While the ratings agency said it still holds Peter Meany, who has more than a decade’s infrastructure investment experience, and his team in high regard, it points out that the level of competition within the sector is high.
“This is a peer group with a number of talented teams and as a result, we believe this particular team ranks a notch lower relative to other listed infrastructure offerings that Morningstar follows globally,” Fatima Khizou, manager research analyst at Morningstar said.
The £1.14bn First State Global Listed Infrastructure Fund has produced a second quartile return of 49.7% over a five years, out of a universe of 203 funds within the sector. Over three ywars, it has produced a return of 33%, marginally lower than the 34% produced by the sector, putting it into the third quartile. Over one year the fund has produced a -2.1% return placing it in the fourth quartile of the IA
