Global listed infrastructure

Investing in quality, sustainable infrastructure assets which can offer inflation protection and low volatility.

  • Targeting companies with stable, inflation-linked cashflows that grow over time
  • Integrating ESG and sustainability factors throughout the investment process
  • Experienced team including co-founders who have worked together for more than 17 years

We use a tight definition of infrastructure assets, with low-volatility cashflows and inflation protection, to achieve diversification benefits with other asset classes, such as global equities.

Maple-Brown Abbott Global Listed Infrastructure  – A differentiated approach to infrastructure investing

Our investment philosophy

We invest in listed infrastructure companies across the globe that provide essential services to society, typically physical network monopolies such as toll roads, water utilities, electric grids and telecommunication towers. We believe that infrastructure assets have diversification benefits when combined with other asset classes. We use a tight definition of infrastructure assets by considering companies with low-volatility cashflows and inflation protection capabilities, to achieve a different risk and return profile to global equities, and over the years we have witnessed the more defensive nature of these assets, particularly in down markets.

In our view, this defensiveness is due to the fact these infrastructure businesses provide essential services to a large population, are fundamental to the functioning of society and are critical to future economic growth. They are also less vulnerable to competition, issues affecting the economy and/or commodity prices than companies under a broader infrastructure definition, such as ports and satellites.

Since infrastructure assets are long-term, privileged assets, we believe they need to be socially minded and sustainable, which is why we embed ESG and sustainability considerations into the investment process – both to mitigate risks and to identify opportunities. We seek companies that are adapting to and finding investment opportunities in environmental initiatives, such as the energy transition.

We see significant trends in infrastructure with associated investment opportunities. These include decarbonisation, particularly in the utility space, the electrification of society and digitalisation, where infrastructure is needed to support the transition. We believe there is a shortage of infrastructure globally and that some of our listed companies will play a key role in the development and enhancement of infrastructure for decades to come.

Finally, by setting strict assets under management capacity limits for our strategy, we can ensure the portfolio only consists of our best ideas, and we can move in and out of stocks quickly if necessary.

Our investment approach

We consider potential investments from a strictly selected infrastructure Focus List of around 110 companies across more than 20 countries based on our definition of infrastructure, which is tighter than most peers and all infrastructure indices. Stocks on the Focus List are those we believe provide the strongest combination of inflation protection and low volatility.

We use a fundamental bottom-up approach to identify the key drivers of the business, such as how it earns revenue, the link to inflation, balance sheet strength, how it is regulated and how its contracts or concession agreements work. By conducting deep, fundamental research, meeting with the companies and regulators and building financial models on the companies, we can determine if the cashflows or earnings display low volatility and how the inflation protection works. This helps us assess the valuation of the company based on long-term cashflow analysis. As well as performing well on environmental matters, we look for companies that have good governance, where the management is aligned with us as shareholders, has a sound strategy and a good track record. We combine this bottom-up research with a top-down approach to managing macro-economic risks.

We take a high conviction approach to ensure our strongest stock views are included in the portfolio. As a result, the strategy is expected to have between 25 and 35 global investments at any one time.

While we have a tight definition of infrastructure and strict capacity limits, we remain flexible enough to develop bespoke solutions for clients

Our experienced, aligned team

The Maple-Brown Abbott Global Listed Infrastructure business, established in 2012 as a partnership between the founding Principals and Maple-Brown Abbott Limited, operates as a boutique within a boutique. The Co-Founders, who are also Portfolio Managers, have worked together for more than 17 years, 12 years at Maple-Brown Abbott and prior to that at Macquarie, and are supported by a high-calibre team including a fourth portfolio manager and an ESG specialist.

We pride ourselves on having a deep, long-term alignment with our clients. The founding partners and the team own 54% of the equity in the Global Listed Infrastructure business and senior members of the team invest in the strategy alongside our investors.

Our approach to ESG

Portfolio Managers

A dedicated, experienced and focused team of infrastructure investors.


Co-Founder and Managing Director, Global Listed Infrastructure
Co-Founder and Managing Director, Global Listed Infrastructure

Andrew Maple-Brown

BEng, BCom, MAppFin, CIM
Andrew joined Maple-Brown Abbott in 2012. Andrew is the Managing Director of Maple-Brown Abbott Global Listed Infrastructure which he started with his partners in 2012. Before joining Maple-Brown Abbott he spent eleven years working for Macquarie Group, the remaining five years of which he spent as a Portfolio Manager within their Global Listed Infrastructure team, working in Sydney and New York. Andrew has more than twenty years of experience in financing and investing in infrastructure assets and securities. In addition to being a portfolio manager for the strategy, he is also responsible for coverage of Regulated Utilities across North America. Andrew began his career at Lend Lease and was there for five years.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited Board
Asset Allocation Committee

Andrew


Justin Lannen, Co-Founder and Portfolio Manager, Global Listed Infrastructure
Co-Founder and Portfolio Manager, Global Listed Infrastructure

Justin Lannen

BEng, BCom, CFA
Justin Lannen joined Maple-Brown Abbott in 2012. Justin is co-founder and portfolio manager of Maple-Brown Abbott’s Global Listed Infrastructure and is also responsible for all Regulated Utilities (ex-North America). Prior to joining Maple-Brown Abbott, Justin spent five years as Portfolio Manager at Macquarie where he managed their global listed infrastructure portfolios whilst based in New York and Sydney. Prior to this, Justin worked at Colonial First State as a portfolio manager and managed the $1.4bn industrial share fund whilst maintaining his analysis of infrastructure stocks. Justin is a toll road expert having spent the majority of his career looking at the same businesses that he does today.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited

Justin


Steven Kempler | Co-Founder and Portfolio Manager, Global Listed Infrastructure
Co-Founder and Portfolio Manager, Global Listed Infrastructure

Steven Kempler

BCom, LLB, MFin, CFA
Steven joined Maple-Brown Abbott in 2012 and is co-founder and portfolio manager of global listed infrastructure. Prior to Maple-Brown Abbott, he spent six years in Macquarie’s Global Listed Infrastructure team as an investment analyst covering infrastructure and utilities in the Asia Pacific region. He was later appointed as a joint Portfolio Manager for Macquarie’s Emerging Market Listed Infrastructure strategy.  Prior to joining Macquarie, Steven worked briefly within Rothschild’s investment banking division in London, specifically on debt and mezzanine private placement transactions. Steven is an airports expert and is responsible for the coverage of the team’s airport investments around the globe, the transportation infrastructure and communication infrastructure assets.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited

Steven


Andrew Duong | Portfolio Manager, Global Listed Infrastructure
Portfolio Manager, Global Listed Infrastructure

Andrew Duong

BCom, BSc, CFA
Andrew joined Maple-Brown Abbott in January 2017 as Senior Research Associate and was appointed Investment Analyst in 2019 and most recently Portfolio Manager in 2022. Andrew is responsible for covering the midstream, renewables and diversified utilities. He is also chair of the Macroeconomic Committee. Before joining Maple-Brown Abbott, Andrew spent six years at the Reserve Bank of Australia (RBA), including an 18-month secondment to the Bank of England. As a Senior Analyst in the International Financial Markets division of the RBA, he was responsible for analysing developments in international markets for the bank’s monetary policy

 

 

 

 

 

Andrew

Maple-Brown Abbott Global Listed Infrastructure Fund

The Fund is actively managed and is invested in global listed infrastructure securities across regulated, contracted and concession assets that provide essential services, with a focus on sustainability and ESG factors. Generally, the securities in the portfolio have a market capitalisation greater than US$500 million.

We consider potential investments from a strictly selected infrastructure focus list of around 110 companies across more than 20 countries based on a tight definition of infrastructure. Stocks on the focus list are those the team believes provide the strongest combination of inflation protection and low volatility.

The team conducts fundamental research, including meeting with the companies and regulators and building financial models on companies. The team looks for companies that have good governance, as well as performs well on corporate sustainability matters. This bottom-up research is combined with a top-down approach to managing macroeconomic risks.

We take a high conviction approach to ensure the strongest stock views from the focus list are included in the portfolio. As a result, the portfolio is expected to have 25–35 global investments, diversified by country and sector.

Fund facts
Inception date
18/12/2012
Distribution frequency
Quarterly
Benchmark
OECD Total Inflation Index + 5.5% p.a
Minimum initial application
$ 20,000
APIR code
MPL0006AU
Management fees and costs %*^
0.98
Pricing frequency & cut-off
Daily/12pm Sydney time on a Business Day
Buy/Sell spread %^
0.15/0.15
*Management fees and costs for the Fund are made up of the management fee, indirect costs (if any) and estimated recoverable expenses.
^Additional fees and costs may also apply in relation to an investment in the Fund. For a full description of the fees and costs refer to the Product Disclosure Statement and Additional Information Booklet for the Fund.

Maple-Brown Abbott Global Listed Infrastructure Fund – Hedged

The Fund is actively managed and provides exposure to global listed infrastructure securities across regulated, contracted and concession assets that provide essential services, with a focus on sustainability and ESG factors. Generally, these securities have a market capitalisation greater than US$500 million. The Fund’s currency exposure is substantially hedged back to Australian dollars.

Currently, the Fund provides exposure to global listed infrastructure securities by being invested in the Maple-Brown Abbott Global Listed Infrastructure Fund.

We consider potential investments from a strictly selected infrastructure focus list of around 110 companies across more than 20 countries based on a tight definition of infrastructure. Stocks on the focus list are those the team believes provide the strongest combination of inflation protection and low volatility.

The team conducts fundamental research, including meeting with the companies and regulators and building financial models on companies. The team looks for companies that have good governance, as well as performs well on corporate sustainability matters. This bottom-up research is combined with a top-down approach to managing macroeconomic risks.

We take a high conviction approach to ensure the strongest stock views from the focus list are included in the portfolio. As a result, the portfolio is expected to have 25–35 global investments, diversified by country and sector.

Fund facts
Inception date
14/07/2015
Distribution frequency
Quarterly
Benchmark
OECD Total Inflation Index + 5.5% p.a
Minimum initial application
$ 20,000
APIR code
MPL0008AU
Management fees and costs %*^
1.00
Pricing frequency & cut-off
Daily/12pm Sydney time on a Business Day
Buy/Sell spread %^
0.15/0.15
*Management fees and costs for the Fund are made up of the management fee, indirect costs (if any) and estimated recoverable expenses.
^Additional fees and costs may also apply in relation to an investment in the Fund. For a full description of the fees and costs refer to the Product Disclosure Statement and Additional Information Booklet for the Fund.

Maple-Brown Abbott Global Listed Infrastructure Fund – Pie

The Fund is actively managed and provides exposure to global listed infrastructure securities across regulated, contracted and concession assets that provide essential services, with a focus on sustainability and ESG factors. Generally, these securities have a market capitalisation greater than US$500 million. The Fund’s currency exposure is substantially hedged back to Australian dollars.

Currently, the Fund provides exposure to global listed infrastructure securities by being invested in the Maple-Brown Abbott Global Listed Infrastructure Fund.

We consider potential investments from a strictly selected infrastructure focus list of around 110 companies across more than 20 countries based on a tight definition of infrastructure. Stocks on the focus list are those the team believes provide the strongest combination of inflation protection and low volatility.

The team conducts fundamental research, including meeting with the companies and regulators and building financial models on companies. The team looks for companies that have good governance, as well as performs well on corporate sustainability matters. This bottom-up research is combined with a top-down approach to managing macroeconomic risks.

We take a high conviction approach to ensure the strongest stock views from the focus list are included in the portfolio. As a result, the portfolio is expected to have 25–35 global investments, diversified by country and sector.

Fund facts
Inception date
05/05/2025
Distribution frequency
Quarterly
Benchmark
FTSE Global Core Infrastructure 50/50 Index Net TR (100% hedged to the New Zealand dollar)
Minimum initial application
$ 20,000
APIR code
MPL0008AU
Management fees and costs %*^
0.98
Pricing frequency & cut-off
Daily/2pm on a Business Day
Buy/Sell spread %^
0.15/0.15
*Management fees and costs for the Fund are made up of the management fee, indirect costs (if any) and estimated recoverable expenses.
^Additional fees and costs may also apply in relation to an investment in the Fund. For a full description of the fees and costs refer to the Information Memorandum for the Fund.

Portfolio Managers

A dedicated, experienced and focused team of infrastructure investors.


Co-Founder and Managing Director, Global Listed Infrastructure
Co-Founder and Managing Director, Global Listed Infrastructure

Andrew Maple-Brown

BEng, BCom, MAppFin, CIM
Andrew joined Maple-Brown Abbott in 2012. Andrew is the Managing Director of Maple-Brown Abbott Global Listed Infrastructure which he started with his partners in 2012. Before joining Maple-Brown Abbott he spent eleven years working for Macquarie Group, the remaining five years of which he spent as a Portfolio Manager within their Global Listed Infrastructure team, working in Sydney and New York. Andrew has more than twenty years of experience in financing and investing in infrastructure assets and securities. In addition to being a portfolio manager for the strategy, he is also responsible for coverage of Regulated Utilities across North America. Andrew began his career at Lend Lease and was there for five years.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited Board
Asset Allocation Committee

Andrew


Justin Lannen, Co-Founder and Portfolio Manager, Global Listed Infrastructure
Co-Founder and Portfolio Manager, Global Listed Infrastructure

Justin Lannen

BEng, BCom, CFA
Justin Lannen joined Maple-Brown Abbott in 2012. Justin is co-founder and portfolio manager of Maple-Brown Abbott’s Global Listed Infrastructure and is also responsible for all Regulated Utilities (ex-North America). Prior to joining Maple-Brown Abbott, Justin spent five years as Portfolio Manager at Macquarie where he managed their global listed infrastructure portfolios whilst based in New York and Sydney. Prior to this, Justin worked at Colonial First State as a portfolio manager and managed the $1.4bn industrial share fund whilst maintaining his analysis of infrastructure stocks. Justin is a toll road expert having spent the majority of his career looking at the same businesses that he does today.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited

Justin


Steven Kempler | Co-Founder and Portfolio Manager, Global Listed Infrastructure
Co-Founder and Portfolio Manager, Global Listed Infrastructure

Steven Kempler

BCom, LLB, MFin, CFA
Steven joined Maple-Brown Abbott in 2012 and is co-founder and portfolio manager of global listed infrastructure. Prior to Maple-Brown Abbott, he spent six years in Macquarie’s Global Listed Infrastructure team as an investment analyst covering infrastructure and utilities in the Asia Pacific region. He was later appointed as a joint Portfolio Manager for Macquarie’s Emerging Market Listed Infrastructure strategy.  Prior to joining Macquarie, Steven worked briefly within Rothschild’s investment banking division in London, specifically on debt and mezzanine private placement transactions. Steven is an airports expert and is responsible for the coverage of the team’s airport investments around the globe, the transportation infrastructure and communication infrastructure assets.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited

Steven


Andrew Duong | Portfolio Manager, Global Listed Infrastructure
Portfolio Manager, Global Listed Infrastructure

Andrew Duong

BCom, BSc, CFA
Andrew joined Maple-Brown Abbott in January 2017 as Senior Research Associate and was appointed Investment Analyst in 2019 and most recently Portfolio Manager in 2022. Andrew is responsible for covering the midstream, renewables and diversified utilities. He is also chair of the Macroeconomic Committee. Before joining Maple-Brown Abbott, Andrew spent six years at the Reserve Bank of Australia (RBA), including an 18-month secondment to the Bank of England. As a Senior Analyst in the International Financial Markets division of the RBA, he was responsible for analysing developments in international markets for the bank’s monetary policy

 

 

 

 

 

Andrew

Fund performance^

as at 31/12/2025

Fund performance^

as at 31/12/2025

Fund performance^

as at 31/12/2025

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. Total return is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation and foreign income tax offsets are not included in the performance figures.
Source: Maple-Brown Abbott
*Inception date is 18 December 2012

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. Total return is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation and foreign income tax offsets are not included in the performance figures.
Source: Maple-Brown Abbott
*Inception date is 14 July 2015

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. Total return is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation and foreign income tax offsets are not included in the performance figures.
Source: Maple-Brown Abbott
*Inception date is 14 July 2015

Unit price

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Forms and fund information

Fund ratings

Rating/recommendation

Rating/recommendation

Lonsec Research Recommended ratings logo
Zenith Highly Recommended ratings logo

Genium
The Genium rating (assigned September 2025) presented in this document is issued by Genium Investment Partners Pty Ltd ABN 13 165 099 785, which is a Corporate Authorised Representative of Genium Advisory Services Pty Ltd ABN 94 304 403 582, AFSL 246580. The Rating is limited to “General Advice” (s766B Corporations Act 2001 (Cth)) and has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without notice. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision in relation to this financial product(s). Genium receives a fee from the Fund Manager for researching and rating the product(s). Visit Geniumip.com.au for information regarding Genium’s Ratings methodology.

Lonsec
The Lonsec rating issued 01/2026 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. ©2026 Lonsec. All rights reserved.

Morningstar Medalist Rating(TM)
Assigned as of 24/06/25
Analyst Driven %100
Data Coverage %100

Fund Maple-Brown Abbott Global Listed Infrastructure received a Morningstar Medalist Rating(TM) of ‘Silver’ on 24/06/25

© 2025 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report or data has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar’s publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser.

Zenith
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned MPL0006AU March 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

Genium
The Genium rating (assigned September 2025) presented in this document is issued by Genium Investment Partners Pty Ltd ABN 13 165 099 785, which is a Corporate Authorised Representative of Genium Advisory Services Pty Ltd ABN 94 304 403 582, AFSL 246580. The Rating is limited to “General Advice” (s766B Corporations Act 2001 (Cth)) and has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without notice. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision in relation to this financial product(s). Genium receives a fee from the Fund Manager for researching and rating the product(s). Visit Geniumip.com.au for information regarding Genium’s Ratings methodology.

Lonsec
The Lonsec rating issued 09/2024 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. ©2024 Lonsec. All rights reserved.

Morningstar Medalist Rating(TM)
Assigned as of 24/06/25
Analyst Driven %100
Data Coverage %100

Fund Maple-Brown Abbott Global Listed Infrastructure Hedged received a Morningstar Medalist Rating(TM) of ‘Silver’ on 24/06/25

© 2025 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report or data has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar’s publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser.

Zenith
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned MPL0008AU March 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

  • Targeting companies with stable, inflation-linked cashflows that grow over time
  • Integrating ESG and sustainability factors throughout the investment process
  • Experienced team including co-founders who have worked together for more than 17 years

 

We use a tight definition of infrastructure assets, with low-volatility cashflows and inflation protection, to achieve diversification benefits with other asset classes, such as global equities.

Maple-Brown Abbott Global Listed Infrastructure  – A differentiated approach to infrastructure investing

Our investment philosophy

We invest in listed infrastructure companies across the globe that provide essential services to society, typically physical network monopolies such as toll roads, water utilities, electric grids and telecommunication towers. We believe that infrastructure assets have diversification benefits when combined with other asset classes. We use a tight definition of infrastructure assets by considering companies with low-volatility cashflows and inflation protection capabilities, to achieve a different risk and return profile to global equities, and over the years we have witnessed the more defensive nature of these assets, particularly in down markets.

In our view, this defensiveness is due to the fact these infrastructure businesses provide essential services to a large population, are fundamental to the functioning of society and are critical to future economic growth. They are also less vulnerable to competition, issues affecting the economy and/or commodity prices than companies under a broader infrastructure definition, such as ports and satellites.

Since infrastructure assets are long-term, privileged assets, we believe they need to be socially minded and sustainable, which is why we embed ESG and sustainability considerations into the investment process – both to mitigate risks and to identify opportunities. We seek companies that are adapting to and finding investment opportunities in environmental initiatives, such as the energy transition.

We see significant trends in infrastructure with associated investment opportunities. These include decarbonisation, particularly in the utility space, the electrification of society and digitalisation, where infrastructure is needed to support the transition. We believe there is a shortage of infrastructure globally and that some of our listed companies will play a key role in the development and enhancement of infrastructure for decades to come.

Finally, by setting strict assets under management capacity limits for our strategy, we can ensure the portfolio only consists of our best ideas, and we can move in and out of stocks quickly if necessary.

Our investment approach

We consider potential investments from a strictly selected infrastructure Focus List of around 110 companies across more than 20 countries based on our definition of infrastructure, which is tighter than most peers and all infrastructure indices. Stocks on the Focus List are those we believe provide the strongest combination of inflation protection and low volatility.

We use a fundamental bottom-up approach to identify the key drivers of the business, such as how it earns revenue, the link to inflation, balance sheet strength, how it is regulated and how its contracts or concession agreements work. By conducting deep, fundamental research, meeting with the companies and regulators and building financial models on the companies, we can determine if the cashflows or earnings display low volatility and how the inflation protection works. This helps us assess the valuation of the company based on long-term cashflow analysis. As well as performing well on environmental matters, we look for companies that have good governance, where the management is aligned with us as shareholders, has a sound strategy and a good track record. We combine this bottom-up research with a top-down approach to managing macro-economic risks.

We take a high conviction approach to ensure our strongest stock views are included in the portfolio. As a result, the strategy is expected to have between 25 and 35 global investments at any one time.

While we have a tight definition of infrastructure and strict capacity limits, we remain flexible enough to develop bespoke solutions for clients

Our experienced, aligned team

The Maple-Brown Abbott Global Listed Infrastructure business, established in 2012 as a partnership between the founding Principals and Maple-Brown Abbott Limited, operates as a boutique within a boutique. The Co-Founders, who are also Portfolio Managers, have worked together for more than 17 years, 12 years at Maple-Brown Abbott and prior to that at Macquarie, and are supported by a high-calibre team including a fourth portfolio manager and an ESG specialist.

We pride ourselves on having a deep, long-term alignment with our clients. The founding partners and the team own 54% of the equity in the Global Listed Infrastructure business and senior members of the team invest in the strategy alongside our investors.

Our approach to ESG

Portfolio Managers

A dedicated, experienced and focused team of infrastructure investors.


Co-Founder and Managing Director, Global Listed Infrastructure
Co-Founder and Managing Director, Global Listed Infrastructure

Andrew Maple-Brown

BEng, BCom, MAppFin, CIM
Andrew joined Maple-Brown Abbott in 2012. Andrew is the Managing Director of Maple-Brown Abbott Global Listed Infrastructure which he started with his partners in 2012. Before joining Maple-Brown Abbott he spent eleven years working for Macquarie Group, the remaining five years of which he spent as a Portfolio Manager within their Global Listed Infrastructure team, working in Sydney and New York. Andrew has more than twenty years of experience in financing and investing in infrastructure assets and securities. In addition to being a portfolio manager for the strategy, he is also responsible for coverage of Regulated Utilities across North America. Andrew began his career at Lend Lease and was there for five years.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited Board
Asset Allocation Committee

Andrew


Justin Lannen, Co-Founder and Portfolio Manager, Global Listed Infrastructure
Co-Founder and Portfolio Manager, Global Listed Infrastructure

Justin Lannen

BEng, BCom, CFA
Justin Lannen joined Maple-Brown Abbott in 2012. Justin is co-founder and portfolio manager of Maple-Brown Abbott’s Global Listed Infrastructure and is also responsible for all Regulated Utilities (ex-North America). Prior to joining Maple-Brown Abbott, Justin spent five years as Portfolio Manager at Macquarie where he managed their global listed infrastructure portfolios whilst based in New York and Sydney. Prior to this, Justin worked at Colonial First State as a portfolio manager and managed the $1.4bn industrial share fund whilst maintaining his analysis of infrastructure stocks. Justin is a toll road expert having spent the majority of his career looking at the same businesses that he does today.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited

Justin


Steven Kempler | Co-Founder and Portfolio Manager, Global Listed Infrastructure
Co-Founder and Portfolio Manager, Global Listed Infrastructure

Steven Kempler

BCom, LLB, MFin, CFA
Steven joined Maple-Brown Abbott in 2012 and is co-founder and portfolio manager of global listed infrastructure. Prior to Maple-Brown Abbott, he spent six years in Macquarie’s Global Listed Infrastructure team as an investment analyst covering infrastructure and utilities in the Asia Pacific region. He was later appointed as a joint Portfolio Manager for Macquarie’s Emerging Market Listed Infrastructure strategy.  Prior to joining Macquarie, Steven worked briefly within Rothschild’s investment banking division in London, specifically on debt and mezzanine private placement transactions. Steven is an airports expert and is responsible for the coverage of the team’s airport investments around the globe, the transportation infrastructure and communication infrastructure assets.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited

Steven

Maple-Brown Abbott Global Infrastructure Fund – Institutional Canadian Dollar

The Fund is actively managed and is invested in global listed infrastructure securities across regulated, contracted and concession assets that provide essential services, with a focus on sustainability and ESG factors. Generally, the securities in the portfolio have a market capitalisation greater than US$500 million.

We consider potential investments from a strictly selected infrastructure Focus List of around 110 companies across more than 20 countries based on a tight definition of infrastructure. Stocks on the Focus List are those the team believes provide the strongest combination of inflation protection and low volatility.

The team conducts fundamental research, including meeting with the companies and regulators and building financial models on companies. The team looks for companies that have good governance, as well as performs well on corporate sustainability matters. This bottom-up research is combined with a top-down approach to managing macroeconomic risks.

We take a high conviction approach to ensure the strongest stock views are included in the portfolio. As a result, the portfolio is expected to have 25–35 global investments, diversified by country and sector.

Investment objective

The Fund aims to outperform the benchmark over rolling five-year periods. The benchmark is an accumulation index, maintained daily by us, comprised of the OECD Total Inflation Index plus 5.5% per annum.

Fund facts
Fund Inception date
31/12/2015
Class inception date
10/01/2017
Base currency
USD
Class currency
CAD
ISIN code
IE00BYP0WJ56
Benchmark
OECD Total Inflation Index + 5.5% p.a
Minimum initial subscription
USD $ 1,000,000 or CAD equivalent
Annual management charge %
0.85

Maple-Brown Abbott Global Infrastructure Fund – Institutional Euro

The Fund is actively managed and is invested in global listed infrastructure securities across regulated, contracted and concession assets that provide essential services, with a focus on sustainability and ESG factors. Generally, the securities in the portfolio have a market capitalisation greater than US$500 million.

We consider potential investments from a strictly selected infrastructure Focus List of around 110 companies across more than 20 countries based on a tight definition of infrastructure. Stocks on the Focus List are those the team believes provide the strongest combination of inflation protection and low volatility.

The team conducts fundamental research, including meeting with the companies and regulators and building financial models on companies. The team looks for companies that have good governance, as well as performs well on corporate sustainability matters. This bottom-up research is combined with a top-down approach to managing macroeconomic risks.

We take a high conviction approach to ensure the strongest stock views are included in the portfolio. As a result, the portfolio is expected to have 25–35 global investments, diversified by country and sector.

Investment objective

The Fund aims to outperform the benchmark over rolling five-year periods. The benchmark is an accumulation index, maintained daily by us, comprised of the OECD Total Inflation Index plus 5.5% per annum.

Fund facts
Fund Inception date
31/12/2015
Class inception date
12/12/2016
Base currency
USD
Class currency
EUR
ISIN code
IE00BYP0WG26
Benchmark
OECD Total Inflation Index + 5.5% p.a
Minimum initial subscription
USD $ 1,000,000 or EUR equivalent
Annual management charge %
0.85

Maple-Brown Abbott Global Infrastructure Fund – Institutional Euro (Hedged)

The Fund is actively managed and is invested in global listed infrastructure securities across regulated, contracted and concession assets that provide essential services, with a focus on sustainability and ESG factors. Generally, the securities in the portfolio have a market capitalisation greater than US$500 million. The Share classes’ currency exposure is substantially hedged back to Euro.

We consider potential investments from a strictly selected infrastructure Focus List of around 110 companies across more than 20 countries based on a tight definition of infrastructure. Stocks on the Focus List are those the team believes provide the strongest combination of inflation protection and low volatility.

The team conducts fundamental research, including meeting with the companies and regulators and building financial models on companies. The team looks for companies that have good governance, as well as performs well on corporate sustainability matters. This bottom-up research is combined with a top-down approach to managing macroeconomic risks.

We take a high conviction approach to ensure the strongest stock views are included in the portfolio. As a result, the portfolio is expected to have 25–35 global investments, diversified by country and sector.

Investment objective

The Fund aims to outperform the benchmark over rolling five-year periods. The benchmark is an accumulation index, maintained daily by us, comprised of the OECD Total Inflation Index plus 5.5% per annum.

Fund facts
Fund Inception date
31/12/2015
Class inception date
18/03/2016
Base currency
USD
Class currency
EUR
ISIN code
IE00BYP0WL78
Benchmark
OECD Total Inflation Index + 5.5% p.a
Minimum initial subscription
USD $ 1,000,000 or EUR equivalent
Annual management charge %
0.88

Maple-Brown Abbott Global Infrastructure Fund – Institutional Sterling

The Fund is actively managed and is invested in global listed infrastructure securities across regulated, contracted and concession assets that provide essential services, with a focus on sustainability and ESG factors. Generally, the securities in the portfolio have a market capitalisation greater than US$500 million.

We consider potential investments from a strictly selected infrastructure Focus List of around 110 companies across more than 20 countries based on a tight definition of infrastructure. Stocks on the Focus List are those the team believes provide the strongest combination of inflation protection and low volatility.

The team conducts fundamental research, including meeting with the companies and regulators and building financial models on companies. The team looks for companies that have good governance, as well as performs well on corporate sustainability matters. This bottom-up research is combined with a top-down approach to managing macroeconomic risks.

We take a high conviction approach to ensure the strongest stock views are included in the portfolio. As a result, the portfolio is expected to have 25–35 global investments, diversified by country and sector.

Investment objective

The Fund aims to outperform the benchmark over rolling five-year periods. The benchmark is an accumulation index, maintained daily by us, comprised of the OECD Total Inflation Index plus 5.5% per annum.

Fund facts
Fund Inception date
31/12/2015
Class inception date
31/12/2015
Base currency
USD
Class currency
GBP
ISIN code
IE00BYP0WH33
Benchmark
OECD Total Inflation Index + 5.5% p.a
Minimum initial subscription
USD $ 1,000,000 or GBP equivalent
Annual management charge %
0.85

Maple-Brown Abbott Global Infrastructure Fund – Institutional US Dollar

The Fund is actively managed and is invested in global listed infrastructure securities across regulated, contracted and concession assets that provide essential services, with a focus on sustainability and ESG factors. Generally, the securities in the portfolio have a market capitalisation greater than US$500 million.

We consider potential investments from a strictly selected infrastructure Focus List of around 110 companies across more than 20 countries based on a tight definition of infrastructure. Stocks on the Focus List are those the team believes provide the strongest combination of inflation protection and low volatility.

The team conducts fundamental research, including meeting with the companies and regulators and building financial models on companies. The team looks for companies that have good governance, as well as performs well on corporate sustainability matters. This bottom-up research is combined with a top-down approach to managing macroeconomic risks.

We take a high conviction approach to ensure the strongest stock views are included in the portfolio. As a result, the portfolio is expected to have 25–35 global investments, diversified by country and sector.

Investment objective

The Fund aims to outperform the benchmark over rolling five-year periods. The benchmark is an accumulation index, maintained daily by us, comprised of the OECD Total Inflation Index plus 5.5% per annum.

Fund facts
Fund Inception date
31/12/2015
Class inception date
31/12/2015
Base currency
USD
Class currency
USD
ISIN code
IE00BYP0WK61
Benchmark
OECD Total Inflation Index + 5.5% p.a
Minimum initial subscription
USD $ 1,000,000
Annual management charge %
0.85

Portfolio Managers

A dedicated, experienced and focused team of infrastructure investors.


Co-Founder and Managing Director, Global Listed Infrastructure
Co-Founder and Managing Director, Global Listed Infrastructure

Andrew Maple-Brown

BEng, BCom, MAppFin, CIM
Andrew joined Maple-Brown Abbott in 2012. Andrew is the Managing Director of Maple-Brown Abbott Global Listed Infrastructure which he started with his partners in 2012. Before joining Maple-Brown Abbott he spent eleven years working for Macquarie Group, the remaining five years of which he spent as a Portfolio Manager within their Global Listed Infrastructure team, working in Sydney and New York. Andrew has more than twenty years of experience in financing and investing in infrastructure assets and securities. In addition to being a portfolio manager for the strategy, he is also responsible for coverage of Regulated Utilities across North America. Andrew began his career at Lend Lease and was there for five years.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited Board
Asset Allocation Committee

Andrew


Justin Lannen, Co-Founder and Portfolio Manager, Global Listed Infrastructure
Co-Founder and Portfolio Manager, Global Listed Infrastructure

Justin Lannen

BEng, BCom, CFA
Justin Lannen joined Maple-Brown Abbott in 2012. Justin is co-founder and portfolio manager of Maple-Brown Abbott’s Global Listed Infrastructure and is also responsible for all Regulated Utilities (ex-North America). Prior to joining Maple-Brown Abbott, Justin spent five years as Portfolio Manager at Macquarie where he managed their global listed infrastructure portfolios whilst based in New York and Sydney. Prior to this, Justin worked at Colonial First State as a portfolio manager and managed the $1.4bn industrial share fund whilst maintaining his analysis of infrastructure stocks. Justin is a toll road expert having spent the majority of his career looking at the same businesses that he does today.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited

Justin


Steven Kempler | Co-Founder and Portfolio Manager, Global Listed Infrastructure
Co-Founder and Portfolio Manager, Global Listed Infrastructure

Steven Kempler

BCom, LLB, MFin, CFA
Steven joined Maple-Brown Abbott in 2012 and is co-founder and portfolio manager of global listed infrastructure. Prior to Maple-Brown Abbott, he spent six years in Macquarie’s Global Listed Infrastructure team as an investment analyst covering infrastructure and utilities in the Asia Pacific region. He was later appointed as a joint Portfolio Manager for Macquarie’s Emerging Market Listed Infrastructure strategy.  Prior to joining Macquarie, Steven worked briefly within Rothschild’s investment banking division in London, specifically on debt and mezzanine private placement transactions. Steven is an airports expert and is responsible for the coverage of the team’s airport investments around the globe, the transportation infrastructure and communication infrastructure assets.

 

Board and committee membership:
Maple-Brown Abbott Global Listed Infrastructure Pty Limited

Steven

Fund performance^

as at 31/12/2025

Fund performance^

as at 31/12/2025

Fund performance^

as at 31/12/2025

Fund performance^

as at 31/12/2025

Fund performance^

as at 31/12/2025

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. The fund’s performance is based on the movement in net asset value per share and is before tax and after all fees and charges. Tax credits are not included in the performance figures. Source: Maple-Brown Abbott
* Inception date is 10 January 2017.

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. The fund’s performance is based on the movement in net asset value per share and is before tax and after all fees and charges. Tax credits are not included in the performance figures. Source: Maple-Brown Abbott
* Inception date is 12 December 2016.

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. The fund’s performance is based on the movement in net asset value per share and is before tax and after all fees and charges. Tax credits are not included in the performance figures. Source: Maple-Brown Abbott
*Inception date is 18 March 2016.

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. Total return is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation and foreign income tax offsets are not included in the performance figures.Source: Maple-Brown Abbott
*Inception date is 31 December 2015

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. Total return is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation and foreign income tax offsets are not included in the performance figures.Source: Maple-Brown Abbott
*Inception date is 31 December 2015