First State Global Infrastructure Monthly Fund Factsheet (in USD)* 31 March 2012 Objectives and investment strategy Annualised performance in USD (%)
To achieve total investment return consistent with income and long
term capital growth by investing all or substantially all of its assets in
the First State Global Listed Infrastructure Fund (a England and Wales-
domiciled fund) which invests in listed infrastructure securities or infrastructure related securities from around the world. Fund information
Fund (No initial changes)Fund (Apply intial changes) Benchmark^
Source: Lipper, First State Investments. Single pricing basis with
− The benchmark UBS Global Infrastructure & Utilities 50-50 Index
increased in March, but lagged global equity markets. − The best-performing sector was Water & Waste as the market
rewarded Veolia for taking steps to streamline its business, while Towers & Satellites rose on continued strong demand from
Top 10 holdings (%) Stock name − On a regional basis, South America outperformed as moves to
reduce interest rates in Brazil benefi ted toll roads, while Europe
− US infrastructure companies continue to benefi t from structural
growth (reinvestment in ageing networks, government privatisation and mobile data usage) and an economic recovery.
− Recently the market has rewarded companies that have increased
dividends, such as Vopak, Vinci, American Tower and Corrections
− We believe the essential nature of infrastructure assets, combined
with strong balance sheets, means this trend is likely to continue.
Asset allocation (%) Country+ % Sector+ % %
Europe ex UK 32.9 North America 31.5 Asia Pacifi c ex Japan 13.3
* Data provided in this factsheet is based on reference to the SGD pricing. ** First State Investments (Singapore) (“FSIS”) intends to make semi-annual distributions# on 30 June and 31 December of each year.
The distributions will be made out of the income, capital gains and/or capital of the Fund. Investors should note that the intention to make the semi-annual distributions is not guaranteed by FSIS or its distributors and FSIS may in future review the distribution policy depending on prevailing market conditions.
# No distribution was made on 30 June 2011. ^ Inception - 31 May 08 : S&P Global Infrastructure Index From 1 Jun 08
: UBS Global Infrastructure and Utilities 50-50 Index
+ Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100%. First State Global Infrastructure About First State Investments
First State Investments is the international operation of Colonial First State Global Asset Management (‘CFSGAM’), the asset management business of Commonwealth Bank of Australia. CFSGAM is one of the largest Australian-based investment managers with offi ces in Sydney, Melbourne, Auckland, London, Edinburgh, Paris, New York, Hong Kong, Singapore, Jakarta and Tokyo. CFSGAM is a signatory to the United Nations’ Principles for Responsible Investment, a voluntary program which encourages best practice in environmental, social and corporate governance issues.
First State Investments offers a range of product solutions across a diverse range of asset classes, including Australian equities, global equities, Asia Pacifi c and global emerging markets, global resources, global property securities, global listed infrastructure securities, global fi xed interest and credit, short term investments, direct property and infrastructure investments.
Edinburgh Shenzhen Hong Kong Singapore Melbourne Auckland For further information
Investor Services Hotline: +65 6580 1390
Address: 1 Temasek Avenue #17-01 Millenia Tower Singapore 039192
DISCLAIMER Except for the benchmark index, performance stated for relevant indices are quoted in the respective local currency unless otherwise specifi ed. Note: The above asset allocation pertains to the underlying fund. This report is prepared by First State Investments (Singapore) and is provided for information purposes only. Investors should read the Prospectus before deciding whether to subscribe for or purchase units in the Fund. The prospectus is available and copies may be obtained from the Manager and Distributors. The value of the units in the Fund and the income from them may rise as well as fall. Past performance fi gures are not necessarily a guide to future performance. Neither is any forecast made necessarily indicative of the future or likely performance of the Fund. Where information is provided on top holdings, such information does not constitute a recommendation to buy these securities. Units are not available to U.S. persons.
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