Legg Mason IF RARE
Global Infrastructure
Income Fund

  • Fund has delivered a distribution yield of 5.6% *

  • Globally diversified to reduce country specific risk

  • Compelling upside/downside capture**

  • Utilising RARE’s proven expertise and long-term cash flow 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 August 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) 7.69 22.56 11.25N/A 10.66
OECD G7 Inflation Index +5.5%
2.51 7.14 7.39 6.80 7.14
InvAssoc Sector
5.90 5.70 8.46 N/A N/A

Rolling 12 month performance to last month end 01.09.2018
31.08.2019
01.09.2017
31.08.2018
01.09.2016
31.08.2017
01.09.2015
31.08.2016
01.09.2014
31.08.2015
Legg Mason IF RARE Global Infrastructure Income Fund - CI X Inc (GBP) 22.56 -6.29 19.86N/A N/A
InvAssoc Sector
5.70 5.66 14.25 N/A N/A
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%
Ongoing charge (x class) 0.93%
Past performance is not a reliable indicator of future results. Source for performance figures - Legg Mason. Performance is calculated on a NAV to NAV basis, with gross income reinvested and after deduction of annual fund expenses. Sales charges, taxes and other locally applied costs to be paid by an investor have not been deducted. Comparisons to relevant indexes and peer groups are included as a standard against which the performance of a fund can be measured. Returns of the indexes and peer groups do not reflect any fees, expenses or sales charges. An investor cannot invest directly in an index or peer group. Source for sector median performance: Copyright - © 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Performance is calculated using estimated dividends on a monthly basis. This is due to the fact that the dividend is paid monthly/ quarterly and on occasion there can be a variance between the dividend calculation on the period end date which is an estimate and the pay date when the calculation has been finalised. For purposes of performance measurement, the first day of the relevant measurement period may differ for the fund and the benchmark, due to different holiday schedules.

Ratings Sources: Rayner Spencer Mills Research Limited (“RSMR”) - RSMR does not and cannot provide advice to investors on the suitability or appropriateness of any funds or investments. Square Mile Investment Consulting and Research (“SM”) - SM does not make recommendations regarding investments, and SM ratings do not constitute financial advice in any way.

THIS INFORMATION IS ONLY FOR USE BY PROFESSIONAL CLIENTS, ELIGIBLE COUNTERPARTIES OR QUALIFIED INVESTORS. IT IS NOT AIMED AT, OR FOR USE BY, RETAIL CLIENTS.

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.

Daniel Chu
Senior Investment Analyst and Portfolio Manager

Daniel is a Portfolio Manager and Senior Investment Analyst for the Income Strategy. As part of this role, Daniel is responsible for covering North and South American gas and electric utilities and infrastructure. Additionally, he is a member of the Income Strategy Investment Committee.

Prior to joining RARE in 2012, Daniel was an Infrastructure Adviser at KPMG, where he evaluated and executed various Public-Private Partnership transactions. Daniel also held the role of Infrastructure Analyst at ANZ, where he undertook financial and other project finance analysis relating to a range of infrastructure transactions. Daniel holds a Bachelor of Commerce (Accounting and Finance) from the University of New South Wales and is a CFA Charterholder.

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
*Class X Distributing GBP (unhedged), as at 31 August 2019
**As of 31 May 2019, 3-year monthly beta, comparing global equities (MSCI AC World Index, local) to the Fund
Past performance is not a reliable indicator of future results.

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”).
Information has been prepared from sources believed reliable. It is not guaranteed in any way by any Legg Mason, Inc. company or affiliate (together "Legg Mason").
Before investing you should read the application form, Prospectus and KIID (and accompanying Supplementary Information Document). 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.html.
UK Investors should also read the Fund's Supplementary Information Document.