Wholesale Global Listed Infrastructure Securities Fund
Monthly Update
January 2014
Performance Summary (% before fees and expenses)
p.a. Incep. p.a.
Wholesale Global Listed Infrastructure Securities Fund*
UBS Global 50-50 Infrastructure & Utilities Net TR Index (AUD hedged)** *The fund inception date is June 2007**The benchmark from inception was the S&P Global Infrastructure Index AUD Hedged, from 01/05/08 the UBS Global 50-50 Infrastructure & Utilities Net TR Index (AUD hedged) Market review
Fund Activity
Global listed infrastructure outperformed in January on investor The Fund increased by 0.2% in January, outperforming the UBS demand for defensive assets. The UBS Global Infrastructure & Global Infrastructure & Utilities 50-50 Index by 28bps. Utilities 50-50 Index declined 0.1% over the month, well ahead of The best performing stock in the Fund this month was US regulated global equities which dropped by 3.1% largely as a result of turmoil in utility ITC Holdings (+8%), which rose on strong demand for the stability and earnings visibility offered by the sector. The Fund further The best performing infrastructure sectors were Regulated Utilities benefited from exposure to peers Atmos Energy (+6%), PG&E (+5%), (+1%) and Energy Pipelines (+1%), which were supported by falling Nisource (+5%) and Northeast Utilities (+3%). bond yields. Regulated utilities rose as the market sought low risk, Groupe Eurotunnel (+7%) achieved a new traffic record over the defensive companies with sustainable cashflows. Spanish electricity Christmas period, reflecting an increase in the departure frequency of transmission company Red Electrica (+9%) gained as a revision to its its cross-Channel passenger vehicle shuttles and the recovering UK regulated returns turned out better than feared. Spanish gas economy. US railroad operator Union Pacific (+4%) climbed on a transmission company Enagas (+7%) also gained as the gas sector’s better pricing environment that underpinned strong yields across its regulatory terms are due to be reviewed next. North American energy business segments, robust operational performance, and a positive pipeline companies benefited from the continued US energy outlook driven by an improving US economy. infrastructure build-out. ONEOK (+10%) surged as it completed the spin-off of natural gas distribution unit ONE Gas. US integrated utilities Exelon (+6%) and Public Service Enterprise Group (+4%) also contributed to Fund performance. Wholesale The worst-performing sector was Passenger Rail (-8%). Japanese energy markets were boosted by exceptionally cold weather across bullet train (shinkansen) operators were impacted by a broad-based the North American land mass in January, likely providing a tailwind to Japanese stock market sell-off despite the quality of these highly cash The worst performing stocks in the Fund were Japanese passenger Europe ex UK (+2%) and Oceania (+1%) were the best performing rail operators East Japan Railway (-9%) and Central Japan Railway (- regions for infrastructure in January, on increased demand for 9%). Despite low risk business models and robust recent results, they developed market exposure and as sentiment towards European fell in line with the broad-based Japanese market sell-off. Central Japan Railway announced in-line third quarter results, including Japan (-8%) and South America (-8%) underperformed. Japan passenger growth and revenue growth of 5.3%. Japanese port declined despite its improving economic fundamentals, as a spike in operator Kamigumi (-4%) was not immune to local market falls, global risk aversion triggered a broad-based sale of Japanese although its attractive valuation, underpinned by a large net cash equities. South American assets were impacted by Emerging Markets position, enabled it to outperform the broader Japanese market. volatility, driven by fears of an economic slowdown led by lower capital Hong Kong port operator China Merchants Holdings (-7%) fell on flows into the region as the Fed commenced its (long-awaited) concerns that this volume sensitive company may be impacted by an Emerging Markets slowdown. Hong Kong-listed international utility company Power Assets Holdings (-5%) underperformed as it completed the US$3.1 billion IPO of its Hong Kong electricity business, HK Electric Investments. The IPO was overshadowed by concerns about future allowed rates of return and insiders selling out of Hong Kong. At current levels, the valuation multiples of Power Assets Holdings are supportive. Energy storage company Vopak (-4%) declined on news that its conversion of the Coryton, UK oil refinery to an import terminal for oil products would be delayed by approximately a year, until the fourth quarter of 2014. The company is currently expanding a number of its existing terminals which, once on-line, should deliver high growth and high returns on capital. Wholesale Global Listed Infrastructure Securities Fund
Sector breakdown
Market Outlook and Fund Positioning
The Fund invests in a wide range of global listed infrastructure assets including toll roads, airports, ports, railroads, utilities, pipelines, energy storage, mobile towers and satellites. These sectors share common characteristics, like barriers to entry and pricing power, which can provide investors with inflation-protected income and steady capital Equities had a tremendous run in 2013 with the MSCI up around 30% in local currency. With roughly two-thirds of this return driven by multiple expansion rather than earnings growth or dividends, we would expect 2014 total returns to be more modest. Providing some optimism for 2014, infrastructure stocks lagged in 2013 and forward valuation multiples are not high by historical standards. Strong cash flows have also left many infrastructure companies with low leverage and the scope to return capital to shareholders through higher dividends or Our funds have limited exposure to Emerging Markets. We struggled to understand how expected returns would compensate investors for Country breakdown
the higher political, regulatory and governance risks inherent in EM infrastructure. But market sentiment has shifted and EM has materially underperformed. The prospect of “EM decoupling” has been replaced by “US decoupling”. Both concepts are absurd in a global market. We are watching the current volatility in EM with interest and will be patient Japan 10%Italy 4%Switzerland 3%Netherlands 3%Canada 3%Germany 2%Hong Kong 2%China 1%Spain 1%Cash 3% Product details
Top 10 holdings
^Estimates sourced from Colonial First State Global Asset Management research For further information
Head of Institutional Client Relationships Investments in the Colonial First State Wholesale Global Listed Infrastructure Securities Fund (the Fund) ARSN 125 199 411 are offered by Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232 468 a wholly-owned 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 figures used in this document are shown before fees and costs as at 31 January 2014. Investors should have regard to the Information Memorandum or their negotiated fee agreement for further information on the fees and costs applicable to their investment in the Fund. Neither Commonwealth Bank of Australia nor any of its subsidiaries 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 subsidiaries; 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 contacting the Institutional Business team on +61 2 9303 6116. Colonial First State Global Asset Management is a registered business name of Colonial First State Asset Management (Australia) Limited ABN 89 114 194 311; further information is available on Copyright Colonial First State Group Limited 2014. All rights reserved.


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