Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.
Mergers and acquisitions activity within the global listed infrastructure asset class has been strong in 2025 and looks set to continue.
2024 was a year marked by global inflation and economic growth concerns against a backdrop of worldwide elections. As we head into 2025, volatility will remain an enduring constant.
The global political economy is rapidly evolving. The rules, norms and institutions that govern interactions between nation states are being upended, and the nature of capitalism is changing again. Having evolved in the past from laissez‑faire to Keynesianism to free market neoliberalism, it is now turning to nationalism with more state intervention.
In 2025, First Sentier Group published our inaugural integrated Climate and Nature Report — an important milestone in our responsible investment journey.
FSSA Investment Managers (FSSA) are specialists in Asia Pacific and Global Emerging Markets equity strategies. We operate as an autonomous investment team within First Sentier Investors with a team of dedicated investment professionals based in Hong Kong, London and Singapore.
AlbaCore Capital Group est l'un des principaux spécialistes européens du crédit alternatif, investissant dans des solutions de capital privé, des crédits opportunistes et déconnectés, des CLO et des produits structurés.
Global Listed Infrastructure delivered strongly positive returns during the September quarter, aided by robust quarterly earnings numbers and the US Federal Reserve’s first interest rate cut since 2020.
Head of Asian Fixed Income, Nigel Foo provides an outlook into 2025 for the strategy.
In September 2023, I met more than 30 global listed infrastructure companies and stakeholders from the UK, Europe and China. The following travel diary summarises my impressions and findings from these meetings.
Global Listed Infrastructure delivered positive returns during the June quarter, reflecting positive investor sentiment and generally robust fundamentals.
Last quarter I visited infrastructure companies in Tokyo, Osaka and Nagoya. The trip included visits to ten corporate head offices and three site tours. This paper seeks to share some of the key findings from my meetings with Japanese passenger rail and utility companies.
Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.
For over twenty years, the global listed infrastructure asset class (GLI) has consistently generated dividend yields in the 3%-4% range. As valuation multiples have declined in the past few years, dividend yields have expanded into the upper half of this range.
2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.
This paper asserts that macro towers will remain at the heart of a modern, mobile data communications network despite the continual development of new technologies.
After decades of flat electricity demand for US utilities, the industry is now seeing unprecedented demand as growth in data centers / AI, electrification, onshoring and electric vehicles outweighs energy efficiency gains. One utility executive stated: “Seeing all these customers wanting 24/7 load and willing to pay for it – it is every utility’s dream”.
Recently I attended the largest US utility conference, the 2024 Edison Electric Institute (EEI) Financial Conference, in Hollywood, Florida. I met with management teams from 26 regulated electric and gas utility companies.
Global listed infrastructure gained during the March quarter as mounting tariff concerns drove a rotation into defensive assets. The Fund returned +2.5% after fees, compared with a +0.5% return from its benchmark index.
Global listed infrastructure gave up ground in the December quarter as a 78 basis-point increase in US 10-year bond yields weighed on interest rate-sensitive assets.
Global listed infrastructure gained during the June quarter as market sentiment remained positive, despite a backdrop of US tariff uncertainty and elevated geopolitical tension. The Fund returned +5.2% before fees, compared with a +4.3% return from its benchmark index.
Airports have seen phenomenal traffic growth as people prioritise travel and experiences in the face of cost‑of‑living pressures.
Over the last decade the electricity sector has been at the forefront of decarbonisation, ahead of transport, industry and agriculture.
We believe the US Federal Reserve (Fed) will not hike rates — and that it would be a mistake to do so. Despite market consensus pricing in two rate hikes, the U.S. economy is on a structurally weakening path. Unless the Fed is willing to amplify the very slowdown it is trying to avoid, rate cuts — not hikes — will be back on the agenda before long.
