Legg Mason adds currency hedged class to infrastructure fund

By Chris Greaves

Added 25th August 2016

Legg Mason has launched sterling hedged share classes for the firm’s IF Rare Global Infrastructure Income Fund to provide investors with exposure to infrastructure equities while lessening the impact of currency fluctuations.

Legg Mason adds currency hedged class to infrastructure fund

Launched on 1 July 2016, and Legg Mason’s first fund launch post Brexit, the hedged share classes cater to those who want access to the fund’s global product strategy while limiting exposure to currency movements.

The fund has attracted £170m ($225m, €199m) of assets as of 24 August.

The new share classes will be made available on 2 August and sit alongside the existing sterling share classes.

The fund is managed by Rare’s co-chief executive and co-chief investment officer Nick Langle and Richard Elmslie, focusing solely on the listed infrastructure space.

The majority of assets are invested in essential utilities such as water, gas and electricity in both developed countries and emerging markets around the world.

“The hedged share class offers investors flexibility [...] while protecting themselves from exchange rate movements.”

The portfolio will target a high level of income, expected to be circa 5% pa under current market conditions and a real total return of G7 inflation plus 5.5% pa over a market cycle.

Adam Gent, head of UK sales at Legg Mason, said: “The fund aims to seek out the best income opportunities from a universe of listed global infrastructure stocks, and currently 90% of the fund invested in stocks overseas.

“The hedged share class offers investors flexibility and a means to access the attractive income streams offered by global listed infrastructure, while protecting themselves from exchange rate movements.” 

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