Posted inHead To Head

HEAD-TO-HEAD: First State vs Partners Group

FSA compares the First State Global Listed Infrastructure Fund and the Partners Group Listed Investments Sicav – Listed Infrastructure Fund.
by Fund Selector Asia
Performance

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Three-year performance of the two funds versus their benchmarks. First State: FTSE Global Core Infrastructure 50/50 Index and Partners Group: MSCI World Index. All fund NAV data has been converted to US dollars for comparison purposes.

 

“The [First State] strategy has tended to hold up well in down markets… and has shown its ability to participate well in market rallies,” writes Khizou.

The fund has been in the top quartile in its category consistently from 2013 to 2016. While 2015 was a poor year for infrastructure investments, the fund held up better than its peers.

  First State Partners Group
3-year return 26.2% 11.8%
1-year return 11.8% 13.0%
3-year Alpha 5.44 0.21
3-year Beta 0.95 1.09
3-year Sharpe Ratio 0.44 0
3-year Volatility 11.06 12.19
Data: FE, performance in US dollars, three-year figures are cumulative

The Partners Group fund underperformed the First State fund in 2014, 2015 and 2016, according to data from FE. The management team attributes the fund’s underperformance in 2014 and 2015 to its lower exposure to the US oil and gas sector compared to its peers, a result of its defensive diversification approach.

Both funds pay around a 3% dividend.

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