Fund description

The Low Carbon Core Infrastructure Fund (LCCIF) invests in companies that own or operate core infrastructure such as water and electricity utilities, railways, toll-roads and communication towers.

In this webinar Ursula Tonkin, Head of Listed Strategies and portfolio manager of the PATRIZIA Low Carbon Core Infrastructure Fund ("LCCIF") provides an update and review of the portfolio in the current macro economic context of rising yields, and how the Fund has consistently delivered solid returns and sustainable, inflation-linked cash yield over the past seven years.

Combined Shape

Stocks held

30 to 50

Sectors

  • Regulated utilities
  • Transport infrastructure
  • Communications infrastructure
  • Renewable energy infrastructure

Style

Core infrastructure, quality

Geography

Global developed markets

Target Return

OECD CPI + 5%p.a. over 5 years

Fund Structure

UCITS compliant, Irish Collective Asset Management Vehicle (ICAV)

Liquidity

Daily

Fund Registrations

UK, Austria, Belgium, Finland, France, Germany, Iceland, Italy, Luxembourg, Netherlands, Norway and Sweden

Inception Day

16/08/2019

Unit ClassEUR Unhedged, EUR Hedged, GBP Unhedged, GBP Hedged, USD Unhedged

A portfolio of publicly listed, high quality and sustainable infrastructure assets 

The Low Carbon Core Infrastructure Fund is an open-ended fund that holds a global portfolio of 30 to 50 publicly traded core infrastructure companies in developed markets. The fund is designed to provide a defensive equity exposure, with in-built inflation protection and a stable cash yield. This is achieved by investing in long-lived assets that provide essential services with highly regulated or long term contracted revenues, such as water utilities, electricity grids, railways, toll roads, airports and communication infrastructure assets. The fund invests in assets compatible with a maximum 2◦C warming pathway and zero carbon emissions by 2050.

Global core infrastructure stocks

Attractive return profile

Access to low carbon infrastructure

Diversified and low risk portfolio with downside protection

Daily liquid UCITS

Solvency II compliance

Inflation protection

Key Facts

Portfolio

The Opportunity

  • Income yield. core infrastructure assets generate inflation protected revenues and consistent dividends
  • Core infrastructure. A true long-term time horizon, and a strict focus on core infrastructure assets leads to lower volatility and resilience to economic cycles compared to global shares
  • Sustainability strategy. Compatible with net zero emissions and maximum 2°C warming pathways. LCCIF has significant exposure to the growth in renewable energy and decarbonisation, and long-term sustainability is critical to stock selection
  • Investment expertise. PATRIZIA has over 50 dedicated infrastructure investment professionals with extensive experience across private infrastructure equity, listed infrastructure equity and infrastructure debt

Risks

  • The economic success of the fund cannot be guaranteed. The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested
  • An investment entails infrastructure-specific risks (e.g. operating business risks, management risks, market development and liquidity, environmental damage, and extreme weather and climate change impacts), as well as legal and tax imponderables

 

Data as at 30 June 2023.

Quarterly updates

 

Infrastructure, Sustainability and SFDR

In this webinar Ursula Tonkin, Head of Listed Strategies at PATRIZIA Infrastructure and LCCIF Portfolio Manager and Jane Baseby, Director, Infrastructure Sustainability, delve into the nuances of SFDR, EU Taxonomy, and Sustainable Development Goal reporting and share their perspective on how these reporting frameworks align with key risks and identify the metrics that they believe hold significant importance.

Combined Shape

Webinars

Filter:
Webinar

Webinar Q3 2023

Webinar Q2 2023

Webinar April

Webinar Q2 2022: Inflation Protection

Webinar Q3 2022: Avoid Greenwashing

Share classes

Valuation Date Share Class Description Share Class Currency NAV (Local) Percentage Change (Local) ISIN Code
22/02/2024 Class A EUR Accumulation (Unhedged) EUR 149.30 -0.37% IE00BYZKHC37
22/02/2024 Class A EUR Income (Hedged) EUR 116.27 -0.36% IE00BYZKHD44
22/02/2024 Class A GBP Accumulation (Unhedged) GBP 116.20 -0.54% IE00BJSB2R88
22/02/2024 Class A USD Income (Unhedged) USD 137.63 -0.32% IE00BYYW3445
22/02/2024 Class R EUR Accumulation (Unhedged) EUR 116.70 -0.37% IE00BJSB2902
22/02/2024 Class A EUR Accumulation (Hedged) EUR 123.35 -0.36% IE00BJSB2B29
22/02/2024 Class N GBP Accumulation (Unhedged) GBP 97.05 -0.54% IE0005K5RPY3
22/02/2024 Class B EUR Income (Unhedged) EUR 100.90 -0.37% IE000X0ZG6X4

* Closed to new investors.

Key Investor Information Documents (KIIDs)

Share ClassDownload PDF
Class A EUR Accumulation (Hedged)*EN  FR  NL
Class A EUR Accumulation (Unhedged)* DE  EN  FR  IS  IT  NL  NO  SV
Class A EUR Income (Hedged)*DE  EN  FR   IS   IT  NL  NO  SV
Class A GBP Accumulation (Unhedged)*EN
Class A GBP Income (Hedged)*EN
Class A GBP Income (Unhedged)* EN  
Class A Income USD (Unhedged)*DE  EN  FR  IS  IT  NL  NO  SV
Class B EUR Accumulation (Hedged)EN
Class B EUR Accumulation (Unhedged)EN  
Class B EUR Income (Hedged)EN  
Class B EUR Income (Unhedged)EN  
Class B GBP Accumulation (Hedged)EN  
Class B GBP Accumulation (Unhedged)EN  

* Closed to new investors.

 

Sustainability approach

Low Carbon Emission

The Fund has a carbon intensity 60% - 80% lower than listed infrastructure indices.

  • • Compatible with a net zero emissions pathway, set at well-below 2 degrees warming.
  • • Access the growth potential of the energy transition 
  • • Avoid stranded asset risk

ESG Research

The Fund conducts “norm-based” analysis.

Screening covers:

  • • Environmental protection
  • • Human rights
  • • Labour standards
  • • Anti-corruption

Active Investor

PATRIZIA actively engages with investee companies on sustainability issues PATRIZIA votes all proxies.
All resolutions assessed through an ESG lens.
Participant in the PRI and ISS collaborative engagement platforms.

Fund Documents

If you are interested in making an investment, kindly direct all relevant information to the designated recipient as outlined in the documents. Regrettably, we are unable to handle investment inquiries directly. Your understanding and cooperation in this matter are greatly appreciated.

 

Risk factors

Investors should read and consider Appendix III to the Prospectus and the Supplementary PDS (entitled "Risk Factors") before investing in the Fund as well as the risks set out herein. The risks described here and in the Prospectus and Supplement should not be considered to be an exhaustive list of the risks which potential investors should consider before investing in the Fund. Potential investors should be aware that an investment in the Fund may be exposed to other risks from time to time.

General Market Risk

  • The Fund invests in publicly listed securities, and is suitable for investors who are prepared to accept a high level of volatility. As the price of shares in the Fund may fall as well as rise, the Fund shall not be a suitable investment for an investor who cannot sustain a loss on their investment.

Concentration Risk

  • As the majority of the Fund’s holdings will be listed securities in the core infrastructure sector, it is subject to greater concentration risk, and may be subject to greater volatility, than a more diversified fund.

Sustainability Risks - Assessment of the Impact on Likely Returns

  • In applying the Sustainability Policy to investments and in integrating Sustainability Risks in the investment decision making process, the Fund may forgo opportunities to gain exposure to certain companies, industries and sectors. Accordingly, the universe of investments of the Fund may be smaller than that of other funds and therefore the Fund may underperform the market as a whole if such investments underperform the market.

Risks Associated with Infrastructure Investments

  • Relative to other sectors, infrastructure and utility sector stocks are subject to additional risks which may negatively impact investor returns.  Some of these risks are: ccredit and interest rate risk; climate transition risk and physical risk, environmental and other land use risks; regulatory risk; and, the risk of political action, industrial action, and terrorist acts.

Risks associated with Forward Currency Contracts

  • Forward currency contracts involve the possibility that the market for them may be limited with respect to certain currencies and, upon a contract’s maturity, the possible inability to negotiate with the dealer to enter into an offsetting transaction. 

Foreign Taxation

  • With respect to certain countries, there is a possibility of expropriation, confiscatory taxation, imposition of withholding or other taxes on dividends, interest, capital gains or other income, limitations on the removal of cash or other assets of the Fund, political or social instability or diplomatic developments that could affect investments in those countries.

Our team

Graham Matthews

CEO Infrastructure

Ursula Tonkin

Head of Infrastructure Listed Strategies

Saji Anantakrishnan

Head of Infrastructure, Australia and Asia

Justin Webb

Managing Director Infrastructure Investment Solutions

Tayo Werkhoven

Associate Director Investment Planning & Reporting

Ayaz Memon

Senior Associate Infrastructure Listed Strategies

Jesse Wylde-Browne

Associate Infrastructure Listed Strategies

Get in touch

Augsburg, Germany

Konrad Finkenzeller

Head of Global Client Solutions

Disclaimer

The information contained in this document does not constitute a financial analysis or investment advice or recommendation but qualifies as marketing communication. This marketing communication is neither subject to all legal provisions ensuring the impartiality of financial analysis nor to any prohibition on trading prior to the publication of financial analyses.

This is a marketing communication. Please refer to the prospectus (including any supplement thereto) of the ICAV (as defined below) and, where you are a retail client, to the key investor information documents before making any final investment decision.

In Austria, Belgium, Germany, Finland, France, Ireland, Iceland, Italy, (regarding institutional investors only), Luxembourg, the Netherlands, Norway, Sweden and the United Kingdom, this document is approved by Fidante Partners Europe Limited and issued by PATRIZIA Institutional Clients & Advisory GmbH (PICA) acting as sub-distributor for Fidante Partners Europe Limited. Fidante Partners Europe Limited is authorised and regulated by the Financial Conduct Authority in the conduct of investment business in the United Kingdom.

In the United Kingdom, this document is a financial promotion for the purposes of the Financial Services and Markets Act 2000 (FSMA) and has been issued for the sole purpose of providing information about the PATRIZIA Low Carbon Core Infrastructure Fund (the “Fund”).

In the European Union and the European Economic Area, this document is available to Professional Clients (as defined under Annex II to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU) as well as Retail Clients in terms of that same Directive. In Germany, this document is also available to Semi-Professional Investors as defined in Section 1 (19) no. 33 German Investment Code (Kapitalanlagegesetzbuch). Before you purchase any of the shares of the Fund you should carefully review all relevant sales information, including the information and relevant risks contained in the prospectus, the prospectus supplement, if any, or key investor information document or similar short form information, if any.

The Fund is a sub-fund of Fidante Partners Liquid Strategies ICAV (the “ICAV”) which (covering all sub-funds including the Fund) is distributed by Fidante Partners Europe Limited. PICA is a sub-distributor of the Fund for the jurisdictions listed above; PICA will not offer, market or distribute the Fund to Retail Clients in terms of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU. PATRIZIA Pty Ltd (ACN 008 636 717, Australian Financial Services Licence 244434) is the investment manager of the Fund (the Manager) and has approved the contents of this document.

This document is issued inside and outside the United Kingdom only to and/or is directed only at persons who are of a kind to whom the Fund may lawfully be promoted by virtue of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (including authorised persons, high net worth companies, high net worth unincorporated associations or partnerships and the trustees of high value trusts). This document is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the Fund are not authorised for distribution or in which the dissemination of information regarding the Fund is not permitted or where Fidante Partners Europe Limited or PICA is not authorised to provide regulated activities.

This document is exempt from the general restriction in Section 21 of FSMA on the communication of invitations or inducements to participate in investment activity on the grounds that it is being issued to and/or directed at only the types of person referred to above. Shares or interests in the Fund are only available to such persons and this document must not be relied or acted upon by any other persons.

 

Endnotes

Information as at 30 June 2023 unless specified otherwise. Investing in the fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment.

1) Portfolio allocation as at 30 June 2023.