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
Conclusion

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Infrastructure funds perform best in a low-interest and low-growth environment, which is what the world has been experiencing since the global financial crisis. Performance tends to fall behind other asset classes in bullish and in deflationary markets.

The First State fund has performed well in downmarkets and outperformed peers in upmarkets. It also charges a very attractive management fee, comparable to that of some ETFs.

The product outperformed the Partners Group fund over the three-year period ending 31 July, while delivering a higher alpha, lower beta and lower volatility than the Partners Group fund, according to FE.

The Partners Group fund focuses on core infrastructure and is more diversified geographically than the First State fund. Its team benefits from access to the firm’s private equity infrastructure arm.

Its one-year return as of 31 July and its 2017 performance to date are higher than those of the First State fund.

First State’s higher long-term returns, together with lower volatility and exceptionally low fees make it a good infrastructure vehicle for most investors’ portfolios.

While the Partners Group fund provides a better geographic diversification and has delivered strong long-term returns for a moderate fee, based on the funds’ FE ratings, the First State fund comes out ahead.

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