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Name

As of 04/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

First Sentier Global Listed Infrastructure Fund

FLIIX | Fund

$10.48

$113 M

2.52%

$0.26

1.17%

Vitals

YTD Return

-1.7%

1 yr return

-2.9%

3 Yr Avg Return

0.6%

5 Yr Avg Return

3.8%

Net Assets

$113 M

Holdings in Top 10

41.8%

52 WEEK LOW AND HIGH

$10.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.17%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 56.09%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

First Sentier Global Listed Infrastructure Fund

FLIIX | Fund

$10.48

$113 M

2.52%

$0.26

1.17%

FLIIX - Profile

Distributions

  • YTD Total Return -1.7%
  • 3 Yr Annualized Total Return 0.6%
  • 5 Yr Annualized Total Return 3.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.69%
DIVIDENDS
  • Dividend Yield 2.5%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    First Sentier Global Listed Infrastructure Fund
  • Fund Family Name
    First Sentier
  • Inception Date
    Feb 28, 2017
  • Shares Outstanding
    6266615
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Peter Meany

Fund Description

The Global Listed Fund seeks to achieve its investment objective by investing primarily in securities of publicly traded infrastructure companies. The Fund defines infrastructure companies as those companies that derive at least 65% of their operating earnings from the ownership or operation of infrastructure assets. The Fund defines infrastructure assets as the physical structures, networks and systems of transportation, energy, water, waste, and communication. The Fund typically invests in companies that can adjust the fees they charge customers and counterparties in line with inflation, in accordance with contractual terms or regulation, or through renegotiation due to the essential nature and pricing power of infrastructure assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in publicly traded equity securities of infrastructure companies listed on a domestic or foreign exchange, throughout the world including emerging markets and the United States. As part of the 80%, the Fund will invest at least 40% of its net assets,or if conditions are not favorable, invest at least 30% of its net assets, in publicly traded securities of infrastructure companies whose primary operations or principal trading market is in a foreign market, and that are not subject to the requirements of the U.S. securities laws, markets and accounting requirements, i.e., foreign securities. The Fund considers an issuer’s “primary operations” to be in a foreign market if the issuer (i) is organized under the laws of that country, or (ii) derives at least 50% of its revenues or profits from goods produced or sold, investments made, services performed, or has at least 50% of its assets located within that country. Under normal circumstances, the Fund will maintain exposure to securities of infrastructure companies in the United States and in at least three countries outside the United States.
The Global Listed Fund seeks to invest in the securities of companies which have high barriers to entry, strong pricing power, sustainable growth and predictable cash flows. The majority of infrastructure securities in which the Fund typically invests are within the following Global Industry Classification Standard (“GICS”) sectors:
1) oil and gas storage and transportation;
2) airport services;
3) highways and rail tracks;
4) marine ports and services; and
5) multi/electric/gas/water utilities.
However, given the evolving nature of the global listed infrastructure market, the Fund may hold securities outside of the above sectors as long as they meet the Fund’s definition of an infrastructure company.
Equity securities in which the Global Listed Fund may invest include, but are not limited to, common and preferred stock of companies of any size market capitalizations. The Fund may invest up to 75% of its net assets in depositary receipts, such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). The Fund may also invest in stapled securities to gain exposure to infrastructure companies in Australia. A stapled security, which is widely used in Australia, is a security that is comprised of two parts that cannot be separated from one another, a unit of a trust and a share of a company. The Fund may also invest in initial public offerings (“IPOs”).
As part of the 80% of the Global Listed Fund’s investments in publicly traded equity securities of infrastructure companies, the Fund may invest up to 30% of its net assets in real estate investment trusts (“REITs”) listed on a domestic or foreign exchange and up to 20% of its net assets in limited partnerships and master limited partnerships (“MLPs”) listed on a domestic or foreign exchange. All REITs and MLPs that the Fund may invest in must meet the Fund’s definition of an infrastructure company.
As a fundamental policy, the Global Listed Fund will invest more than 25% of its net assets in the securities issued by companies operating in the infrastructure industry.
The Global Listed Fund’s investment strategy is based on active, bottom-up stock selection which seeks to identify mispricing. The strategy seeks to minimize risk through on-the-ground research, a focus on quality, and sensible portfolio construction.
First Sentier Investors (Australia) IM Ltd (“First Sentier” or the “Sub-Adviser”), an affiliate of the Adviser, has been engaged as sub-adviser to manage the investments of the Fund. First Sentier is an Australian domiciled investment adviser regulated by the Australian Securities and Investments Commission and is registered with the SEC.
Read More

FLIIX - Performance

Return Ranking - Trailing

Period FLIIX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.7% -13.5% 8.9% 35.00%
1 Yr -2.9% -27.0% 37.1% 43.00%
3 Yr 0.6%* -13.4% 13.9% 49.48%
5 Yr 3.8%* -2.5% 18.6% 47.56%
10 Yr N/A* 1.1% 8.8% N/A

* Annualized

Return Ranking - Calendar

Period FLIIX Return Category Return Low Category Return High Rank in Category (%)
2023 0.7% -17.5% 30.1% 59.00%
2022 -8.4% -28.1% -3.4% 15.00%
2021 6.0% -28.7% 35.7% 71.58%
2020 -5.6% -12.5% 28.8% 62.65%
2019 22.7% 9.9% 33.6% 51.22%

Total Return Ranking - Trailing

Period FLIIX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.7% -13.5% 8.9% 35.00%
1 Yr -2.9% -27.0% 37.1% 43.00%
3 Yr 0.6%* -13.4% 13.9% 49.48%
5 Yr 3.8%* -2.5% 18.6% 47.56%
10 Yr N/A* 1.1% 8.8% N/A

* Annualized

Total Return Ranking - Calendar

Period FLIIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -15.6% 31.0% 61.00%
2022 -4.1% -27.1% -0.5% 14.00%
2021 12.9% -3.5% 36.4% 72.63%
2020 -3.3% -11.2% 29.9% 66.27%
2019 28.7% 16.7% 35.3% 30.49%

NAV & Total Return History

FLIIX - Holdings

Concentration Analysis

FLIIX Category Low Category High FLIIX % Rank
Net Assets 113 M 1.83 M 8.77 B 65.35%
Number of Holdings 40 27 233 81.19%
Net Assets in Top 10 45.6 M 757 K 4.96 B 77.23%
Weighting of Top 10 41.79% 9.2% 63.5% 46.53%

Top 10 Holdings

  1. Transurban Group 6.56%
  2. NextEra Energy Inc 5.45%
  3. Duke Energy Corp 4.95%
  4. American Tower Corp 4.08%
  5. Southern Co/The 4.00%
  6. Cheniere Energy Inc 3.44%
  7. Entergy Corp 3.44%
  8. Union Pacific Corp 3.42%
  9. Xcel Energy Inc 3.24%
  10. Alliant Energy Corp 3.21%

Asset Allocation

Weighting Return Low Return High FLIIX % Rank
Stocks 		97.60% 86.92% 102.71% 73.27%
Cash 		2.40% 0.00% 8.69% 24.75%
Preferred Stocks 		0.00% 0.00% 2.81% 7.92%
Other 		0.00% -0.32% 3.11% 24.75%
Convertible Bonds 		0.00% 0.00% 2.46% 3.96%
Bonds 		0.00% 0.00% 6.41% 4.95%

Stock Sector Breakdown

Weighting Return Low Return High FLIIX % Rank
Utilities 		48.82% 3.71% 96.19% 25.74%
Industrials 		34.26% 0.00% 68.24% 17.82%
Real Estate 		7.98% 0.00% 23.51% 42.57%
Energy 		7.53% 0.00% 32.46% 76.24%
Communication Services 		1.41% 0.00% 27.53% 78.22%
Technology 		0.00% 0.00% 25.65% 57.43%
Healthcare 		0.00% 0.00% 6.54% 7.92%
Financial Services 		0.00% 0.00% 17.28% 13.86%
Consumer Defense 		0.00% 0.00% 0.99% 11.88%
Consumer Cyclical 		0.00% 0.00% 10.02% 10.89%
Basic Materials 		0.00% 0.00% 25.54% 26.73%

Stock Geographic Breakdown

Weighting Return Low Return High FLIIX % Rank
US 		57.05% 1.21% 99.74% 18.81%
Non US 		40.54% 0.00% 98.80% 83.17%

FLIIX - Expenses

Operational Fees

FLIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.17% 0.30% 18.17% 56.12%
Management Fee 0.75% 0.30% 1.00% 15.84%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

FLIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

FLIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% 25.00%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FLIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 56.09% 13.00% 128.00% 50.00%

FLIIX - Distributions

Dividend Yield Analysis

FLIIX Category Low Category High FLIIX % Rank
Dividend Yield 2.52% 0.00% 5.70% 55.45%

Dividend Distribution Analysis

FLIIX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly SemiAnnual

Net Income Ratio Analysis

FLIIX Category Low Category High FLIIX % Rank
Net Income Ratio 1.69% -0.39% 4.38% 44.33%

Capital Gain Distribution Analysis

FLIIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

FLIIX - Fund Manager Analysis

Managers

Peter Meany

Start Date

Tenure

Tenure Rank

Feb 28, 2017

5.25

5.3%

Peter joined Colonial First State Global Asset Management in January 2007 as Head of Global Infrastructure Securities. Prior to joining Colonial First State Global Asset Management, Peter was a Director and Head of Infrastructure and Utilities research at Credit Suisse Equities (Australia). He received top rankings in a number of industry surveys and was involved in a number of company defining corporate transactions. Mr. Meany holds a Bachelor of Economics (Finance) from Macquarie University.

Andrew Greenup

Start Date

Tenure

Tenure Rank

Feb 28, 2017

5.25

5.3%

Andrew Greenup, Deputy Head of Global Listed Infrastructure at Colonial First State Asset Management (Australia) Limited, is one of the portfolio managers responsible for the day-to-day management of the Fund's portfolio. Mr. Greenup began his career at the firm in July 2005. Prior to joining the firm, Mr. Greenup worked at Allianz Global Investors as a senior analyst in Australian equities. Mr. Greenup holds a Bachelor Business (First Class Honours) from the Queensland University of Technology (QUT) and was awarded the QUT University medal. He has completed a Graduate Diploma in Applied Finance & Investment from the Financial Services Institute of Australasia and a Postgraduate Diploma in International Relations from Macquarie University. Andrew is an Associate of the Australian Institute of Company Directors, a Fellow of the Financial Services Institute of Australia, a member of the Australian Institute of International Affairs and sits on the MBA Course Advisory Committee for the University of Technology Sydney (UTS) Business School.

Edmund Leung

Start Date

Tenure

Tenure Rank

Feb 28, 2021

1.25

1.3%

Edmund’s main responsibilities include managing listed infrastructure portfolios on behalf of institutional and wholesale clients and research coverage of the Towers, Satellites and Utilities sectors. Edmund has more than 10 years' investment experience. Prior to joining the Global Listed Infrastructure Securities team, Edmund worked with the Asia-Pacific/Global Emerging Markets team in Hong Kong and undertook credit analysis for a number of sectors with the Global Fixed Interest and Credit team. Edmund has also worked at Aviva Australia as an Actuarial Analyst. Edmund holds a Bachelor of Commerce (Hons) from the University of Melbourne and is a CFA charterholder

Tenure Analysis

Category Low Category High Category Average Category Mode
0.17 18.18 5.94 8.08

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