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Institutional Investor Advisor Individual Investor
Total AUM Avg. PM Years Experience Years Since Inception
$2.7B 22 4
As of June 30 2021

Strategy Average Annual Total Returns

(%, Gross of Fees)2
YTD 1 Year 3 Years Since Inception
ClearBridge Global Infrastructure Income Composite 1.30 22.21 14.11 10.31
OECD G7 CPI +5.5% Index 4.15 7.52 7.14 7.27
S&P Global Infrastructure Index (NTR) 4.99 22.22 4.69 4.79
As of June 30 2021

Overview

The Global Infrastructure Income Strategy invests in global listed infrastructure companies with a combined focus on reliable income and capital growth.

Strategy Overview Global listed infrastructure
Benchmark OECD G7 CPI +5.5% Index
Total Strategy AUM $2.7B
Holdings Range 30-601
Objective Long-term inflation-linked capital growth over an economic cycle with a focus on reliable income3

Investment Philosophy

We believe that by using a longer-term fundamental valuation approach when investing in listed markets through the cycle, significant opportunities arise as listed markets misprice infrastructure assets in the short term. 

Meet Our Managers

Daniel Chu, CFA

Portfolio Manager
14 Years experience
9 Years at ClearBridge

Charles Hamieh

Portfolio Manager
24 Years experience
11 Years at ClearBridge

Shane Hurst

Portfolio Manager
24 Years experience
11 Years at ClearBridge

Nick Langley

Portfolio Manager
27 Years experience
15 Years at ClearBridge

Strategy Facts

The Strategy focuses on both regulated and user pays assets

Top-down macroeconomic outlook combined with bottom-up fundamental research undertaken within a rigorous analytical framework

The team of four portfolio managers focused only on infrastructure

Literature & Perspectives

Investment Process

  • Define opportunity set and the proprietary Income Universe
  • Conduct detailed fundamental analysis, focusing on regulatory, business/financial and scenario analysis
  • Construct portfolio with position sizing driven by stock ranking and excess return

Performance

Average Annual Total Returns (%, Gross of Fees)2

YTD 1 Year 3 Years Since Inception
ClearBridge Global Infrastructure Income Composite 1.30 22.21 14.11 10.31
OECD G7 CPI +5.5% Index 4.15 7.52 7.14 7.27
S&P Global Infrastructure Index (NTR) 4.99 22.22 4.69 4.79

Characteristics

Sector Weights1,2

Representative Portfolio OECD G7 CPI +5.5% Index S&P Global Infrastructure Index (NTR)
Electric 33.75 35.66
Toll Roads 16.53 12.09
Gas 13.46 12.69
Renewables 10.73 2.33
Airports 8.24 19.33
Energy Infrastructure 4.98 9.92
Communications 4.73 0.00
Rail 3.01 2.52
Water 1.04 1.54
Other Infrastructure 0.00 1.91
Cash 3.53 0.00
Portfolio Characteristics1,2
Characteristics Representative Portfolio OECD G7 CPI +5.5% Index S&P Global Infrastructure Index (NTR)
P/E Ratio (trailing 12 mos.) 19.0 23.6
P/E Ratio (forward 12 mos.) 18.6 19.3
Price/Book 2.6 2.7
EPS Growth Next 3-5 Years (%) 13.4 13.4
Weighted Median Market Cap ($ bn) 18.9 29.2
Weighted Average Market Cap ($ bn) 26.7 39.3
ROE 7.0 3.7
Dividend Yield 4.1 3.0
Turnover (trailing 12 mos.) 77.4 -- --
Risk Statistics1
3 Year Risk Statistics Composite vs. OECD G7 CPI +5.5% Index Composite vs. S&P Global Infrastructure Index (NTR) OECD G7 CPI +5.5% Index S&P Global Infrastructure Index (NTR)
Annualized Returns (3 Years) 14.11 14.11 7.14 4.69
Standard Deviation (%) 15.83 15.83 0.76 19.89
Sharpe Ratio 0.83 0.83 -- 0.27
Tracking Error (%) 15.84 15.84 -- --
R2 0.00 0.00 -- --
Alpha (%) 9.39 9.39 -- --
Beta 0.75 0.75 -- --
Top 10 Holdings1
Characteristics % of Total Representative Portfolio
Exelon Corp 4.84
Atlas Arteria Ltd 4.68
Enbridge Inc 4.60
Crown Castle International Corp 4.41
Sydney Airport 4.15
AusNet Services Ltd 4.03
Public Service Enterprise Group Inc 3.71
Clearway Energy Inc 3.67
Snam SpA 3.56
National Grid PLC 3.50
Total 41.15
Total Number of Holdings 36
  • 1

    Source: FactSet. Representative portfolio characteristics, holdings, sector weightings and market cap are based on a representative portfolio and are subject to change at any time. Holdings, sector weightings, market cap and portfolio characteristics of individual client portfolios may differ, sometimes significantly, from those shown. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed.

  • 2

    Past performance is no guarantee of future results. See GIPS endnotes. Performance is preliminary and subject to change.

  • 3

    There is no guarantee that the Strategy's objective will be met.

  • Performance source: Internal. Benchmark source: Standard & Poor’s, OECD.

  • ClearBridge Investments, LLC claims compliance with the Global Investment Performance Standards (GIPS®). ClearBridge Investments, LLC ("ClearBridge") is a wholly owned subsidiary of Legg Mason, Inc. ("Legg Mason").  The investment advisory business now known as ClearBridge was registered in September 2005 to facilitate Legg Mason's acquisition of substantially all the equity asset management businesses known as Citigroup Asset Management. These former businesses serve as the foundation of ClearBridge and its claim of GIPS compliance for institutional accounts through predecessor firms, effective as of January 1997. In June 2008, ClearBridge combined this business with its retail business to form a single GIPS firm. As of April 1, 2013, January 1, 2016 and May 1, 2020, ClearBridge affiliates, Global Currents Investment Management, LLC, ClearBridge, LLC and ClearBridge Investments Limited (f/k/a RARE Infrastructure Limited) have become part of the ClearBridge GIPS firm. In July 2020 Legg Mason, Inc. was purchased by Franklin Resources Inc. RARE Infrastructure Limited claims compliance with the Global Investment Performance Standards (GIPS®). For purposes of compliance with the GIPS® the Firm is defined as RARE Infrastructure Limited ("RIL") and its relevant subsidiaries, being ClearBridge RARE Infrastructure (North America) Pty Ltd and RARE Infrastructure International Pty Ltd (together "RARE"). RIL performs the role of investment manager and subadvisor for RARE in the delivery of services to both domestic and global institutional clients, funds and retail end users.  RIL has global developed and developing listed equity infrastructure investment objectives based on its proprietary investment and research model. RIL is a wholly owned, independently operated subsidiary of Legg Mason, Inc. The RARE Global Infrastructure Income Composite generally hold between 30-60 different securities across a number of infrastructure sub-sectors such as gas, electricity, water utilities, toll- roads, airports, rail and communication across developed and developing geographic regions. The portfolio invests in a carefully researched range of higher yielding global listed infrastructure stocks and is total return focused with a Yield target of 5% pa. The portfolio is constructed to maximize the yield but also to achieve some capital gain and a reasonable overall return over the economic cycle. The composite may use options, futures or other derivatives to reduce risk, enhance income or gain exposure to the market for the underlying physical investments.  Results are calculated in U.S. dollars. RARE has chosen an absolute return, inflation linked benchmark as the most appropriate primary measure against which to evaluate the long term performance of the Composite. This is an accumulation index comprised of theO ECD G7 inflation + 5.5% pa.  As a secondary measure of comparison, the S&P Global Infrastructure Index, which is designed to track companies from around the world chosen to represent the listed infrastructure industry, is used. To receive a complete list and description of RARE composites and/or a presentation that adheres to the GIPS standards, please contact ClearBridge Institutional Marketing. To receive a complete list and description of ClearBridge composites and/or a presentation that adheres to the GIPS standards, please contact ClearBridge Institutional Marketing.