HSBC Global Infrastructure
Equity Fund

Copia Investment Partners is an independent investment management group and the exclusive distribution partner of the HSBC Global Infrastructure Equity Fund in Australia.

Investing in infrastructure for a better future

The HSBC Global Infrastructure Equity Fund is an actively managed portfolio of 30-45 global infrastructure stocks that aims to provide long term total return while maintaining a focus on sustainability and ESG factors.

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Fund information

Date 31 December 2024

1 Mth

3 Mths

6 Mths

1 Yr

3 Yrs

Since Inception (cum)

*

HSBC Global Infrastructure Equity Fund

-4.39

-1.52

9.13

-

15.49

Dow Jones Brookfield Global Infrastructure Index

+

-5.11

-0.14

12.36

-

15.51

Outperformance

0.72

-1.38

-3.23

-

-0.02

Past performance is not a reliable indicator of future performance. Returns greater than 1 year are per annum. The total return performance figures quoted are historical, calculated using end-of month prices and do not allow for the effects of income tax or inflation. Total returns assume the reinvestment of all distributions. The performance is quoted net of all fees and expenses. The indices do not incur these costs.

*Inception of the HSBC Global Infrastructure Equities Fund - Hedged for performance calculation purposes is 31st January 2024.

+ (Hedged to AUD)

Fund Manager	HSBC Global Asset Management (UK) Limited (FCA 122335; ARBN 633 929 718)
Responsible Entity/Distributor	Copia Investment Partners
APIR	OPS8578AU
Inception Date (Strategy)	31 January 2024 (31 July 2010)
Benchmark	Dow Jones Brookfield Global Infrastructure Index (Hedged to AUD)
Objective	To provide long-term capital growth and income, and outperform its benchmark by 2% p.a. (after fees) over 5 years.
Investment Time Frame	At least 5 years
Number of Stocks	30-45
Risk Level	High
Distributions	Quarterly
Investment Amounts	Minimum initial investment: $20,000 Minimum additional investment: $5,000
Management Fee	0.90%p.a. of the NAV of the Fund
Performance Fee	Nil
Ratings	Zenith - Recommended

"Listed infrastructure has seen significant growth over the last decade. We expect this trend to continue, supported by secular tailwinds such as the ongoing digitalisation of the economy and the vital need to transition to a lower carbon environment.”

— Giuseppe Corona, Head of Listed Real Assets

Learn more

Investment approach

The Fund will invest at least 90% of its assets in shares (or securities similar to shares) of infrastructure related companies of any size, that are based in any country including developed and emerging markets.

The Fund uses a bottom-up quality and valuation-based investment approach, the identification and analysis of a company’s ESG credentials is an integral part of the investment decision making process.

Wide universe

The wider infrastructure investment universe currently represents approximately 650 companies with a pure play infrastructure assets approach. Pure-play companies are the owners and operators of infrastructure assets.

Investable universe

The team segments the investment universe into four rings, depending on their respective levels of sensitivity to the economic cycle and therefore levels of expected risk and return.

Due diligence and research

Fundamental bottom-up analysis is undertaken on primarily Ring 1 and 2 companies that meet key criteria such as sufficient size, liquidity, and market listing requirements. The screening process narrows down the investable universe to approximately 250 companies.

Portfolio construction

The portfolio is well diversified and consists of 30 to 45 companies that score well on both quality and valuation measures.

1.Additional screens include size, liquidity, corporate structure and sovereign risk

2.Qualitative screen includes analysts’ assessment on underlying business model mix,, corporate structure and governance

3.Full coverage encompasses both a qualitative assessment and a comprehensive financial model whilst light coverage only includes a qualitative assessment

4.The Colosseum is the team’s proprietary matrix that plot all the companies using valuation scores on the y-axis and quality scores on the x-axis.

Why global listed infrastructure?

Infrastructure assets include public and private physical structures and facilities which are necessary for the core stability and growth of any economy, developed or developing, by providing essential services to society.

Potential benefits

Real assets providing a natural hedge in inflationary environment

Long duration assets generating potentially high distribution levels

Liquidity providing immediate exposure to core infrastructure assets

Defensive building block to a diversified equity portfolio

Secular growth pathway driven by a multi-decade investment cycle

Invest in Infrastructure as an asset class

Infrastructure is the backbone of society, providing essential and valuable services for the stability and growth of the economy. Naturally resilient, infrastructure assets can generate inflation-linked, long-dated and sustainable earnings growth through the economic cycles.

Infrastructure is at the beginning of a multi-decade investment cycle, due to secular trends such as energy transition and digitalisation.

We invest in companies, listed in equity markets, which own and/or operate core infrastructure assets across four broad sectors.

Listed Infrastructure

By its very nature, Listed Infrastructure offers immediate and liquid access to core infrastructure assets and the attractive risk adjusted returns provide appealing diversification to a balanced portfolio.

ESG Credentials

The investment decision making process integrates ESG Credentials, by allocating at least 25% of an infrastructure related security’s quality score to ESG Credentials.

The Fund will not invest in equities issued by companies with specified involvement in specific excluded activities which include, but are not limited to:

Companies involved in the production of controversial weapons or their key components.
Companies involved in the production of tobacco.
Companies with more than 10% revenue generated from thermal coal extraction and do not have a clearly defined, credible plan to reduce exposure to below 10%.
Companies with more than 10% revenue generated from coal-fired power generation and do not have a clearly defined, credible plan to reduce exposure to below 10%.

Governance is assessed against criteria specified in the investment process which includes, among other things, business ethics, culture and values, corporate governance and bribery and corruption. Controversies and reputational risks are assessed through enhanced due diligence as well as screening which are used to identify companies that are considered to have low governance scores. Those companies will then be subjected to further review, action and/or engagement.

Good corporate governance has long been incorporated in HSBC's proprietary fundamental company research. HSBC's Stewardship team meets with companies regularly to improve our understanding of their business and strategy, signal support or concerns we have with management actions and promote best practice. HSBC believes that good corporate governance ensures that companies are managed in line with the long-term interests of their investors.

HSBC Asset Management's responsible investing policies

Investment team

A dedicated team with a wealth of infrastructure experience

The Fund is managed by a dedicated infrastructure team of 8 members with over 14 years of average industry experience, led by Giuseppe Corona.

Infrastructure sector responsibilities are allocated across the team to maximize accountability, while overall portfolio construction rests with Giuseppe.

8

Investment and research professionals dedicated to Listed Infrastructure

5+

Years of co-tenure

14+

Average years of

investment experience

10+

Years of dedicated coverage of the infrastructure sector

Giuseppe Corona

Head of Listed Real Assets

▪ Head of Listed Infrastructure Equity at HSBC Asset Management, based in the London office
▪ Joined the financial industry in 1999 and began portfolio management across long only and long/short products in 2008
▪ Previously spent 10 years in AMP Capital's Global Listed Infrastructure Team where he was appointed Head of Global Listed Infrastructure in 2016.

Antonio Barbera

Managing Principal

▪ Based in HSBC Asset Management's London office and is responsible for the analysis of energy infrastructure companies located in North America
▪ Commenced in the financial industry in 2006 and brings a wealth of infrastructure experience
▪ Previously spent six years at AMP Capital as Portfolio Manager/Analyst in the Global Listed Infrastructure team.

Andrew Steele

Principal

▪ Based in HSBC Asset Management's London office and is responsible for the analysis of utilities companies globally (excl North America)
▪ Joined the financial industry in 2010 and brings a wealth of infrastructure experience.
▪ Previously spent time at Goldman Sachs as an Equity Research Analyst responsible for covering NZ transport and primary industries, and Berenberg in the consumer equity research team.

Rory Muldowney

Analyst

▪ Based in HSBC Asset Management's London office and is responsible for assisting in multi-sector coverage of infrastructure companies globally, as well as supporting the global capital raising initiatives of the Global Listed Infrastructure equity strategy
▪ Joined the financial industry in 2021 as a Graduate Analyst at HSBC Asset Management, following a summer internship in 2020
▪ Previously spent time in HSBC Asset Management's Multi-Asset and Hedge Fund teams.

Joseph Titmus

Managing Principal

▪ Based in HSBC Asset Management's Sydney office and is responsible for the analysis of utilities infrastructure companies in North America
▪ Commenced in the financial industry in 2004 and brings a wealth of infrastructure experience
▪ Previously spent 16 years at AMP Capital and was involved in the development of AMP Capital Brookfield's listed infrastructure capability.

Andy Jones

Managing Principal

▪ Based in HSBC Asset Management's London office and is responsible for the analysis of transportation infrastructure companies globally
▪ Joined the financial industry in 2008 and beings a wealth of infrastructure experience
▪ Previously spent four years at AMP Capital as a Portfolio Manager/Analyst in the Global Listed Infrastructure team.

Claire Zhang

Principal

▪ Based in HSBC Asset Management's Sydney office and is responsible for the coverage of communication infrastructure companies globally
▪ Joined the financial industry in 2014 and brings a wealth of infrastructure experience
▪ Previously spent three years at AMP Capital as an Analyst in the Global Listed Infrastructure team.

Jessica Nguy

Associate Principal

▪ Based in HSBC Asset Management's London office and is responsible for supporting the global capital raising initiatives for the Global Listed Infrastructure Equity strategy
▪ Joined AMP Capital in 2014 and started her role as the Investment Specialist for the Listed Infrastructure Equity strategy in 2016.

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Copia Investment Partners is the responsible entity and distributor of the HSBC Global Infrastructure Equity Fund in Australia. If you have an investment, distribution or media enquiry, Copia's specialist teams can assist you.

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Melbourne business days

P 1800 442 129 (free call within Australia)

P +61 3 9602 3199

E clientservices@copiapartners.com.au

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Melbourne VIC 3000

DISCLAIMER

This information has been prepared by Copia Investment Partners Limited (AFSL 229316 , ABN 22 092 872 056) the issuer, distributor and responsible entity of the HSBC Global Infrastructure Equity Fund. This website provides information to help investors and their advisers understand this financial product. The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. We strongly advise investors and their advisers to read and consider the Fund’s disclosure documents carefully (the PDS and Additional Information booklet specifically as well as the Target Market Determination) and to seek advice from qualified professionals where necessary. Investors and their advisers should make their own enquiries before making investment decisions. The information on this website does not constitute personal advice and does not take into account your personal objectives, financial situation or needs. If you are considering investing in any financial products and services referred to on this website, you must determine whether the relevant investment is suitable for your objectives, financial situation or needs. You should also consider seeking independent advice, particularly on taxation, retirement planning and investment risk tolerance from a suitably qualified professional before making an investment decision. Neither Copia Investment Partners Limited, the Investment Manager, or any of our associates, guarantee or underwrite the success of any investments, the achievement of investment objectives, the payment of particular rates of return on investments or the repayment of capital. Copia Investment Partners Limited publishes information on the website that is, to the best of its knowledge, current at the time and neither Copia nor the Investment Manager are liable for any direct or indirect losses attributable to omissions from the website, information being out of date, inaccurate, incomplete or deficient in any other way. Detailed information for sustainable investment products, including descriptions of the environmental or social characteristics or the sustainable investment objective; methodologies used to assess, measure and monitor the environmental or social characteristics and the impact of the selected sustainable investments ; and objectives and benchmark information is prepared and issued by the Investment Manager and can be found at:

www.assetmanagement.hsbc.co.uk/en/intermediary/investment-expertise/sustainable-investments/sustainable-investment-product-offering