We aim to deliver inflation-protected income and steady capital growth from actively managed, globally diversified investments in listed infrastructure securities.
Targeting inflation-protected income and steady capital growth from real assets delivering essential services
- Stable and experienced team with the process tested through diverse market conditions for over a decade
- Focus on infrastructure assets which exhibit barriers to entry, structural growth and pricing power.
- On-the-ground due diligence with over 500 company visits per year
Why Global Listed Infrastructure
Quality infrastructure assets can deliver predictable income and capital growth in an asset class which provides services essential to modern society. Our experienced team, with a long-term investment horizon, disciplined investment process and focus on capital preservation have worked for clients in diverse market conditions for more than a decade.
How we do it
Our investment philosophy is based on the belief that investing in long-dated assets requires a long-term view, and that capital preservation is critical to achieving long-term capital growth.
The Global Listed Infrastructure strategy combines direct company contact with proprietary research, a consistent valuation framework and a comprehensive 25-point quality assessment. This structured process seeks to reduce bias and support repeatable investment outperformance.
Our 25 point quality assessment framework is designed to test the factors which drive long-term stock returns generally and for listed infrastructure companies in particular. The framework includes assessments of the infrastructure assets, management, financials, regulation, sustainability and equity flows.
We believe that ESG issues are fundamental to infrastructure companies, given they have significant service obligations and moral accountability to the communities in which they operate. ESG comprises 20% of the team’s quality rating.
Portfolio construction is primarily bottom-up, meaning we start with detailed company research and an assessment of the asset’s quality and whether it has been mispriced by the market. Then we make a sensible assessment of macroeconomic risks through debate and scenario analysis.
Sector and country risk exposures are also managed at the portfolio level. The focus on capital preservation allows for avoidance of some sectors and countries at different points in time.
Led by Peter Meany, we consist of nine infrastructure specialists based in Sydney with an average of 15 years of experience.
Our industry experience is enhanced by over 500 company visits each year. We meet with company management, competitors, suppliers, customers, regulators, government officials and industry bodies. The information and insights gleaned from these meetings are our most important sources of idea generation and risk management.
Our team was established in 2007, when Peter Meany, Head of Listed Infrastructure, and Andrew Greenup, Deputy Head, started the strategy. Peter joined Colonial First State Global Asset Management with significant experience in the asset class as prior Head of Infrastructure and Utilities Research at Credit Suisse Equities.
Since then the capability has been carefully built in line with the steady growth in the business. Our diverse team has deep experience in listed and unlisted infrastructure along with broader listed equity market investment.
Our corporate RI strategy is based upon three strategic pillars of quality, stewardship and engagement.
ESG issues are fundamental to infrastructure companies, given they have significant service obligations and moral accountability to the communities in which they operate.
ESG analysis is integrated into our investment process through our quality assessment and ranking model. This model consists of 25 criteria that influence stock returns in general and infrastructure securities in particular. A score is assigned to each criterion; a lower quality score makes it harder for a stock to be included within the overall portfolio. ESG criteria account for 20% of the overall quality score.
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