Legg Mason IF RARE
Global Infrastructure
Income Fund

  • Fund has delivered a distribution yield of 5.9% *

  • Globally diversified to reduce country specific risk

  • Compelling upside/downside capture

  • Utilising RARE’s proven expertise and long-term cashflow valuation approach

  • Fund trades at NAV

 
Powering Infrastructure Income

Nick Langley, Co-CEO, Co-CIO and Co-Founder of RARE, discusses the key ingredients driving the success of the fund over the past 3 years.

 

Fund Overview

Nick Langley, Co-CEO, Co-CIO and Co-Founder of RARE, gives an overview of the RARE Infrastructure Strategy.

 

Fund Literature

Insights

Annualised period returns
31 May 2019
Annualised Performance (%) 3 months 1 year 3 years
(p.a.)
5 years
(p.a.)
Since Inception
(p.a.)
Legg Mason IF RARE Global Infrastructure Income Fund - CI X Inc (GBP)1 6.69 21.38 N/AN/A8.83
OECD G7 Inflation Index +5.5%2 1.37 6.77 N/AN/A7.07
Reprenatative Mandate - (Local) (gross)2 3 4
4.76 22.45 13.6110.63 14.45
OECD G7 Inflation Index +5.5%2 3
1.37 6.77 7.346.80 7.08
Fund Facts
Launch Date 1 July 2016
Fund Size 451.36M GBP (as of 20.6.19)
Benchmark N/A
IA Sector Global Equity Income
Currency GBP
Hedging Hedging/Unhedged
ISIN GB00BZ01WV25
AMC (x class) 0.75%

Past performance is not a reliable indicator of future results.

Source: Legg Mason, RARE Infrastructure, FactSet, 31 May 2019. Performance for periods less than one year is not annualised. 1) For Class X Income in GBP. Performance is calculated on a NAV to NAV basis, with net income reinvested and after deduction of annual fund expenses. Inception date: 1 July 2016. 2) Performance is gross. 3) Representative Mandate (RARE Infrastructure Income Fund) inception date: 31 October 2010. 4) Representative Mandate performance has been used to demonstrate the longer-term track record of the strategy. The Legg Mason IF RARE Global Infrastructure Income Fund has a high degree of commonality with the Representative Mandate. There may be differences between the representative account and the Legg Mason IF RARE Global Infrastructure Income Fund including differences in the amount of assets under management, cash flows, fees and expenses and applicable regulatory requirements including investment and borrowing restrictions. The past performance and allocations of the representative account may not be indicative of the Legg Mason IF RARE Global Infrastructure Income Fund over the same period.

Risk and Reward Profile

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7

1Lower risk

Potentially lower reward

7Higher risk

Potentially higher reward

There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time.  Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment.  The fund does not offer any capital guarantee or protection and you may not get back the amount invested.

 

Client Considerations

The fund may be suitable for investors looking for attractive income and capital gorwth through listed equity investments across the world.

The fund typically has a defensive tilt, lower beta correlation with global euqities, and can bring diversification benefits to a broad portfolio.

Global listed Infrastructure Investing

RARE is a dedicated infrastructure investment manager focused on global listed infrastructure investments. Established in 2006, RARE has grown to become one of the largest listed infrastructure managers globally.

 

Income Strategy Investment Committee

Nick Langley
Co-CEO & Co-CIO, Co-Founder
 

Founded RARE in 2006

As a founder, Co-Chief Executive and Co-Chief Investment Officer, Nick is a member of the Management and Investment Leadership Teams. As a member of the Investment Leadership Team, Nick is responsible for the governance and management of the investment team and the investment process.

Richard Elmslie
Co-CEO & Co-CIO, Co-Founder
Portfolio Manager

Founded RARE in 2006 

As a founder, Co-Chief Executive and Co-Chief Investment Officer, Richard is a member of the Management and Investment Leadership Teams. As a member of the Investment Leadership Team, Richard is responsible for the governance and management of the investment team and the investment process.                    

Shane Hurst
Senior Investment Analyst and Portfolio Manager

Joined RARE in 2010

Shane is a member of RARE’s Management and Investment Leadership Teams. As Senior Investment Analyst, Portfolio Manager and investment committee member for the Value and Income Strategies, Shane has investment analysis and portfolio management responsibility across these strategies, as well as research responsibility for North American securities.

David Maywald
Senior Investment Analyst and Portfolio Manager 

Joined RARE in 2006

David is Chair of RARE’s Investment Advisory Board (IAB) and a Senior Investment Analyst, Portfolio Manager and investment committee member for the Income Strategy.  He has responsibility for researching regulated utilities across Australia. This includes building relationships with listed infrastructure stocks, regulators, suppliers, bankers, brokers, consultants, clients and research houses.

Contact Us

T: +44 (0) 20 70 70 7444
Rayner Spencer Mills Research Limited 'R' ratings are widely recognised as a mark of quality for funds that receive our seal of approval. Our standard emblem for rated funds, our original logo is your way of immediately identifying the top active and passive funds that we endorse. Under our binary system, a fund is either rated or it is not. We take a qualitative approach to fund rating. While past performance and risk measures play a role in fund rating, our research team rely on face-to-face meetings with fund managers and management teams across the globe to establish how they will continue to develop performance. Funds are reviewed on a quarterly basis. Ratings do not imply positive fund performance. Likewise, the Rayner Spencer Mills Research Limited ratings should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. Square Mile Investment Consulting and Research Ltd (“SM”) assigns U.K. funds the following ratings: [AAA] is assigned to funds in which SM has the greatest confidence that the fund over an investment cycle will meet its stated objectives. [AA] is assigned to funds in which SM has a high confidence that the fund over an investment cycle will meet its stated objectives. [A] is assigned to funds which SM has confidence that the fund over an investment cycle will meet its stated objectives. [R- Recommended] funds meet the highest standards in their fields, however, beyond this the funds cannot be readily differentiated between each other. An example would be passive funds. [P – Positive Impact] funds are those that SM researchers have identified as up and coming interesting propositions. However, the manager, their strategy or their process is new and has not been thoroughly tested in all market environments. SM undertakes to review the funds within its rated and recommended universe quarterly.
*Class X Distributing GBP (unhedged), as at 31 May2019
Past performance is not a reliable indicator of future results.
Source: Legg Mason, as at 30 April 2019. Performance is calculated on a NAV to NAV basis, with gross income reinvested and after deduction of annual fund expenses. Salescharges, taxes and other locally applied costs to be paid by an investor have not been deducted. The Legg Mason RARE Global Infrastructure Income Fund was launched on 1 July 2016.

The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested.

Fund Risks: The aim of the fund is not guaranteed, and may not be achieved, the fund may suffer losses and you may not get back the amount originally invested. Owing to its investment philosophy, this Fund should be viewed as a high-risk investment.
Investment in company shares: The fund invests in shares of companies, and the value of these shares can be negatively affected by changes in the company, its industry or the economy in which it operates.
Investment in infrastructure: The fund invests in shares of infrastructure companies, and the value of these shares can be negatively affected by economic or regulatory occurrences affecting their industries. Investments in new infrastructure projects carry risks where they may not be completed within the budget, agreed timeframe or specifications. Operational and supply disruptions can also have a negative effect on the value of the company's shares.
Emerging markets investment: The fund may invest in the markets of countries which are smaller, less developed and regulated, and more volatile than the markets of more developed countries.
Concentrated fund: The fund invests in fewer companies than other funds which invest in shares usually do. This means that the fund does not spread its risk as widely as other funds and will therefore be affected more if an individual company has significant losses.
Fund currency: Changes in exchange rates between the currencies of investments held by the fund and the fund's base currency may negatively affect the value of an investment and any income received from it.
Derivatives: The use of derivatives can result in greater fluctuations of the fund's value and may cause the fund to lose as much as or more than the amount invested.
Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets, especially to the extent that it invests in developing countries.
Charges from capital: The fund's fees and expenses may be taken from its capital (rather than income). This will result in an increase in income available for distribution to investors. However, this will forego some of the capital that the share class has available for future investment and potential growth.

Important Information: This is a sub-fund ("fund") of Legg Mason Funds ICVC ("the Company"), an umbrella investment company with variable capital, authorised in the UK by the Financial Conduct Authority as an undertaking for collective investment in transferable securities ("UCITS"). This information and data in this material has been prepared from sources believed reliable but is not guaranteed in any way by Legg Mason Investments (Europe) Limited nor any Legg Mason, Inc. company or affiliate (together "Legg Mason"). No representation is made that the information is correct as of any time subsequent to its date.

This information and data in this material has been prepared from sources believed reliable but is not guaranteed in any way by Legg Mason Investments (Europe) Limited nor any Legg Mason, Inc. company or affiliate (together “Legg Mason”). No representation is made that the information is correct as of any time subsequent to its date. 

Before investing investors should read in their entirety the Company's application form and a sub-fund's share class KIID (and accompanying Supplementary Information Document) and the Prospectus (which describe the investment objective and risk factors in full). These and other relevant documents may be obtained free of charge in English from Legg Mason Investment Funds Limited, 201 Bishopsgate, London EC2M 3AB or from www.leggmason.com/en-gb.

This material is not intended for any person or use that would be contrary to local law or regulation. Legg Mason is not responsible and takes no liability for the onward transmission of this material. This material  does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.