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Listed Infrastructure Equity

Whitehelm’s Low Carbon Core Infrastructure Fund and tailored listed infrastructure portfolios provide investors with a liquid exposure to a global portfolio of high-quality, core infrastructure assets

Our listed infrastructure portfolios provide investors with a diversified portfolio of quality listed assets. It offers compelling relative value to the large unlisted infrastructure assets which have been bid up in private markets.

Whitehelm’s Low Carbon Core Infrastructure Fund (LCCIF) is an open-ended fund that provides investors with liquid access to a global portfolio of 40 to 50 publicly traded infrastructure companies.

The Fund’s objective is to outperform its benchmark of OECD CPI +5% on a total return basis.  This is achieved by investing in a globally diversified portfolio of developed market infrastructure securities.  The Fund’s equally weighted portfolio of the world’s top infrastructure companies is expected to provide a balance of yield and capital appreciation over the long term.

Fundamental to Whitehelm’s listed infrastructure equity strategy is the definition of what constitutes ‘core’ infrastructure.  Each stock is assessed against the same core infrastructure criteria that we use to assess infrastructure in private markets. Specifically, financial and operating data is reviewed to establish whether:

  • The assets generate stable operating cash flows.
  • The company has high margins and high capital costs.
  • The earnings have an inflation hedge.
  • The company has monopoly characteristics.

Whitehelm then applies stringent quality screens, designed to ensure that each infrastructure company has a strong track record of consistent free cash flow generation and a sustainable balance sheet.  This includes a quantitative and qualitative analysis of the ESG performance of each infrastructure company.

The best value stocks are then selected for the portfolio, subject to review of the risk profile of each stock, and review of the resulting sector and risk factor portfolio exposures.  Risk factors include regulatory risk, credit market risk and carbon risk, amongst others.

Performance over benchmark

Share Classes

Share Class Currency ISIN Date NAV Change KIID
Class A GBP Accumulation (Unhedged) GBP IE00BJSB2R88 18-Dec-2019 101.56 +0.28
Class A GBP Income (Unhedged) GBP IE00BJSB2F66 18-Dec-2019 101.35 +0.29
Class A EUR Income (Hedged) EUR IE00BYZKHD44 18-Dec-2019 113.11 +0.05
Class A EUR Accumulation (Unhedged) EUR IE00BYZKHC37 18-Dec-2019 131.34 +0.27
Class A USD Income (Unhedged) USD IE00BYYW3445 18-Dec-2019 136.76 -0.05