First Sentier Global Listed Infrastructure Fund
Managed by First Sentier First Sentier Global Listed Infrastructure Fund is a other managed fund operated by First Sentier; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 1.01% · minimum investment NZ$50,000 · distributions semi-annually. Compared with 7 other same-category funds on this site, the 1.01% annual fund charge sits below the same-category median of 1.08%.
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 aims to deliver capital growth and inflation-protected income by investing in a globally diversified portfolio of infrastructure securities. The Fund aims to outperform the FTSE Global Core Infrastructure 50/50 Index (Net TR, NZD hedged), before fees and taxes, over rolling three-year periods.
Benchmark track record
Compare Other consistency →How First Sentier Global Listed Infrastructure Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Growth of NZ$10,000
2015–2026, after fees & taxA notional NZ$10,000 compounded by each year's disclosed net return — a track-record trajectory from the FMA fund-update data, not a live unit price. Past performance is not a guide to the future.
NZ$10,000 → NZ$22,853 · to 31 March 2026
Beat its benchmark in 3 of 9 years
annual returns to 31 March 2026Since inception: 8.96% p.a. after fees & tax vs benchmark 10.59%.
How First Sentier Global Listed Infrastructure Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- FTSE Global Core Infrastructure 50/50 Index (Net TR, NZD hedged)
- Top 3 holdings
- Duke Energy Corp Com (5.3%) · Cash at Bank (BNZ) (5.3%) · American Electric Power Company Inc (4.7%)
Key facts
Fund start date
17 December 2013
Min. investment
NZ$50,000
Subsequent: NZ$5,000
Distributions
Semi-annually
Buy / sell spread
10 bps (0.10%) / 10 bps (0.10%)
Transaction cost on subscription / redemption
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 2% | 0% | 10% |
| International equities (listed infrastructure securities) | 98% | 90% | 100% |
Responsible-investment approach
The Investment Manager integrates ESG considerations into the investment process primarily through a quality ranking model with 25 criteria including explicit Environmental, Social and Governance scores. The Fund excludes investment in entities deriving any gross revenue from the manufacture of Controversial Weapons or Tobacco Products, or owning 50% or more interest in such entities. Persistent or systematic failures against ESG-related parameters may lead to divestment following engagement.
Exclusions
- Entities deriving any gross revenue directly from the manufacture of Controversial Weapons (anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons and white phosphorus munitions)
- Entities deriving any gross revenue directly from the manufacture of Tobacco Products (traditional cigarettes, cigars, chewing tobacco, vaping and e-cigarette products)
- Entities owning a 50% or more interest in entities that derive any gross revenue directly from the manufacture of Controversial Weapons or Tobacco Products
- Stocks with a market capitalisation of less than US$500 million
- Countries not in the OECD exceeding 20% of the Fund's exposure in aggregate
- Short selling
Derivatives policy
Forward currency contract derivatives and Non-Deliverable Forwards are permitted solely for the purpose of currency hedging. No other derivative use is described.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- FundRock NZ acknowledges that its common ownership with Apex Investment Administration (NZ) Limited under Apex Group Limited may lead to commercial terms favouring Apex NZ at investors' expense.
- FundRock NZ pays Apex NZ for registry services under a related-party arrangement, as both companies share the same ultimate parent, Apex Group Limited.
- Related-party transactions are permitted only if notified to the Supervisor and certified as arm's length, or approved by the Supervisor or investors via Special Resolution.
Generated 2026-05-28 from First Sentier Investors (NZ) Scheme OMI (dated 2026-03-30). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Public Trust
Auditor
PricewaterhouseCoopers
Custodian
BNP Paribas Fund Services Australasia Pty Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- FundRock and Apex Investment Administration (NZ) Limited are both ultimately owned by Apex Group Limited, and this common ownership may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors.
- Parties related to the Fund, including staff and families of all parties listed in the 'Other information on the parties involved' section, may from time to time invest in the Fund.
- A related party transaction in respect of the Fund may only be done if the details are notified to the Supervisor and FundRock certifies the transaction is on arm's length terms or obtains the Supervisor's consent on the basis that it is in the best interests of investors, or contingent on Special Resolution approval by investors.
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
Read the full fee-vs-peers breakdown →
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
FMA risk band
Same risk band (5/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
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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 First Sentier directly. Always read the current Product Disclosure Statement before investing.