Fund Evaluator:

First Sentier Global Listed Infras I Overview

First Sentier Global Listed Infras I (FLIIX) is an actively managed Sector Equity Infrastructure fund. First Sentier Investors launched the fund in 2017.

The investment seeks to achieve growth of capital and inflation-protected income. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in publicly traded equity securities of infrastructure companies listed on an exchange, throughout the world including emerging markets and the United States. Emerging markets are defined as those countries that are either i) not classified by MSCI or FTSE as developed markets, ii) categorized by the World Bank as middle or low-income, or iii) not members of the Organisation for Economic Cooperation and Development.

About First Sentier Global Listed Infras I (FLIIX)

There are 3 members of the management team with an average tenure of 8.18 years: Peter Meany (2017), Andrew Greenup (2017), Edmund Leung (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P Global 1200 TR index with a weighting of 100% and FTSE Global Core Infra 50/50 NtTx NR USD index with a weighting of 100%. First Sentier Global Listed Infras I has 55 securities in its portfolio. The top 10 holdings constitute 40.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

First Sentier Global Listed Infras I is part of the Equity global asset class and is within the Sector Equity fund group. First Sentier Global Listed Infras I has 40.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 57.2%. There is 40.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). First Sentier Global Listed Infras I has 2.7% of the portfolio in cash.

Assets Under Management

The fund has $150 million in total assets, which is below the $313 million average for the Infrastructure category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FLIIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The First Sentier Global Listed Infras I expense ratio is above average compared to funds in the Infrastructure category. First Sentier Global Listed Infras I has an expense ratio of 0.75%, which is 37% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. First Sentier Global Listed Infras I has a portfolio turnover rate of 27%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Infrastructure category.

Recently, in the month of August 2026, First Sentier Global Listed Infras I returned -1.2%, which earned it a grade of A, as the Infrastructure category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

First Sentier Global Listed Infras I has a trailing yield of 1.99%, which is above the 1.96% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

First Sentier Global Listed Infras I Grades

Year to date, the fund has returned 9.7%, 1.1 percentage points better than the category, which translates into a grade of C. The fund has returned 12.5% over the past year (grade of C), 13.4% over the past three years (grade of D) and 6.7% per year over the past five years (grade of D).

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