Redeia Corporacion SA | Western Europe | Electric | 3.6% | 4.8% |
| Emera Inc. | USA & Canada | Electric | 3.3% | 5.4% |
| E.ON SE | Western Europe | Electric | 3.2% | 4.4% |
| Fund Details | October 2024 |
|---|---|
| Number of Securities | 32 |
| APIR Code | TGP0034AU |
| Distribution Frequency | Quarterly |
| Lastest Distribution (CPU) | 1.25 |
| Portfolio Weighted Average | October 2024 |
|---|---|
| Avg Market Capitalisation | 67.2bn (AUD) |
| Div Yield (Forward) Gross | 3.4% |
| 5 Yr DPS Growth (p.a.) | 9.1% |
| Avg Stock Gearing (Net Debt/EV) | 38.3% |
| Interest Cover (Historic) | 4.3x |
| EV/EBITDA (Forward) | 11.9x |
Investment Objective: To provide investors with regular and stable income comprised of dividends, distributions and interest received plus capital growth from a portfolio of global infrastructure securities without any hedging of the Fund’s currency exposure and to outperform the benchmark, being an accumulation index comprised of the OECD G7 Inflation Index plus 5.5% per annum.
For detailed information regarding our fees and transaction costs, please refer to the relevant Product Disclosure Statement here.
Unit Prices & Distributions
| Date | CCY | Nav | Entry | Exit |
|---|---|---|---|---|
| 20/11/202420/11/24 | AUD | 1.3727 | 1.3745 | 1.3723 |
| 19/11/202419/11/24 | AUD | 1.3668 | 1.3686 | 1.3664 |
| 18/11/202418/11/24 | AUD | 1.3687 | 1.3705 | 1.3683 |
| Date | CCY | CPU |
|---|---|---|
| 30/09/2024 | AUD | 1.25 |
| 30/06/2024 | AUD | 0.57 |
| 31/03/2024 | AUD | 0.50 |
| 31/12/2023 | AUD | 1.00 |
| 30/09/2023 | AUD | 1.45 |
| 30/06/2023 | AUD | 9.49 |
| 31/03/2023 | AUD | 1.00 |
| 30/12/2022 | AUD | 3.00 |
| 30/09/2022 | AUD | 3.00 |
| 30/06/2022 | AUD | 5.38 |
| 31/03/2022 | AUD | 2.00 |
| 31/12/2021 | AUD | 2.50 |
| 30/09/2021 | AUD | 1.50 |
Product Commentary
Global Infrastructure Value Strategy October Commentary
We are expecting bond volatility to reduce and market breadth to continue to broaden — as that occurs, we expect that the market will increasingly recognise the strong fundamentals and long-term themes of infrastructure.
More...
Broadening Market Lifts Infrastructure
Q3 2024 Global Infrastructure Value Strategy Commentary: The defensive and income-producing qualities of infrastructure should continue to become more apparent and reflected in market pricing.
More...Valuation of Infrastructure Assets Q3 2024
In our latest Valuation update, Portfolio Manager, Simon Ong, discusses the contributors to infrastructure returns in the third quarter of 2024, and weighs in on the factors impacting different infrastructure sectors across the globe.
More...Investment Committee
The ClearBridge RARE Infrastructure Value Fund - Unhedged is managed by an experienced investment committee comprising of the following members:
Nick Langley
Shane Hurst
Charles Hamieh
Simon Ong
Important Information for Investors
Franklin Templeton Australia Limited (AFSL No. 240827) ("Franklin Templeton"), as Responsible Entity, is the issuer of the ClearBridge RARE Infrastructure Value Fund - Unhedged (ARSN 150 677 017). The information contained on this website is directed to wholesale investors and financial advisers only.
Research Ratings
Lonsec Research Report 2023 HIGHLY RECOMMENDED*
Zenith Research Report 2024 HIGHLY RECOMMENDED**
Product Downloads
- Application Form - Australian Pooled Funds
- ClearBridge RARE Infrastructure Value Fund - Unhedged Class A Units – Product Disclosure Statement
- ClearBridge RARE Infrastructure Value Fund - Unhedged - Class A TMD
- ClearBridge Additional Information Booklet
- 2024 October ClearBridge RARE Infrastructure Value Fund Unhedged Fact Sheet
- 2024 September ClearBridge RARE Infrastructure Value Fund Unhedged Fact Sheet
- 2024 August ClearBridge RARE Infrastructure Value Fund Unhedged Fact Sheet
- Top 10 Holdings - Infrastructure Value Strategy
Disclaimer
1. Sources: Internal calculations for the ClearBridge RARE Infrastructure Value Fund - Unhedged. All index data sourced from FactSet. Results over one year annualised.
2. Fund performance is net of fees, assuming all distributions are reinvested and before tax.
3. All values on an AUD unhedged basis and net of withholding taxes for benchmarks, if applicable. Non-AUD values converted into AUD using FactSet Forex data.
4. Performance inception date for the ClearBridge RARE Infrastructure Value Fund - Unhedged is 31/05/2011.
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.
In accordance with the Design and Distribution Obligations and Product Interventions Powers requirements the Responsible Entity maintains Target Market Determinations (“TMD”) for each of the Funds. All documents can be found on this website on the Forms & Downloads page, by contacting Client Service on (02) 9397 7351 or by email at [email protected].
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.
ClearBridge Investments is wholly, indirectly owned by Franklin Resources, Inc.
*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.
* Lonsec Rating Disclaimer
The rating issued 09/2023 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.
** Zenith Rating Disclaimer
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned March 2024) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines.