RARE Infrastructure Value Fund Unhedged

The RARE Infrastructure Value Fund Unhedged is for retail and wholesale investors based in Australia and New Zealand. The Fund follows a currency-unhedged version of the RARE Infrastructure Value Strategy comprising of diversified infrastructure securities in developed and emerging markets. 

Key Portfolio Information

Growth of AUD $10,000

30 November 2019

As at 30 November 2019 (returns in AUD after fees)

Performance 1 Month 3 Months 1 Year 3 Years 5 Years Inception4
RARE Infrastructure Value Fund - Unhedged123 2.1% 4.2% 24.7% 13.6% 9.4% 11.5%
OECD G7 Inflation Index + 5.5% pa 0.5% 1.6% 7.0% 7.4% 6.8% 7.1%
Excess Returns 1.6% 2.6% 17.7% 6.2% 2.6% 4.4%
#ERR - - - - - -
Top 10 Positions Region Sector Weight % Forward Dividend %
Union Pacific USA & Canada Rail 5.0% 2.1%
Hydro One USA & Canada Electric 4.8% 4.0%
Severn Trent Western Europe Water 4.6% 4.5%
Red Electrica Western Europe Electric 4.4% 6.0%
Cheniere USA & Canada Gas 4.4% 1.2%
Dominion Energy USA & Canada Electric 4.2% 4.5%
Sempra USA & Canada Gas 4.0% 2.6%
Terna Western Europe Electric 4.0% 4.6%
Enbridge Inc USA & Canada Gas 3.9% 5.9%
Transurban Asia Pacific Developed Toll Roads 3.8% 4.0%
Fund details November 2019
Number of Securities 36
APIR Code TGP0034AU
Distribution Frequency Quarterly
Lastest Distribution (CPU) 2.00
Portfolio Weighted Average November 2019
Avg Market Capitalisation 46.8bn (AUD)
RARE Div Yield (Forward) Gross 3.9%
5 Yr DPS Growth (p.a.) 6.3%
Avg Stock Gearing (Net Debt/EV) 36.1%
Interest Cover (Historic) 4.4x
EV/EBITDA (Forward) 13.2x

Fees & transaction costs

Base Management Fee 0.974% p.a. incl. the net effect of GST. Performance Fee 10% p.a + net effect of GST of investment returns made in excess of the Benchmark, but not exceeding 0.30% of the net average daily asset values of the fund in any financial year. Buy / Sell Spread 0.20% / 0.15% Minimum Investment (AUD) 20,000.

Unit prices & distributions

Date CCY Nav Entry Exit
11/12/201911/12/19 AUD 1.3695 1.3723 1.3675
10/12/201910/12/19 AUD 1.3679 1.3707 1.3659
09/12/20199/12/19 AUD 1.3629 1.3656 1.3608
Date CCY CPU
30/9/2019 AUD 2.00
30/06/2019 AUD 4.03
31/03/2019 AUD 2.50
31/12/2018 AUD 1.50
30/09/2018 AUD 1.50
30/06/2018 AUD 3.09
31/03/2018 AUD 4.00
31/12/2017 AUD 3.00

Investment Committee

The RARE Infrastructure Value Fund - Unhedged is managed by an experienced investment committee comprising of the following members.

Richard Elmslie
Richard Elmslie
Nick Langley
Nick Langley
Shane Hurst
Shane Hurst
Charles Hamieh
Charles Hamieh

Important information for Australian Investors

Legg Mason Asset Management Australia Limited (AFSL No. 240 827), as Responsible Entity, is the issuer of the RARE Infrastructure Value Fund Unhedged (ARSN150677017). The information contained on this website is directed to wholesale investors and financial advisers only.

To view the Statement of Advice for the Value Unhedged Fund, click here.

Research Ratings

Lonsec Research Report 2019 RECOMMENDED*

Lonsec Research Report 2019 RECOMMENDED*

Zenith Research Report 2019 RECOMMENDED**

Zenith Research Report 2019 RECOMMENDED**

FAQs

Initial investments into the four Australian RARE Funds can be made using the Application Form found on the individual Fund pages. Prior to completing the Application Form, please consider the Product Disclosure Statement and Additional Information Booklet. These forms can be found HERE.

Generally, the minimum initial investment is AUD20,000 and payment can be made by cheque, EFT or direct debit. Your application for investment will not be processed until your monies are receipted and identified.

Cheques should be made out to “RBC IS AN RARE Apps a/c [Name of Investor]”

EFT payments should be made to:
Bank: ANZ Banking Group
BSB: 012 003 Account no: 837 052 128
Account name: RBC IS AN RARE Apps a/c [Name of Investor]

Australia’s anti-money laundering and counter terrorism financing laws require RARE to obtain identification documentation. Details of RARE’s requirements are outlined in the Application Form. Documents must be supplied in an original certified copied format.

All processing of Unit Registry Forms is completed by our Custodian, RBC Investor Services. RARE cannot guarantee that instructions sent to RARE will be automatically forwarded to RBC and strongly recommends that you do not send instructions to RARE’s offices via fax, mail or email.

All instructions that must be sent in their original format should be sent to the below address:

RBC Investor Services Trust
Registry Operations
GPO Box 4471
Sydney NSW 2001
Australia

Any instructions that do not need to be in their original format can be sent to RBC by fax to: +61 2 8262 5492

Please fill out the RARE Additional Investment Form. The minimum amount for additional investments is AUD5,000. Application funding can be made via cheque, EFT or direct debit.

Cheques should be made out to “RBC IS AN RARE Apps a/c [Name of Investor]

EFT payments should be made to:

Bank: ANZ Banking Group
BSB: 012 003 Account no: 837 052 128
Account name: RBC IS AN RARE Apps a/c [Name of Investor]

Your application for investment will not be processed until your monies are receipted and identified.

Written instructions signed by the authorised signatories to the account containing the account name, number, Fund and amount to be applied will also be accepted

Why consider RARE?

RARE's investment approach to our actively managed strategies uses a bottom-up, fundamental analysis in our research process, undertaken within a rigorous analytical framework.

Discover the key features of our approach

Disclaimer

  1. Sources: RARE internal calculations for RARE Infrastructure Value Fund-Unhedged. All index data sourced from Factset. Results over one year annualised.
  2. Fund Performance is net of fees, assuming all distributions are reinvested and before tax
  3. All values in AUD and net of withholding taxes for benchmarks if applicable. Non AUD values converted into AUD using Factset Forex data.
  4. Performance inception date for RARE Infrastructure Value Fund-Unhedged is 31/05/2011.

Past performance is not indicative of future performance.

While the information contained on this website has been prepared with all reasonable care, RARE Infrastructure Limited (“RARE”) and its related companies accept no responsibility or liability for any errors, omissions or misstatements however caused. This information is not personal advice. This information has been prepared without taking account of your objectives, financial situation or needs. Potential investors should seek independent advice as to the suitability of the Funds to their investment needs. The fact that shares in a particular company may have been mentioned should not be interpreted as a recommendation to buy, sell or hold that stock.

Legg Mason Asset Management Australia Limited (AFSL No. 240 827) (“Legg Mason Australia”) is the Responsible Entity for the RARE Infrastructure Value Fund (Hedged), RARE Infrastructure Value Fund (Unhedged), RARE Infrastructure Income Fund and RARE Emerging Markets Fund. Applications to invest can only be made on the application form accompanying the most recent Fund Product Disclosure Statement (PDS) which is available on this website. Potential investors should consider the PDS and the Additional Information Booklet (AIB) before deciding whether to invest, or continue to invest in the Funds. The PDS and AIB can also be obtained by contacting RARE. Contact RARE on (02) 9397 7300, or by writing to Level 13, 35 Clarence Street, Sydney, NSW 2000, by fax on (02) 9397 7399 or email at clientservice@RAREinfrastructure.com. Legg Mason Australia can be contacted by writing to Legg Mason Australia, Level 47, 120 Collins Street, Melbourne, VIC 3000, by telephone on 1800 679 541 or by fax on (03) 9017 8690.

Any opinions or outlook contained on this website is subject to change without notice and do not constitute investment advice or recommendations.

*Lonsec Rating Disclaimer
The Lonsec Rating (assigned 23 May 2019) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold RARE Infrastructure product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. 
For further information regarding Lonsec’s Ratings methodology, please refer to our website at: http://www.lonsecresearch.com.au/research-solutions/our-ratings  

**Zenith Rating Disclaimer
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned 6 June 2019) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only.  This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice.  It is not a specific recommendation to purchase, sell or hold the relevant product(s).  Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs.  Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website.  Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments.  Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners. com.au/RegulatoryGuidelines