Benefits of investing in the CFML First Sentier Investors Infrastructure Fund

Investing in the Fund offers investors a range of benefits. Investing in the Fund means that your money is pooled together with that of other investors, allowing you to hold a diversified portfolio of assets which is not often available to you as an individual investor with small amounts to invest. Investment via the Fund gives you access to a well resourced and experienced team of the underlying investment manager that is focused on selecting assets on your behalf in order to deliver attractive long term returns.

Further, the Fund provides a diversified exposure to listed infrastructure shares through a carefully selected portfolio of listed infrastructure equities. Over time an investment in listed international and Australian infrastructure shares offers investors exposure to a market segment that is defined by exposure to critical infrastructure assets, many of which operate in a highly-regulated environment. This type of investment will generally be less economically sensitive than most other forms of equity investing given the essential services nature of many infrastructure assets.

Listed infrastructure shares are a growth asset class and has the potential over the longer term to deliver capital gains, with returns also coming from dividends. The listed infrastructure asset class is generally considered a defensive growth investment. The Fund is highly liquid and can be easily redeemed. The Fund has the ability to vary the amount of hedging against its assets between 0% and 100%.

Investor suitability

This Fund is suitable for investors seeking a mix of capital growth, and income, who have medium to long term investment goals and a tolerance for moderate to high levels of volatility.

About the Fund

The CFML First Sentier Investors Infrastructure Fund provides investors with a diversified exposure to listed international and Australian infrastructure shares. To gain this exposure the Fund may invest both directly or indirectly in a range of investments (including by investing in underlying funds managed by investment managers selected by us which invest primarily in this asset class). Any reference in this PDS to the Fund investing in listed international and Australian infrastructure shares includes a reference to the Fund investing directly or indirectly in this asset class.

Significant features

The Fund provides investors with a diversified exposure to
listed international and Australian infrastructure shares. To
gain this exposure the Fund may invest both directly or
indirectly in a range of investments (including by investing
in underlying funds managed by investment managers
selected by us which invest primarily in this asset class).
Any reference in this PDS to the Fund investing in listed
international and Australian infrastructure shares includes
a reference to the Fund investing directly or indirectly in
this asset class.

How we invest your money

The Fund invests in the shares of companies operating and listed in developed and emerging economies that own or operate infrastructure assets. The assets held by these companies
typically offer high barriers to entry, pricing power, and structural growth. The strategy is based on active, bottom-up security selection which seeks to identify mispricing. The underlying manager seeks to minimise risk through on-the-ground research, a focus on quality and sensible portfolio construction.

Asset classes and asset allocation ranges

• Developed and emerging market listed infrastructure shares: 90% -100%

• Cash: 0% -10%

• Currency hedge rate: 0%-100%