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First Sentier American Listed Infrastructure Fund
mutual fund
FLIAX
Payout Change
Pending
Price as of:
$9.91
+0.05
+0.51%
primary theme
Infrastructure Industry Equity
share class
FLIAX (Mutual Fund)
First Sentier American Listed Infrastructure Fund
Payout Change
Pending
Price as of:
$9.91
+0.05
+0.51%
primary theme
Infrastructure Industry Equity
share class
FLIAX (Mutual Fund)
First Sentier American Listed Infrastructure Fund
Payout Change
Pending
Price as of:
$9.91
+0.05
+0.51%
primary theme
Infrastructure Industry Equity
share class
Name
As of 12/24/2024Price
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
Vitals
YTD Return
12.7%
1 yr return
13.0%
3 Yr Avg Return
3.0%
5 Yr Avg Return
N/A
Net Assets
$3.64 M
Holdings in Top 10
62.5%
52 WEEK LOW AND HIGH
$9.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 10.15%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
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 12/24/2024Price
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
FLIAX - Profile
Distributions
- YTD Total Return 12.7%
- 3 Yr Annualized Total Return 3.0%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.34%
- Dividend Yield 2.1%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameFirst Sentier American Listed Infrastructure Fund
-
Fund Family NameFirst Sentier Investors
-
Inception DateDec 29, 2020
-
Shares Outstanding195636
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJessica Jouning
Fund Description
Under normal circumstances, the American Listed 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 U.S. stock exchange. 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. The assets held by these companies typically offer high barriers to entry, pricing power, predictable cash flows and structural growth. As part of the 80%, the Fund will invest up to 20% of its net assetsin 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. The Fund may invest up to 20% of its net assets in American Depositary Receipts (“ADRs”).
The American 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;
5) multi/electric/gas/water utilities; and
6) specialty REITs.
However, given the evolving nature of the global listed infrastructure market, the American Listed 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 Fund may invest include, but are not limited to, common and preferred stock of companies of any size market capitalizations. The American Listed 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 in a trust related to the company and a share of a company. The Fund may also invest in initial public offerings (“IPOs”).
All REITs that the American Listed Fund may invest in must meet the Fund’s definition of an infrastructure company. As a fundamental policy, the Fund will invest more than 25% of its net assets in the securities issued by companies operating in the infrastructure industry.
The American 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. Securities within the Fund’s wider investment universe are screened for infrastructure characteristics, thoroughly analyzed and then ranked by value and quality. The portfolio is then constructed by the portfolio managers, based primarily on these rankings. Sector risks are also monitored as a risk management overlay which aims to ensure appropriate portfolio diversification along sector lines.
The portfolio managers choose to sell securities when they observe a security moving to a lower position within its value and quality ranking system. This can occur through:
•A rise in a company’s share price, leading to decreased upside potential and a lower value ranking
•A downgrade in a company’s discounted cash flow valuation, leading to lower value ranking
•A downgrade of a company’s quality score, leading to a lower quality ranking.
Peer review of the security selection process ensures the team is not locked into high conviction buys or sells but rather identifies market inefficiency and sells/buys the security before the opportunity has closed.
The American Listed Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. Investing in fewer issuers makes a fund more susceptible to financial, economic or market events impacting such issuers and may cause the Fund’s share price to be more volatile than the share price of a diversified fund.
FLIAX - Performance
Return Ranking - Trailing
| Period | FLIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.7% | -13.9% | 21.1% | 28.26% |
| 1 Yr | 13.0% | -13.3% | 22.1% | 23.91% |
| 3 Yr | 3.0%* | -13.2% | 14.3% | 43.48% |
| 5 Yr | N/A* | -2.9% | 19.1% | N/A |
| 10 Yr | N/A* | 2.3% | 8.3% | N/A |
* Annualized
Return Ranking - Calendar
| Period | FLIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -2.3% | -17.5% | 30.1% | 86.96% |
| 2022 | -21.5% | -28.1% | -3.4% | 96.74% |
| 2021 | N/A | -28.7% | 35.7% | N/A |
| 2020 | N/A | -12.5% | 28.8% | N/A |
| 2019 | N/A | 9.9% | 33.6% | N/A |
Total Return Ranking - Trailing
| Period | FLIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.7% | -13.9% | 21.1% | 28.26% |
| 1 Yr | 13.0% | -13.3% | 22.1% | 23.91% |
| 3 Yr | 3.0%* | -13.2% | 14.3% | 43.48% |
| 5 Yr | N/A* | -2.9% | 19.1% | N/A |
| 10 Yr | N/A* | 2.3% | 8.3% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | FLIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.6% | -15.6% | 31.0% | 84.78% |
| 2022 | -6.2% | -27.1% | -0.5% | 32.61% |
| 2021 | N/A | -3.5% | 36.4% | N/A |
| 2020 | N/A | -11.2% | 29.9% | N/A |
| 2019 | N/A | 16.7% | 35.3% | N/A |
NAV & Total Return History
FLIAX - Holdings
Concentration Analysis
| FLIAX | Category Low | Category High | FLIAX % Rank | |
|---|---|---|---|---|
| Net Assets | 3.64 M | 1.83 M | 9.72 B | 97.83% |
| Number of Holdings | 30 | 26 | 233 | 97.83% |
| Net Assets in Top 10 | 1.99 M | 823 K | 5.61 B | 97.83% |
| Weighting of Top 10 | 62.46% | 8.2% | 62.5% | 1.09% |
Top 10 Holdings
- Union Pacific Corp 9.65%
- NextEra Energy Inc 8.39%
- American Tower Corp 8.36%
- Southern Co/The 5.72%
- Duke Energy Corp 5.35%
- Norfolk Southern Corp 5.24%
- Kinder Morgan Inc 5.19%
- Cheniere Energy Inc 5.00%
- Eversource Energy 4.81%
- Dominion Energy Inc 4.76%
Asset Allocation
| Weighting | Return Low | Return High | FLIAX % Rank | |
|---|---|---|---|---|
| Stocks | 98.63% | 86.92% | 101.95% | 45.65% |
| Cash | 1.37% | 0.00% | 8.62% | 46.74% |
| Preferred Stocks | 0.00% | 0.00% | 2.81% | 56.52% |
| Other | 0.00% | -0.22% | 2.35% | 52.17% |
| Convertible Bonds | 0.00% | 0.00% | 2.46% | 53.26% |
| Bonds | 0.00% | 0.00% | 6.41% | 54.35% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | FLIAX % Rank | |
|---|---|---|---|---|
| Utilities | 51.40% | 3.71% | 96.19% | 21.74% |
| Industrials | 23.11% | 0.00% | 68.24% | 56.52% |
| Real Estate | 16.27% | 0.00% | 23.51% | 23.91% |
| Energy | 9.23% | 0.00% | 32.46% | 65.22% |
| Technology | 0.00% | 0.00% | 25.65% | 73.91% |
| Healthcare | 0.00% | 0.00% | 6.54% | 53.26% |
| Financial Services | 0.00% | 0.00% | 17.28% | 59.78% |
| Communication Services | 0.00% | 0.00% | 27.53% | 90.22% |
| Consumer Defense | 0.00% | 0.00% | 0.99% | 56.52% |
| Consumer Cyclical | 0.00% | 0.00% | 10.02% | 56.52% |
| Basic Materials | 0.00% | 0.00% | 25.54% | 66.30% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | FLIAX % Rank | |
|---|---|---|---|---|
| US | 95.82% | 1.96% | 99.99% | 5.43% |
| Non US | 2.81% | 0.00% | 97.95% | 95.65% |
FLIAX - Expenses
Operational Fees
| FLIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 10.15% | 0.30% | 10.15% | 1.09% |
| Management Fee | 0.75% | 0.30% | 1.00% | 27.17% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.04% | 0.15% | N/A |
Sales Fees
| FLIAX 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
| FLIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | 55.56% |
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.
| FLIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 13.00% | 128.00% | N/A |
FLIAX - Distributions
Dividend Yield Analysis
| FLIAX | Category Low | Category High | FLIAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.12% | 0.00% | 5.50% | 26.09% |
Dividend Distribution Analysis
| FLIAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| FLIAX | Category Low | Category High | FLIAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.34% | -0.39% | 4.38% | 60.23% |
Capital Gain Distribution Analysis
| FLIAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 10, 2024 | $0.208 | OrdinaryDividend |
| Dec 10, 2024 | $0.270 | CapitalGainShortTerm |
| Dec 10, 2024 | $0.135 | CapitalGainLongTerm |
| Dec 08, 2023 | $0.186 | OrdinaryDividend |
| Dec 08, 2023 | $0.085 | CapitalGainLongTerm |
| Dec 12, 2022 | $1.898 | OrdinaryDividend |
| Dec 10, 2021 | $0.701 | OrdinaryDividend |
FLIAX - Fund Manager Analysis
Managers
Jessica Jouning
Start Date
Tenure
Tenure Rank
Dec 29, 2020
1.42
1.4%
Jessica Jouning is a Senior Analyst and Assistant Portfolio Manager for the Global Listed Infrastructure team at First Sentier Investors. She is responsible for research coverage of the Railroads, Waste and Data Center sectors. This role primarily involves generation and presentation of investment ideas to the team, driven by intensive due diligence including meetings with various industry participants, producing financial valuation models, qualitative reviews of companies and writing of research reports. She brings specialist listed infrastructure investment experience to the role having previously covered the U.S. utilities, Asia-Pacific utilities and global ports sectors. She is Assistant Portfolio Manager on the Fund with Andrew Greenup, having had responsibilities for portfolio management within the team for the last 6 years. In this role she is involved in the portfolio construction and execution of the Fund and growing this business for clients. Ms. Jouning initially joined First Sentier Investors in February 2010 on the university graduate program. Ms. Jouning holds a Bachelor of Commerce (First Class Honours) from the University of Queensland. Her Honours research thesis was published in the Journal of Banking and Finance.
Andrew Greenup
Start Date
Tenure
Tenure Rank
Dec 29, 2020
1.42
1.4%
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.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.17 | 18.18 | 5.81 | 8.08 |
