UBS Clarion Global Infrastructure SecsFd Performance Review | News

What is the UBS Clarion Global Infrastructure SecsFd fund?

UBS Clarion Global Infrastructure Securities Fund aims to provide a total return consisting of capital growth and income that outperforms (after management costs) the FTSE Global Core Infrastructure 50/50 Index (Net) AUD Hedged over rolling three year periods. The Fund is an actively managed fund investing in globally listed infrastructure securities across a range of geographic regions and infrastructure sectors which may include utilities, transportation, energy infrastructure and communication infrastructure.

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UBS Clarion Global Infrastructure SecsFd Fund Commentary August 31, 2023

The Fund decreased 4.5% for the month, slightly ahead of the benchmark.

The Fund’s modest outperformance resulted from the positive impact of sector allocation, partially offset by negative stock selection. Sector allocation impact was most positive in Continental Europe. All other regions produced small positive sector allocation impact, except Emerging Markets, where our underweight positioning to that outperforming region was a drag on performance. Stock selection was negative across all regions except Developed Asia.

Communications stock selection was neutral overall, with strength in data center holdings offset by weakness across most tower stocks. Towers in Europe and the Americas modestly detracted this month.

Transportation stocks had the largest positive impact on relative performance this month, largely driven by sector allocation impacts in Europe and in Asia, where overweight exposure to passenger rail in Japan and to transportation in Europe generally contributed. Rail stock selection in Japan was also a contributor. Stock picking in toll roads in Australia contributed, but weakness among out-of-index toll road stocks in Europe detracted.

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Product Snapshot

Product Overview
Performance Review
Peer Comparison
Product Details

Product Overview

Fund Name	APIR Code ? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.	Structure ?	Asset Class ? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.	Asset Category ? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.	Peer Benchmark Name ? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.	Broad Market Index ? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.	FUM ? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.	Management Fee ? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.	Performance Fee ? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.	Spread ? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
UBS Clarion Global Infrastructure SecsFd	UBS0064AU	Managed Funds	Property and Infrastructure	Global Listed Infrastructure	Property - Global Listed Infrastructure Index	Global Infrastructure Index	57.32 M	1%	0.00%	0.2%

Performance Review

Fund Name	Last Month ? Returns after fees in the most recent (last) month).	3 Months Return ? Returns after fees in the most recent 3 months.	1 Year Return ? Trailing 12 month returns.	3 Years Average Return ? Average Annual returns from the last 3 years.	Since Inc. Average Return ? Average (annualised) returns since inception	1 Year Std. Dev. (Annual) ? The standard deviation (or annual volatility) of the last 12 months.	3 Years Std. Dev. (Annual) ? The average standard deviation (or annual volatility) from the last 3 years.	Since Inc. Std. Dev. (Annual) ? The average standard deviation (or annual volatility) since the fund inception.	1 Year Max Drawdown ? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.	3 Year Max Drawdown ? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.	Since Inc. Max Drawdown ? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
UBS Clarion Global Infrastructure SecsFd	2.5%	10.19%	2.08%	4.78%	6.37%	12.98%	14.6%	12.94%	-11.91%	-15.21%	-19.66%

Peer Comparison

Fund Name	Peer Index Name ? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.	12 Months Excess Return ? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.	Excess Return Annualised Since Inception ? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.	12 Months Alpha ? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.	Alpha Annualised Since Inception ? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.	12 Months Beta ? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).	Beta Annualised Since Inception ? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).	12 Months Tracking Error ? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.	Tracking Error Since Inception ? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.	12 Months Correlation ? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.	Correlation Since Inception ? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
UBS Clarion Global Infrastructure SecsFd	Property - Global Listed Infrastructure Index	-2.33%	0.14%	-0.21%	-0.02%	-0.02%	1.22	3.8%	4.27%	0.98	0.95

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
UBS Clarion Global Infrastructure SecsFd	Yes		-	https://www.ubs.com/au/en/asset-management.html	-

Product Due Diligence

What is UBS Clarion Global Infrastructure SecsFd

UBS Clarion Global Infrastructure SecsFd is an Managed Funds investment product that is benchmarked against Global Infrastructure Index and sits inside the Property - Global Listed Infrastructure Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The UBS Clarion Global Infrastructure SecsFd has Assets Under Management of 57.32 M with a management fee of 1%, a performance fee of 0.00% and a buy/sell spread fee of 0.2%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the UBS Clarion Global Infrastructure SecsFd has returned 2.5% in the last month. The previous three years have returned 4.78% annualised and 12.94% each year since inception, which is when the UBS Clarion Global Infrastructure SecsFd first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since UBS Clarion Global Infrastructure SecsFd first started, the Sharpe ratio is 0.44 with an annualised volatility of 12.94%. The maximum drawdown of the investment product in the last 12 months is -11.91% and -19.66% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The UBS Clarion Global Infrastructure SecsFd has a 12-month excess return when compared to the Property - Global Listed Infrastructure Index of -2.33% and 0.14% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. UBS Clarion Global Infrastructure SecsFd has produced Alpha over the Property - Global Listed Infrastructure Index of -0.21% in the last 12 months and -0.02% since inception.

What are similar investment products?

For a full list of investment products in the Property - Global Listed Infrastructure Index category, you can click here for the Peer Investment Report.

What level of diversification will UBS Clarion Global Infrastructure SecsFd provide?

UBS Clarion Global Infrastructure SecsFd has a correlation coefficient of 0.95 and a beta of 1.22 when compared to the Property - Global Listed Infrastructure Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on UBS Clarion Global Infrastructure SecsFd and its peer investments, you can click here for the Peer Investment Report.

How do I compare the UBS Clarion Global Infrastructure SecsFd with the Global Infrastructure Index?

For a full quantitative report on UBS Clarion Global Infrastructure SecsFd compared to the Global Infrastructure Index, you can click here.

Can I sort and compare the UBS Clarion Global Infrastructure SecsFd to do my own analysis?

To sort and compare the UBS Clarion Global Infrastructure SecsFd financial metrics, please refer to the table above.

Has the UBS Clarion Global Infrastructure SecsFd been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in UBS Clarion Global Infrastructure SecsFd?

If you or your self managed super fund would like to invest in the UBS Clarion Global Infrastructure SecsFd please contact via phone or via email .

How do I get in contact with the UBS Clarion Global Infrastructure SecsFd?

If you would like to get in contact with the UBS Clarion Global Infrastructure SecsFd manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the UBS Clarion Global Infrastructure SecsFd. All data and commentary for this fund is provided free of charge for our readers general information.

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Historical Performance Commentary

Performance Commentary - July 31, 2023

The Fund increased 0.77% for the month, trailing the benchmark.

The Fund’s negative relative performance resulted from negative sector allocation despite positive stock selection.

Stock picking was positive across most regions and sectors. Sector allocation was more broadly negative across regions and sectors including an underweight exposure to Emerging Markets, which was a drag as the region outperformed.

Communications stock selection was again positive, with U.S. data center operator Equinix the primary driver.

Continued fundamental tailwinds from data centers were supportive this month. Towers in Europe modestly detracted this month, coinciding with weakness in Europe generally.

Transportation stocks had mixed results across sub-sectors and regions. Rail had a neutral impact, with contribution from stock selection in Americas rail offset by modest detraction from Japan passenger rails where stock selection and sector allocation detracted. Stock picking in toll roads contributed with strong contributions from outof-index toll road stocks in Europe, including Vinci and Eiffage, and Australia toll road picks that outperformed airport stocks globally.

Global utility impacts were a modest drag overall, with weak stock selection and sector allocation overall. Europe and the Americas had neutral impacts, with positive stock selection offset by detracting sector allocation in the region. Stock selection impact in the U.K. detracted, driven by underperformance of regulated utility SSE.

Midstream stock selection was a bright spot with contributions from U.S. stock picks like Cheniere Energy and Targa Resources that traded well, but also a contribution from not holding a position in TC Energy, the worst performing midstream stock in July

Performance Commentary - June 30, 2023

The Fund trailed the benchmark for the month.

The Fund’s modestly underperformed in June as stock selection and sector allocation decisions each modestly detracted from relative performance. Stock selection in the Americas was the largest relative contributor for the month; however, this was more than offset by sub-par stock selection in Asia and Europe. In the Americas, positioning in the rails sector was the top contributor for the month, more than offsetting a modest drag from the midstream sector. In Europe, favorable positioning in the utilities sector was more than offset by positioning in the transportation and communication sectors. In Asia, positioning in utilities accounted for most of the relative shortfall.

Performance Commentary - May 31, 2023

The Fund decreased -4.60% in May, in line with the index.

The Fund’s modestly negative relative performance resulted from positive sector allocation impacts which was more than offset by negative stock selection. Sector allocation was most positive in Europe, while Emerging Markets was a modest drag. Positive stock picking across communications was more than offset by negative stock picking in utilities and transportation.

Communications was a bright spot for stock selection globally, with continued strength from NextDC in Australia and strong performance from Equinix in the U.S. as sentiment for data centers surged amid enthusiasm for artificial intelligence. Towers in Europe outperformed other sectors in that region.

Transportation stocks globally had a mixed impact. Rail positioning was beneficial with a positive impact from Japan partially offset by underweight exposure to North American railroads. Toll road stock picks, especially in Europe, were detractors.

Global utility impacts were a drag overall, with weak stock selection across regions, despite some strength in contracted power and nuclear utility exposure within the Americas.

Weakness in European integrated utility positions also hurt relative performance. Underweight positioning in Japan utilities detracted as the sector was one of the few areas of positive absolute returns.

Performance Commentary - March 31, 2023

The Fund performed in-line with the benchmark for the month, up 2.30%.

The Fund’s performance was in-line with the benchmark as modest outperformance from stock selection was essentially offset by sector allocation decisions. Stock selection in the Americas was positive as portfolio holdings across all sectors added value for the month. In Asia, an overweight to the outperforming rails sector helped the region outperform for the month. In Europe, positioning on the Continent and in the U.K. benefited performance as stock selection and sector allocation were positive. Meanwhile, an underweight to the outperforming emerging markets detracted from relative performance during the month.

Performance Commentary - February 28, 2023

The Fund declined 3.00% in February, ahead of the index return.

The Fund’s outperformance this month was driven by strong stock selection and modest contribution from sector allocation. Stock selection was most positive from global transports and communications. Sector allocation benefitted from positioning in global transports and utilities, particularly those in Europe.

Transportation was the biggest contributor of relative performance in February. Positive contribution from toll road stock picks in Europe and Asia, airports within Europe and Mexico, and from underweight underperforming North American railroad stocks were all additive.

Communications contributed positively during the month which was due to positive stock selection slightly offset by negative sector allocation from U.S. exposure. However, data center holdings Equinix (U.S.) and NextDC (Australia) and European tower operator Inwit were strong performers and key contributors to relative performance.

Midstream also contributed positively with a positive contribution from stock selection. Cheniere Energy experienced some recovery in the month, posting positive returns when most midstream stocks were down mid-single digits on the month.

Utilities globally were a modest drag on stock selection overall, with positive impact from stock selection in China gas utilities and European holdings offset by modest weakness in North America and Asia-Pacific.

Performance Commentary - January 31, 2023

The Fund increased 2.83% in January, ahead of the index return. The Fund’s outperformance this month was driven by sector allocation while stock selection was a modest headwind to open the year. Continental Europe was the main contributing factor to the month’s alpha, and it was the top returning region from an absolute basis.

The Fund’s overweight positioning in Europe favored returns as the region had each sector outperform global infrastructure on the back of the broader European market rebound. Sector allocation was also meaningfully positive in North America, with strength in communications the biggest contributor. Stock selection had a negative impact overall, with strong performance of airport stocks in Europe the biggest drag as we are underweight, partially offset by positive impact of toll road exposure there and airport exposure elsewhere.

Utilities in the Americas were a drag on stock selection as well, partially offset by strength in Emerging Market utilities with exposure to China. Midstream was a modest detractor from relative performance as stock selection lagged due to names underperforming amidst challenges in the natural gas market. Communications made a large positive contribution this month, with strength across the globe. Data center operator Equinix was again a leader in the U.S., while Cellnex in Europe was the best performing tower stock globally, benefiting from news reports of a potential takeout bid being considered by American Tower and Brookfield.

Performance Commentary - December 31, 2022

The Fund was down -3.44% for the month, trailing the index return. Stock selection and sector allocation were both modestly negative for the month. Positive relative performance in Europe was offset by performance in the Americas and Asia. Meanwhile, positioning in the emerging markets was flat for the month. In the Americas, relative underperformance was due to positioning in the utilities sector, which overshadowed the benefit of positive positioning in the rail sector. In Asia, positioning in the utilities sector was the major source of underperformance, offsetting the value added from positioning in the rail sector. Europe was the bright spot for the month, led by positioning in the transportation, utilities and communication sectors.

UBS Clarion Global Infrastructure SecsFd (UBS0064AU) Report & Performance