First State Investments Global Listed Infrastructure Fund

The First State Investments Global Listed Infrastructure Fund (the Fund) is a PIE-compliant New Zealand-domiciled fund with investments managed by PIMCO.  Implemented Investment Solutions (IIS) is the issuer and manager of the Fund.  The Fund has been established as a wholesale investment fund.  The Fund is offered only to wholesale investors in New Zealand under the terms of the FMCA.

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Investment Manager

Colonial First State Asset Management (Australia)

Investment Policy and Objectives To provide medium to long-term capital growth and income through investment in a diversified portfolio of infrastructure securities from around the globe. The Fund aims to outperform the FTSE Global Core Infrastructure 50-50 Net Total Return Index over a rolling three year period.

Currency exposure will be hedged back into New Zealand dollars using forward currency contract derivatives.

Investment Strategy The Fund invests in listed infrastructure securities around the world. The infrastructure sector includes operating assets from the transport, utilities, energy and communications sectors. The assets held by these companies typically offer high barriers to entry, pricing power, and structural growth. The strategy is based on active, bottom-up security selection which seeks to identify mispricing. The Fund seeks to minimise risk by on-the-ground research, a focus on quality and sensible portfolio construction.