First Sentier Global Listed Infrastructure Fund
Managed by First Sentier PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.03%
vs peer avg 0.91%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
3.26%
peer avg 4.91%
Fund size
NZ$128.8m
98% growth · 2% income
The Fund invests in the shares of infrastructure companies from around the world. The infrastructure sector includes operating assets from the transport, utilities, energy and communications sectors. The strategy is based on active, bottom-up security selection which seeks to identify mispricing. The Fund seeks to minimise risk through on-the-ground research, focus on quality, and sensible portfolio construction. The Fund takes into account ESG considerations in relation to selection, retention and realisation of investments. Currency exposure will be hedged back
Key facts
Fund start date
17 December 2013
Min. investment
NZ$50,000
Tax structure
PIE
Capped at your PIR (max 28%)
How this fund compares to peers
Mechanical comparison vs the 8 other other funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.03%
Category median: 1.06%
Cheaper than 69% of peers
5y return p.a. (after fees)
+3.26%
Category median: +5.81%
Below peer median (25th percentile)
Fund size
NZ$128.8m
Category median: NZ$106.3m
56th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$504
Compounded charge over 5 years (excl. returns)
$17 less than peer median
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| DE Duke Energy Corp Com | 5.28% |
| $ Cash at Bank (BNZ) | 5.28% |
| AE American Electric Power Company Inc | 4.66% |
| UP Union Pacific Corp | 4.47% |
| ON Oneok Inc | 4.09% |
| NE Nextera Energy Inc | 3.94% |
| TG Transurban Group Ordinary Shares Units Stapled Securities | 3.89% |
| CC Csx Corp Com | 3.88% |
| XE Xcel Energy Inc | 3.56% |
| SO Sempra Ord | 3.55% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE FUND (FND22706) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 1.64 KB
- First Sentier Investors NZ Scheme 1 APR 2026 PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 701.72 KB
- 20260331 First Sentier Global Listed Infrastructure QFU.pdf The quarterly update published by the provider PDF, 471.38 KB
- First Sentier Investors NZ Scheme 1 APR 2026 OMI.pdf Other material information PDF, 703.93 KB
- First Sentier Investors NZ Scheme 1 APR 2026 SIPO.pdf Statement of investment policy and objectives PDF, 663.19 KB
About this category
Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds.
About First Sentier
Global investment specialist with a Global Listed Infrastructure PIE fund offered to NZ investors.
See all funds from First Sentier →Head-to-head
Compare First Sentier Global Listed Infrastructure Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Other funds
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the First Sentier Global Listed Infrastructure Fund?
First Sentier Global Listed Infrastructure Fund is managed by First Sentier. Global investment specialist with a Global Listed Infrastructure PIE fund offered to NZ investors.
What asset class is the First Sentier Global Listed Infrastructure Fund?
It is a other managed fund. The fund has a balanced risk profile. Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds.
What are the fees for the First Sentier Global Listed Infrastructure Fund?
The annual fund charge for the First Sentier Global Listed Infrastructure Fund is 1.03% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the First Sentier Global Listed Infrastructure Fund?
The risk indicator is 5/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the First Sentier Global Listed Infrastructure Fund a PIE fund?
Yes. The First Sentier Global Listed Infrastructure Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the First Sentier Global Listed Infrastructure Fund?
Fund size (assets under management) is NZ$129 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the First Sentier Global Listed Infrastructure Fund invest in?
The latest published top holdings are: Duke Energy Corp Com (5.28%), Cash at Bank (BNZ) (5.28%), American Electric Power Company Inc (4.66%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the First Sentier Global Listed Infrastructure Fund?
The First Sentier Global Listed Infrastructure Fund is available via InvestNow, First Sentier directly. Always read the current Product Disclosure Statement before investing.