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First Sentier Glb Lstd Infra B GBP Inc

Willis Owen Research Commentary

This fund invests in infrastructure and utilities stocks and is led by Peter Meany who initiated the strategy in 2007 with Andrew Greenup and Edmund Leung as his deputies. These sectors tend to be defensive in nature and have reliable income generating characteristics. The team invest in stocks which have monopoly characteristics, strong pricing power, sustainable growth and predictable cashflows. They also undertake fundamental analysis on the stocks to look for companies where they believe their true worth isn't being reflected in current price. Meany likes companies that provide essential services as these can often raise prices in line with inflation without seeing a drop in demand. This should help generate a regular income. The fund mainly invests in developed markets but does maintain as small allocation to emerging markets.

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