Colonial First State Wholesale Global Listed Infrastructure Securities
Fund
Monthly Update
August 2016
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 29.2% (26.8%*)
Highways & Railtracks 16.1% (11.2%*)
Oil & Gas Storage & Transport 12.7% (12.9%*)
Railroads 11.1% (7.5%*)
Specialised REITs 6.5% (6.0%*)
Marine Ports & Services 5.5% (3.0%*)
Multi-Utilities 5.2% (13.6%*)
Airport Services 4.2% (8.5%*)
Integrated Telecom Services 3.4% (1.4%*)
Gas Utilities 3.3% (5.3%*)
Water Utilities 1.4% (2.3%*)
Cash 1.5% (0.0%*)
Product details
APIR code
FSF0905AU
Inception date
01 June 2007
Fund size (A$ million)
785
Benchmark
FTSE Global Core Infrastructure 50-50 Net
Index - AUD Hedged
Number of holdings
42
Fund manager
Peter Meany
Buy/sell spread
0.25/0.25%
Minimum investment (A$)
500,000
EV/EBITDA (2016 est)
2.5x
Dividend yield (2016 est)
3.4%
Currency
AUD
*Benchmark weight
Country breakdown
Top 10 holdings
Stock
United States 49.7% (49.7%*)
Hong Kong 8.0% (4.9%*)
Japan 6.7% (5.1%*)
United Kingdom 6.6% (4.3%*)
Spain 6.5% (4.6%*)
Australia 5.4% (5.8%*)
Canada 5.2% (8.3%*)
France 3.9% (1.5%*)
Italy 2.3% (3.7%*)
Germany 1.9% (0.4%*)
Other 2.4% (11.7%*)
Cash 1.5% (0.0%*)
Sector
PG&E Corporation
Regulated Utilities
Transurban Group Ltd.
Toll Roads
East Japan Railway Co
Passenger Rail
Kinder Morgan Inc Class P
Energy Pipelines
Crown Castle International Corp
Towers
Eversource Energy
Regulated Utilities
NextEra Energy, Inc.
Regulated Utilities
Union Pacific Corporation
Freight Rail
Dominion Resources, Inc.
Regulated Utilities
SSE plc
Integrated Utilities
*Benchmark weight
Performance summary (% before fees and expenses)*
Period
1 mth 3 mth
6 mth
5 yr
Incep.
Fund return
-2.30
3.55
12.91 15.55 17.29 17.24
9.26
Benchmark return
-2.22
3.65
10.96 11.93 15.30 15.75
6.19
Excess return
-0.08
-0.09
1.95
1 yr
3.62
3 yr
1.99
1.50
3.07
* 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
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
Fund
Benchmark
May-16
Aug-16
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
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Excess return in falling market
Feb-16
May-16
Aug-16
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
Daniel 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
Investments in the Colonial First State Wholesale Global Listed Infrastructure Securities Fund are offered by Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232 468 a whollyowned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. This document is intended to provide general information only. You should assess whether the information is
appropriate to you before making an investment decision. The performance figures used in this document are sourced from the Fund's relevant benchmark index and from actual performance
figures achieved by the Fund before fees and expenses. Past performance is no indication of likely future performance. There are fees and costs payable for managing investments in the Fund that
are deducted from the Fund as a whole. The fees payable by investors in the Fund may be negotiated and can differ between investors. For this reason, the performance figuers used in this
document are shown before fees and costs as at 31 August 2016. Investors should have regard to the Information Memorandum or their negotiated fee arrangement for further information on the
fees and costs applicable to their investment in the Fund. Neither Commonwealth Bank of Australia nor any of its subsidaries guarantees or stands behind 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 Commonwealth Bank of Australia or its subsidaries; and investment type products are subject to
investment risk including loss of income and capital invested. Colonial First State Investments Limited receives fees for the management of the fund which are explained in the Information
Memorandum available by contracting the Institutional Business team on +612 9273 3000. Colonial First State Global Asset Management is a registered business name of Colonial First State Global
Asset Management (Australia) Limited ABN 89 114 194 311; further information is available on cfsgam.com.au. Copyright © 2016 Colonial First State Group Limited. All rights reserved.