What can the First Sentier Global Listed Infrastructure Fund actually invest in?
The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each.
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 2% | 0% | 10% |
| International equities (listed infrastructure securities) | 98% | 90% | 100% |
Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift.
Explicit exclusions (6)
- 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
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.
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.