Colonial First State Wholesale Global Listed Infrastructure Securities
Fund
Monthly Update
May 2017
Investment objective and policy
To deliver capital growth and inflation-protected income by investing in a
globally diversified portfolio of infrastructure securities. The fund aims to
outperform the FTSE Global Core Infrastructure 50-50 Net Index - AUD
hedged over rolling three-year periods before fees and taxes.
Sector breakdown
Electric Utilities 26.9% (27.4%*)
Highways & Railtracks 17.9% (10.7%*)
Multi-Utilities 13.0% (14.3%*)
Oil & Gas Storage & Transport 11.9% (12.2%*)
Railroads 10.5% (7.8%*)
Specialised REITs 5.7% (6.4%*)
Marine Ports & Services 4.5% (2.9%*)
Airport Services 3.3% (10.0%*)
Gas Utilities 3.0% (4.2%*)
Integrated Telecom Services 0.6% (0.4%*)
Cash 2.7% (0.0%*)
Product details
APIR code
FSF0905AU
Inception date
01 June 2007
Fund size (A$ million)
957
Benchmark
FTSE Global Core Infrastructure 50-50 Net
Index - AUD Hedged
Number of holdings
40
Fund manager
Peter Meany
Buy/sell spread
0.25/0.25%
Minimum investment (A$)
500,000
EV/EBITDA (2017 est)
11.9x
Dividend yield (2017 est)
3.3%
Currency
AUD
*Benchmark weight
Country breakdown
Top 10 holdings
Stock
United States 47.3% (48.0%*)
Japan 8.4% (4.9%*)
Hong Kong 7.9% (5.0%*)
United Kingdom 7.6% (3.9%*)
Canada 5.9% (9.8%*)
Spain 5.5% (5.4%*)
Australia 4.9% (5.3%*)
Italy 4.4% (3.9%*)
France 2.9% (1.6%*)
Brazil 1.7% (2.0%*)
Other 0.6% (10.1%*)
Cash 2.7% (0.0%*)
Sector
National Grid plc
Regulated Utilities
East Japan Railway Co
Passenger Rail
NextEra Energy, Inc.
Regulated Utilities
Enbridge Inc.
Energy Pipelines
Kinder Morgan Inc Class P
Energy Pipelines
Transurban Group Ltd.
Toll Roads
Dominion Resources, Inc.
Regulated Utilities
American Electric Power Company,
Inc.
Regulated Utilities
PG&E Corporation
Regulated Utilities
American Tower Corporation
Towers
*Benchmark weight
Performance summary (% before fees and expenses)*
Period
1 mth 3 mth
6 mth
1 yr
3 yr
5 yr
Incep.
Fund return
3.77
7.93
17.28 19.69 15.04 18.85 10.12
Benchmark return
2.96
7.19
15.48 16.53 12.10 17.03
Excess return
0.81
0.74
1.80
3.16
2.95
1.82
6.96
3.16
* Performance is annualised for periods greater than one year.
Monthly returns vs benchmark (%)
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
Fund
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Feb-17
Apr-17
Apr-17
Apr-17
Benchmark
Apr-17
Excess returns vs benchmark (%)
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
Excess return in rising market
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Feb-17
Apr-17
Excess return in falling market
Apr-17
Apr-17
Apr-17
Colonial First State Wholesale Global Listed Infrastructure Securities Fund
For further information
Head of Business Development — Australia and New Zealand
Head of Client Relationships and Service
Harry Moore
Dan Bristow
+61 3 8618 5532
Business Development — Melbourne
Peter Heine
Institutional Relationship Management — Sydney
+61 3 8628 5681
Business Development — Sydney
Jeannene O'Day
Bachar Beaini
Edward Tighe
Irene Rodionov
+61 2 9303 6311
+61 2 9303 1807
+61 2 9303 3929
+61 2 9303 2416
+61 2 9303 7506
Rose Beedles
Helen Squadrito
Glenn Venables
+61 2 9303 2863
+61 2 9303 6142
+61 2 9303 6280
Head of Consultant Research
Ross Crocker
+61 2 9303 6916
Business Development — New Zealand
Helen McKenzie
+64 21 951 520
Product Disclosure Statements (PDS) and Information Memoranda (IM) for the Wholesale Global Listed Infrastructure Securities Fund, ARSN 125 199 411 (Funds) issued by Colonial First State
Investments Limited ABN 98 002 348 352 AFSL 232468 and Colonial First State Managed Infrastructure Limited ABN 13 006 464 428 AFSL 240550 (collectively CFS) are available from Colonial First
State Global Asset Management. Investors should consider the relevant PDS or IM before making an investment decision. Past performance should not be taken as an indication of future
performance.
The Commonwealth Bank of Australia (Bank) and its subsidiaries do not guarantee the performance of the fund or the repayment of capital by the fund. Investments in the fund are not deposits or
other liabilities of the Bank or its subsidiaries, and investment-type products are subject to investment risk including loss of income and capital invested.
No part of this material may be reproduced or transmitted in any form or by any means without the prior written consent of Colonial First State Asset Management (Australia) Limited ABN 89 114
194311, AFSL 289017 (CFSGAM). This material contains or is based upon information that we believe to be accurate and reliable. While every effort has been made to ensure its accuracy none of
CFS or CFSGAM offers any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. This material has been prepared for the general
information of clients and professional associates of CFS and CFSGAM. To the fullest extent allowed by law, CFS and CFSGAM exclude all liability (whether arising in contract, from negligence or
otherwise) in respect of all and each part of the material, including without limitation, any errors or omissions. This material is intended only to provide a summary of the subject matter covered. It
does not purport to be comprehensive or to render specific advice. It is not an offer document, and does not constitute a recommendation of any securities offered by any of CFS or CFSGAM. No
person should act on the basis of any matter contained in this material without obtaining specific professional advice. Past performance is not an indication of future returns. All monetary amounts
are in Australian dollars, unless otherwise indicated.
Colonial First State Global Asset Management is the consolidated asset management division of the Commonwealth Bank of Australia ABN 48 123 123 124.
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All rights reserved.