WS Nomura Global Infrastructure Securities Fund applies fundamental research to identify essential infrastructure assets worldwide with attractive valuations, seeking total return through capital appreciation and income from companies operating critical physical networks.
Global infrastructure
Portfolio companies own/operate physical assets – energy and water utilities, toll roads, airports, and other infrastructure
Research-driven process
Fundamental analysis and forecast of long-term cash flows identify investments with attractive valuations
Specialized team
Team based in the US, Australia, and Europe provides a broad set of localized insights into potential investment opportunities
Global listed infrastructure (GLI) companies own and operate physical infrastructure assets providing services that are essential for daily life and the growth of economies – energy and water utilities, toll roads, airports, and energy and communication infrastructure, for example.
Bottom-up analysis helps identify companies with a specific set of characteristics that are distinct from other asset classes and aims to deliver attractive risk-adjusted returns over time.
Focus on “pure” infrastructure companies aims to create long-term value from a well-diversified portfolio built from long-term cash flow forecasts.
Continuous review and analysis of GLI opportunities helps the team define the investment universe.
In-depth research is conducted by research teams in the US, Australia, and Europe before an infrastructure asset enters a portfolio.
The portfolio is diversified across countries, infrastructure sectors, and regulatory regimes.
Integrity of the investment case for all stocks under coverage is evaluated daily as new information arrives.
The Fund aims to achieve a total return (the combination of income and capital growth), after all costs and charges have been taken, over any five-year period.
The Fund has been awarded an “Active Manager" Rating* by Rayner Spencer Mills Ratings (RSMR), an independent UK ratings agency. See RSMR fund page here for more information.
The Fund was awarded with Best Infrastructure Fund 2025.**
*The rating is the opinion of RSMR and not of Macquarie. No such person assessing the fund and final rating is affiliated with Macquarie or is an investor in Macquarie-sponsored vehicles. RSMR fund rating process and methodology considers a number of different quantitative and qualitative measures. More details can be found here.
**The awards presented herein were received in October 2025. The awards are the opinion of independent UK ratings agency, Rayner Spencer Mills Ratings (RSMR), and not of Macquarie. No such person creating the ranking is affiliated with Macquarie or is an investor in Macquarie-sponsored vehicles. There can be no assurance that other providers or surveys would reach the same conclusions as the ranking or award being advertised. No compensation was provided directly or indirectly in connection with these awards. RSMR fund rating process and methodology considers a number of different quantitative and qualitative measures. More details can be found here.
LSEG Lipper Fund Award UK 2024 and 2025 Winner, Best Equity Theme – Infrastructure Fund Over 3 Years.
LSEG Lipper Fund Award UK 2025 Winner, Best Equity Theme – Infrastructure Fund Over 5 Years.
See announcement here.
Risk Disclosures
Investing involves risk, including the possible loss of principal.
Investments in small and/or mid-cap companies may be more volatile than those of larger companies.
International investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Investing in emerging markets involves greater risk than investing in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments, information about issuers may be less available or of a lesser quality, and securities markets may be smaller, less liquid, and subject to greater price volatility.
Investments in derivatives may involve additional expenses and are subject to significant loss if they perform differently than anticipated. Derivatives are also subject to the risk that the counterparty may fail to perform its obligations.
Diversification may not protect against market risk.
The risk that the value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value; such security’s value may decrease, or such security may be appropriately priced. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued.
The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by competitors with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index
Market risk is the risk that all or a majority of the securities in a certain market — like the stock market or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s investments cannot be readily sold within seven calendar days at approximately the price at which the fund or strategy has valued them.
Industry and sector risk is the risk that the value of securities in a particular industry or sector (such as the infrastructure industry) will decline because of changing expectations for the performance of that industry or sector.
Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and
political uncertainties.
A foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
Companies in the infrastructure industry may be subject to a variety of factors that could adversely affect their business or operations, including high interest costs in connection with capital construction programs, high degrees of leverage, costs associated with governmental, environmental and other regulations, the level of government spending on infrastructure projects, and other factors.
New project risk: Where an infrastructure issuer invests in new infrastructure projects, it is likely to retain some residual risk that the project will not be completed within budget, within the agreed time frame and to the agreed specification.
Strategic asset risk: Infrastructure assets may include strategic assets, that is, assets that have a national or regional profile, and may have monopolistic characteristics. The nature of these assets may generate additional risk given the national/regional profile and/or their irreplaceable nature and may constitute a higher risk target for terrorist acts or political actions.
Documentation risk: Infrastructure assets are often governed by a complex series of legal documents and contracts. As a result, the risk of a dispute over interpretation or enforceability of the documentation may be higher than for other issuers.
Operation risk: Should an infrastructure issuer fail to maintain and operate the assets efficiently, the ability to maintain payments of dividends or interest to shareholders may be impaired. Failure by the infrastructure issuer to carry adequate insurance or to operate the asset appropriately could lead to significant losses and damages.
Fluctuations in exchange rates between currencies may cause the value of an investment to decline. Some currencies may have low liquidity which may prevent the Strategy from effecting positions at favorable rates, thus subjecting the Strategy to substantial losses.
Preferred stock and hybrid securities and the risks associated with both, including distribution deferrals, liquidity, voting rights and redemption by the issuer could impact the Fund.
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Investment involves risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance is not a reliable indicator of future returns.
The fund referenced on this page forms part of a Luxembourg-domiciled SICAV authorised by the Commission de Surveillance du Secteur Financier (CSSF) as a UCITS. Full information, including the latest prospectus, KIID/KID, is available in English. UK users will be directed to the UK-approved versions of these documents.
This is a marketing communication. Please refer to the Prospectus and the KIIDs when making any final investment decision.
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